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UBA and Stanbic IBTC To Run Mobile Money Services on Globacom network

By on December 15, 2011

United Bank for Africa ( UBA ) and Stanbic IBTC have announced partnership arrangements to run their mobile money services on the Globacom network.

The partnership will allow the two banks to leverage the robust Glo fibre optic infrastructure to transact businesses while targeting the over 23 million telecoms subscribers currently on Glo network as their potential target market in the first instance.

Speaking at the official announcement of pact in Lagos on Tuesday, the Glo Executive Director, Human Resources, Mr. Adewale Sangowawa said the platform was to enable Glo subscribers to be reached via the GloTxtcash, a channel already created by Glo to connect to all banks and mobile money operators willing to use the platform for delivering their M-payment services to customers.

He said the GloTxtcash channel is to ensure that people no longer carry wallets and mobile phones at the same time thereby underscoring the convenience and safety of the service.

The objective of the partnership, he stressed, was to join hands with the banks for their mobile money initiatives, to cater to subscribers across Glo mobile network.

“This initiative shall bring facilities similar to banking to the unbanked population through their mobile phones and would redefine their ways of life,” he said.

Globacom’s Director, Telebanking, Ayotunde Kuponyi described the development as a landmark in customer care and convenience, adding, “banking has invariably been brought directly to the hands of Nigerians.”

Meanwhile, Anthony Ejike Okafor, CBN’s Assistant Director, Banking Operations Department has allayed the fears of Nigerians who are scared that M-payment may not work owing to several reasons including network congestion, poor service and possibly fraud.