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CBN welcomes new mobile money agent network

22 August 2014, 09:16Henry Ifeanyi

Lagos - Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, hailed the launch of the country's first mobile money agent network saying it would deepen collaborations between the financial sector and the telecommunications industry.

In a statement, Emefiele said the launch of the initiative, Glo Xchange, "win-win" situation for all stakeholders.

Globacom launched the initiative.

The Glo Xchange platform was launched in partnership with three licensed mobile money operators, FirstMonie, Ecobank and Stanbic IBTC in Lagos on Thursday.
Globacom's Head of Corporate Sales, Kamal Shonibare, said Glo Xchange would avail the mobile money sector of the much needed agent network across the entire country as well as the technology platform required for seamless mobile money transactions.

Also Read: MTN partners Ecobank on mobile money

He said the initiative would provide the partner banks on the project with the telecom company's extensive network of 150 Glo World and Glo Zone shops, over 35 000 Glo Dealer and sub dealer outlets and over 400 Con Oil filling stations across the country.

The initiative is also leveraging on the Association of Community pharmacists of Nigeria (ACPN) with their over 7 000 outlets.

Shonibare said the partnering banks and Globacom would collaborate to ensure that mobile money reached the critical mass of the people across the country, leveraging on the parties' extensive retail market experience and customer-base to build an unprecedented mobile money distribution chain across Nigeria.

"The obvious push to reduce the physical movement of cash during business transactions in the economy has stimulated the "marriage" between telecoms operators and the banks, which invariably led to the birth of Glo Xchange," he remarked.

Also Read: Mobile money event postponed over Sanusi suspension

He said Glo Xchange offers a robust platform to provide mobile money service to both banked and unbanked Nigerians, enabling existing and potential customers of partner banks to carry out transactions under the three key areas of banking transactions - deposits, withdrawals and transfers.

Based on the agreement with the partner banks, Globacom will recruit mobile money agents, train them and also provide management services for the partner banks, making available its network infrastructure to support mobile financial transactions.

Stanbic IBTC, Executive Director, Obinna Abajue, expressed delight at the partnership.

"Glo, in its characteristic manner, has provided the bridge that will deliver true financial inclusion in Nigeria," he said.

Managing Director of Firstmonie, Mike Ogbalu, said Glo Xchange would make financial services available to more Nigerians especially at the grassroots. Ecobank's Executive Director, Kingsley Aigbokhaevo, echoed his sentiments.

- CAJ News


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