Nigeria’s leading mobile telecommunications company, MTN recently signed a memorandum of understanding with StanbicIBTC to provide mobile money services to Nigerians. It would be recalled that MTN previously signed an agreement with Guaranty Trust Bank. Read our post here to learn more about their partnership. StanbicIBTC thus joins the growing number of financial institutions the telecommunications company is forging partnerships with.
According to MTN Nigeria’s CEO, Brett Goschen:
“Deployment of the mobile money service in Nigeria is gradually changing the process of managing financial transactions in the country. We are proud to partner with Stanbic IBTC Bank on facilitating this positive change,”
StabicIBTC’s CEO, Sola David-Borha similarly said:
“We are very pleased to partner with MTN on this strategic initiative. Our goal is to increase access to mobile money service through this platform by providing an entry point for people that would not ordinarily come into banking halls. The partnership will also provide the banked with an alternative to handling physical cash by getting them to do basic transactions using the mobile banking network.
We are leveraging on our banking expertise, the large subscriber base of the MTN network and the knowledge users have of the mobile phone to deliver non-traditional, low cost financial services to all Nigerians, unbanked artisans, traders, market women and farmers among others, as well as under-banked individuals.”
MTN has been aggressively marketing its “MTN Mobile Money” service since early 2012 as soon as the Cashless Initiative kicked off. It will be interesting to see who the market leaders turn out to be in this fast evolving space.