Globacom opens up network to mobile money operators
December 04, 2011 / Ben Uzor Jr
•Launch first money transfer service
With Nigeria gradually moving from cash to mobile-based transactions and as stakeholders in the emerging ecosystem jostle to expand the scope of the market, second national operator, Globacom, has opened up its network to mobile money operators by providing them unrestricted access to its 23 million telecommunications subscribers.
The telecom company also disclosed yesterday that it had entered a strategic partnership with AfriPay, a subsidiary of the United Bank of Africa and Stanbic IBTC, to roll out mobile money transfer services in Nigeria.
Speaking in Lagos at the launch of the service dubbed ‘Glo TxtCash’, Adewale Sangowawa, executive director, Globacom, disclosed plans to take up FirstBank and Ecobank in the coming months, adding that the banks were in the final stages of acquiring mobile money licenses from the Central Bank of Nigeria (CBN). “Glo TxtCash will enable subscribers transfer money to any mobile number, spend the money directly from their mobile money accounts to pay for goods as well as buy airtime top-up for themselves and others.
“Launched initially in partnership with UBA (AfriPay) and IBTC, with their wide network across Nigeria, Glo TxtCash is easily available, even in remote parts of the country, in line with the CBN’s objective of enhancing financial inclusion through a secure, convenient and reliable mobile money account”, he stated.
Sangowawa pointed out that the objective of partnering UBA and IBTC was to support their mobile money initiatives and to cater to subscribers across the Glo Mobile network with the widest geographical coverage in the whole of Nigeria.
“This initiative shall bring facilities similar to banking to the unbanked population, through their mobile phones and would redefine their ways of life”, he added.
Yinka Adedeji, managing director of AfriPay, said the occasion was truly historic as it was a vivid attestation of the telecoms industry’s support for mobile money in Nigeria.
“This partnership will provide Glo’s 23 million subscribers access to basic financial services. Yes, Globacom own the customers but they have opened up their infrastructure to allow their subscribers access to our mobile money service.”