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Mobile Money: GTBank Partners MTN

By on December 20, 2011

GTBank has entered into a partnership with MTN Nigeria to promote financial inclusiveness, with the launch of Mobile Money, targeted at the unbanked population of the county.

Statistics reveals that 75 percent of adult Nigerians are either unbanked or under-banked at the moment.

At the launch of the product in Lagos, the Managing Director/Chief Executive Officer of GTBank Plc, Segun Agbaje said that Mobile Money will help mobilise funds from the unbanked and channel the funds to productive sectors of the economy where the funds are needed.

He explained that Mobile Money will afford subscribers the opportunity to transfer money, pay bills, top up on airtime and shop from their mobile phones, among others.

According to Agbaje, financial inclusion is what the product is about, especially as it will help bring the unbanked into the banking system, through simple technological inputs and devices.

He noted that financial inclusion will help drive the growth and development of the Nigerian economy, as funds will be made available to critical sectors in need of funding.

Speaking on the benefits of the new mobile money service & partnership with MTN, Agbaje expressed optimism that the partnership will dominate the country’s financial landscape, especially given the necessary support and promotion by all the parties involved.

“Mobile Money is the fast, safe, easy, convenient and affordable way to send and receive money across the country and pay for your goods and services using the MTN mobile phone. The benefits of Mobile Money, include immediate money transfer and payment from the comfort of their MTN mobile phone, while every transaction is secured by a PIN, which even when stolen, the money is secure,” he said.

Other benefits, he said, “are that it is very easy to use, convenient and cheaper compared to other alternatives, especially as there is no COT or any hidden charges; every transaction is done directly on the MTN line,” he said.

Also speaking on the new introduction, Chief Executive Officer, MTN Nigeria, Brett Goschen, said Mobile Money will not only take banking to the previously unbanked, but it will also open up a wide range of benefits and value added services to the banking sector, including corporate, small and medium sized enterprises, SMEs and individual users.

One Comment

  1. Sam

    December 21, 2011 at 11:56 am

    This is a good initiative. Seems others follow GTBank.