Stanbic IBTC Bank Records N5.6 Billion Mobile Money Transactions in 2012

Stanbic IBTC Bank announced within the week that it recorded N5.6bn transactions on the mobile money platform in the last one year. It revealed this at an event in Lagos where the Managing Director/Chief Executive Officer, Stanbic IBTC, Mrs. Sola David-Borha, said the bank’s mobile money platform was a game-changer, playing a crucial role in driving financial inclusion.

She said the mobile money platform was helping in the achievement of parts of its goals, which included becoming an end-to-end financial services company.

She maintained that the bank’s achievements in mobile money in the last one year had given it the right base to build and sustain the momentum of driving financial inclusion and positioning it as a major player in the financial service sector.

Executive Director, Personal and Consumer Banking, Stanbic IBTC, Mr. Obinnia Abajue, said that as at January 5, the bank’s mobile money platform had 909 customers, adding that it had grown to 693,089 customers and, about 7.7 million online agent transactions, with about 790 agents nationwide and 9,000 registered merchants.

He further stated that the bank’s mobile money platform had recorded N24m revenue year-to-date, N1.3bn monthly transactions, N2.5bn merchant transactions, 30,000 transactions a month, 140,000 transactions year-to-date and N5.6bn transactions year-to-date.

He said, “The mobile banking has a big future in Nigeria due to the fact that 50 per cent of adults in Nigeria are less than 33 years old. As such, it is a huge opportunity for these people who are quite skilled in mobile money technology to tap into the opportunity.”

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