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Stanbic IBTC granted Mobile Payment Licence

By on September 6, 2011

The Central Bank of Nigeria (CBN) has granted a licence to Stanbic IBTC Bank, a member of Standard Bank Group, to operate mobile payment services in the country, a development that will give further impetus to Nigeria’s drive towards a cashlesseconomy.
The bank was one of the final awardees fully licenced to operate mobile money services in Nigeria in accordance with the Mobile Payments Regulatory Framework.

The Chief Executive Officer, Stanbic IBTC Bank, Mrs. Sola David-Borha, said that the bank had since 2009 shown commitment to technology-driven branchless banking under its retail banking division.

David-Borha noted that the bank in 2009 launched a product called e.susu(BlueSave), a formal and technology-driven version of the traditional esusu savings model which has been highly successful among traders, artisans and lower income population groups.

She stated that with the licence, the bank was well poised to deliver greater value to stakeholders across the mobile money value chain.
David-Borha said the bank would leverage on the experience and expertise of its parent company, Standard Bank Group, which operates mobile money services in various markets in Ghana, Uganda, Kenya and South Africa.