Lagos — MTN Nigeria is to provide network service for the Guaranty Trust Bank (GT Bank) and Fortis Mobile Money services in line with the Central Bank of Nigeria (CBN) quest to achieve financial inclusion and cashless Nigeria policy, the telecoms company has said.
The launch of the service which took place in Lagos, according to MTN, is a result of several months of hard work amongst the partners with the support and guidance of apex bank CBN.
According to the Chief Executive Officer, MTN Nigeria, Mr. Brett Goschen, the much awaited mobile money service will dramatically change the face of communications and financial services in Nigeria and provide a whole new and exciting experience to Nigerians.
"We are confident that not only will Mobile Money take formal financial services or banking to the unbanked, but it will also open up a wide range of benefits and value added services to the banked sector including corporate, small and medium scale enterprises (SMEs) and individual users" said Goschen.
Also speaking at the launch, Chief Executive Officer, GT Bank, Mr. Segun Agbaje, said Mobile Money is a positive step to achieving financial inclusion in Nigeria.
"This partnership will dominate the Mobile Money landscape. Therefore it is our collective responsibility to make sure Mobile Money succeeds in Nigeria. I cannot but thank the CBN for creating the conducive environment where Mobile Money can thrive," Agbaje said.
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In his own comments, Assistant Director, Payments System and Policy Oversight Banking, Central Bank of Nigeria, Mr. Saka Adeyemo Alakija, said Mobile Money falls under the spectrum of platforms via which the CBN will drive its policy promoting a cashless payment system in Nigeria.
As for the modalities of the Mobile Money operations, a spokesperson for the three organisations said that three categories of accounts are available in Mobile Money.
The first is the unbanked which allows the customer a single maximum transaction limit of N3, 000 and daily limit of N30, 000. The second is the semi-banked which allows a single maximum transaction limit of N10, 000 and daily limit of N100, 000 and lastly, the fully-banked, which allows a single maximum transaction limit of N100, 000 and daily limit of N1, 000,000.
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