Globacom launches Glo Mobile Banking Service


march 23, 2005 08:41:04



Nigeria’s Information Technology (IT) industry must revolutionize so as to drive the on-going reforms in the banking and financial services sector , Charles Soludo, governor of the Central Bank of Nigeria (CBN) has said.

Soludo, who spoke in Lagos yesterday at the launch of GSM network, Glomobile\'s electronic banking service, noted that Nigeria\'s banking sector has fallen from a place of pride to a lowly point and that all must work hard to rescue it.

His words:\"On the banking side, we are not in the club of the largest 1,000. It is time to get back. This requires a revolution at various levels. One key area that requires a major revolution is Information Technology\".

To become one of the leading banking nations of the world, he added, electronic payment and electronic commerce applications must take root.

The CBN, he said, is making unprecedented effort in the IT revolution.

"We are spending a few billions naira to make sure our IT infrastructure will be the best in Africa and one of the best anywhere in the world. We will make more disclosures on this in the third quarter of this year.\"

He expressed pleasure that many local banks are becoming more capitalized, because according to him, only well capitalized banks can afford the infrastructure to play in such a system.

The CBN Governor lauded GloMobile for being the first GSM network to launch m-Banking. He added that this would make Nigerians more productive, as they would be able to check their balances and conduct banking transactions on their GSM handsets from the comfort of their homes without having to spend time and effort in traffic and banking halls.

Jamil Mohammed, Chief Operations Officer (COO) of GloMobile explained that the company\'s e-Banking service is being offered with Interswitch Limited, a Nigerian switching services provider, which is part of a consortium of 23 banks. Fifteen of these banks, Mohammed added, have already been activated on GloMobile\'s e-Banking portal, while others are expected to hook up in due course. The service, he noted, would be operational seven days a week and 24 hours a day.

Bankole Ojutalayo of GloMobile\'s Value Added Services Department disclosed that the service is available for all of GloMobile\'s subscribers.

The full range of services available, he noted, include checking of bank statements, fund transfers, virtual telephone airtime recharge and utility payments, such as electricity and water bills, as well as micro payments, such as for fuel and groceries.

To gain access to the service, he said, all that a GloMobile subscriber has to do, is to go to his bank (which must be one of the 16 banks on the Interswitch Consortium, which have signed on) and apply.

They include First Bank Nigeria Plc, Guaranty Trust Bank, Zenith Bank, Afribank, Oceanic Bank, Wema Bank and Chartered Bank. Others include, Platinum Bank, Prudent Bank, Standard Trust Bank, Universal Trust Bank, Bond Bank, Gulf Bank, National Bank, First City Monument Bank and United Bank of Africa (UBA). Other members of the consortium that will be live soon include Continental Trust Bank, Diamond Bank, EIB International Bank, Equitorial Trust Bank, Magnum Trust bank, Union Bank and Acess Bank.

To access the service, the subscriber is required to register for the service at any of the participating banks that hold the account of the subscriber. A subscriber can request for the service by filling up the Glo M-Banking request form. Upon successful activation of the service, he/she will receive a welcome SMS on the mobile phone informing him/her that the M-Banking service has now been activated. To access this service, subscribers need the PIN issued by the bank. If he already has a debit card, the debit card PIN automatically serves as the PIN required to access the M-Banking service.

Since Glo Mobile launched its services on August 29, 2003, it has been at the forefront of revolutionary changes in the GSM industry in Nigeria, offering both Prepaid and Contract services along with a range of Value Added and Data Services. Despite beginning operations two years after its competitors, Glo Mobile has today become the premier GSM network in Nigeria.

Glo Mobile is committed to ensuring that Nigerians benefit from the advances made in telecommunications and information technology for the purpose of spurring economic and socio-political success. It is partnering with some of the world\'s leading technology companies to ensure an unparalleled synthesis of local and international expertise delivering superior service quality.


Glo Mobile boasts a wide variety of innovative services and tariff plans designed to fulfill the needs of a broad spectrum of market segments in Nigeria.

Prominent among the innovations Glo Mobile introduced is “Pay by the Second” Billing which is regarded as the most innovative landmark in the communications industry since the introduction of GSM services in Nigeria in 2001. Others are Glo Premium, Txt2Email, Friends & Family, Talk Now easy installment plan.

Yet another innovative service launched by Glo Mobile in Nigeria is Magic Plus, a unique service that gives subscribers access to a wide variety of information, commerce and entertainment applications.

As part of its 1st Anniversary celebration, Glo Mobile unveiled a range of GPRS based services namely glo mms (Multi-media messaging), glo mobile internet (GPRS- WAP) and Glo Direct (Internet access via GPRS) on August 29th, 2004.


Glo Mobile has an aggressive coverage plan in line with its vision to make mobile telephony accessible to Nigerians.

It has become the fastest growing GSM network in Africa, achieving a record one million subscribers and covering over 87 cities & towns in just nine months of operation. Glo Mobile has covered most major highways in the country and has plans to build a capacity of five million lines by the end of 2004.

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