FirstBank of Nigeria PLC (FirstBank), a financial service provider in Nigeria, has signed a memorandum of understanding (MoU) with Airtel Networks Limited (Airtel Nigeria), Globacom Limited Nigeria (GLO) and Etisalat Nigeria, three mobile phone service providers, to work together in an effort to provide secure, affordable and user-friendly mobile financial services in Nigeria. These services will allow the use of mobile phones for functions such as bank account inquiry, fund transfer, retail payment, microinsurance, savings, remittances, mobile credit top-up, utility bill payment and collection of government payments.
Mr Bisi Onasanya, FirstBank’s managing director and chief executive officer, said that mobile financial services help to achieve financial inclusion and will help achieve Nigeria’s goal of becoming one of the top 20 largest world economies by 2020. FirstBank Nigeria held total assets of NGN 1.95 trillion (USD 12.4 billion) in 2010 and has 37 branches across the country.
GLO is a telecommunications company with headquarters in Nigeria and branches in Ghana, the Republic of Benin and Ivory Coast. Airtel Nigeria is part of Airtel Limited, which has headquarters in India and branches in 20 countries across South Asia and Africa. Etisalat has headquarters in the United Arab Emirates and has branches in 18 countries across Asia, the Middle East and Africa.
By Charlotte Newman, Research Associate
Sources and Additional Resources:
FirstBank Nigeria: Press Release: “FirstBank Signs MoU With Etisalat on Mobile Money Service,” http://www.firstbanknigeria.com/MediaCentre/PressReleases/FirstBankSignsMoUwithEtisalatonMobileMoney/tabid/706/Default.aspx
FirstBank Nigeria: Press Release: “FirstBank Signs MoU With Airtel Nigeria on Mobile Money Service,” http://www.firstbanknigeria.com/MediaCentre/PressReleases/FirstBankSignsMoUwithAirtelNigeriaonMobile/tabid/708/Default.aspx
FirstBank Nigeria: Press Release: “FirstBank Signs MoU With GLO on Mobile Money Service,” http://www.firstbanknigeria.com/MediaCentre/PressReleases/FirstBankSignsMoUwithGLOonMobileMoneyServi/tabid/707/Default.aspx
MicroCapital.org story, February 22, 2012, “MICROCAPITAL BRIEF: Zantel Tanzania Rebrands Mobile Cash Service Z-Pesa as Ezy Pesa, Adds Salary Access Options, Microinsurance, Linkage to CRDB Bank Accounts,” https://www.microcapital.org/microcapital-brief-zantel-tanzania-rebrands-mobile-cash-service-z-pesa-as-ezy-pesa-adds-salary-access-option-microinsurance-linkage-to-crdb-bank-accounts/
MicroCapital.org story, February 13, 2012, “MICROCAPITAL BRIEF: Airtel Launches Mobile Money Platform in Uganda,” https://www.microcapital.org/microcapital-brief-ugandas-airtel-launches-mobile-money-platform/
MicroCapital.org story, February 6, 2012, “MICROCAPITAL BRIEF: Microfinance Banks Exempt from Nigeria’s Cash-Lite Cashless Banking System Tax,” https://www.microcapital.org/microcapital-brief-microfinance-banks-exempt-from-nigerias-cash-lite-cashless-banking-system-and-tax/
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