FirstBank Signs MoU with Etisalat on Mobile Money Service
FirstBank of Nigeria Plc and Etisalat Nigeria have signed an agreement to provide seamless Mobile money Financial Services to millions of Nigerians. The agreement signed recently in Lagos further strengthens the readiness of Nigeria for effective delivery of mobile money services.
Speaking at the signing of a Memorandum of Understanding (MoU) , the two companies promised to combine their strengths to provide secure, convenient, affordable and user-friendly mobile financial services to all Nigerians through the use of mobile phones.
Mobile Financial Services is the use of mobile phones either as an access to bank accounts, or as a bank account in itself, for account inquiry, mobile transfer, retail payments, micro insurance, savings remittances, mobile top-up, utility bill payments and government collections among others.
Commenting on the initiative, FirstBank’s Managing Director/Chief Executive Officer, Mr. Bisi Onasanya said mobile financial services help to achieve financial inclusion for the unbanked and the underbanked, person to person transaction in terms of sending and receiving money as well as retail payment for the purchase of goods and services. He added that “With over 600 branches and thousands of business partner outlets in strategic proximity to the people, coupled with over 1,600 ATMs including cash deposit ATMs, cardless and biometric ATMs, over 5million active accounts and more than 3,000 Point of Sale terminals, FirstBank has always been at the forefront of innovative financial services solutions.
In addition to the mobile financial services, Onasanya said FirstBank has in place a world-class IT infrastructure to drive its e-payment services across transaction touch points. These services, according to him, include: Internet banking services, bespoke card product portfolio that addresses the payment needs of the entire Bank’s discerning customers, Automated Teller Machines (ATMs), Point of Sale Terminals (POS), and Cash Deposit ATMs amongst others.
Speaking at the signing ceremony, Chief Executive Officer, Etisalat Nigeria, Steven Evans said, “Etisalat is already recognized as being the most innovative and fastest growing GSM operator in the Nigerian market. During 2011, we added over 4 million new subscribers reaching 11 million subscribers shortly after the end of 2011. We are proud to be working in strategic partnership with FirstBank on this mobile money initiative and we feel that the combination of innovation and customer focus for which Etisalat is so rightly recognized, combined with the financial strength and trust with which FirstBank is held with will be a unique and successful partnership”.
The mobile financial services initiative, an integral part of the broad objectives of the FSS 20:2020 was conceived by the Central Bank of Nigeria because of its critical role in achieving a “cashless society” which is fundamental to the nation’s goal of becoming one of the top 20 largest economies in the world by the year 2020.
Speaking at the signing of a Memorandum of Understanding (MoU) , the two companies promised to combine their strengths to provide secure, convenient, affordable and user-friendly mobile financial services to all Nigerians through the use of mobile phones.
Mobile Financial Services is the use of mobile phones either as an access to bank accounts, or as a bank account in itself, for account inquiry, mobile transfer, retail payments, micro insurance, savings remittances, mobile top-up, utility bill payments and government collections among others.
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Commenting on the initiative, FirstBank’s Managing Director/Chief Executive Officer, Mr. Bisi Onasanya said mobile financial services help to achieve financial inclusion for the unbanked and the underbanked, person to person transaction in terms of sending and receiving money as well as retail payment for the purchase of goods and services. He added that “With over 600 branches and thousands of business partner outlets in strategic proximity to the people, coupled with over 1,600 ATMs including cash deposit ATMs, cardless and biometric ATMs, over 5million active accounts and more than 3,000 Point of Sale terminals, FirstBank has always been at the forefront of innovative financial services solutions.
In addition to the mobile financial services, Onasanya said FirstBank has in place a world-class IT infrastructure to drive its e-payment services across transaction touch points. These services, according to him, include: Internet banking services, bespoke card product portfolio that addresses the payment needs of the entire Bank’s discerning customers, Automated Teller Machines (ATMs), Point of Sale Terminals (POS), and Cash Deposit ATMs amongst others.
Speaking at the signing ceremony, Chief Executive Officer, Etisalat Nigeria, Steven Evans said, “Etisalat is already recognized as being the most innovative and fastest growing GSM operator in the Nigerian market. During 2011, we added over 4 million new subscribers reaching 11 million subscribers shortly after the end of 2011. We are proud to be working in strategic partnership with FirstBank on this mobile money initiative and we feel that the combination of innovation and customer focus for which Etisalat is so rightly recognized, combined with the financial strength and trust with which FirstBank is held with will be a unique and successful partnership”.
The mobile financial services initiative, an integral part of the broad objectives of the FSS 20:2020 was conceived by the Central Bank of Nigeria because of its critical role in achieving a “cashless society” which is fundamental to the nation’s goal of becoming one of the top 20 largest economies in the world by the year 2020.
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