MICROCAPITAL BRIEF: MTN, Stanbic IBTC Bank Partner to Provide Mobile Money Services in Nigeria
MTN Nigeria Communications Limited, a subsidiary of South Africa’s MTN Group, and Stanbic IBTC Bank, a member of Nigeria’s Standard Bank, recently have signed an agreement to provide mobile money services in Nigeria. Further details such as the types of mobile services that will be offered have not been released.
According to Mr Brett Goschen, Chief Executive Officer of MTN Nigeria, “MTN’s partnership with Stanbic IBTC Bank was in line with the telecommunications company’s promise to empower its customers by providing them with improved services and more innovative applications [1].” The agreement complements the Central Bank of Nigeria’s strategy to “usher in a cashless economy in the country [1]” in order to become one of the top largest economies in 2020.
As of December 31, 2011, Standard Bank’s total assets stand at ZAR 497 billion (USD185 billion). MTN has 35 million subscribers in Africa.
By Amira Berrada, Research Associate
About the Central Bank of Nigeria: The Central Bank of Nigeria (CBN) was established in 1958 as Nigeria’s central banking authority. As defined by the Act of Parliament that created CBN, its statutory mandates are as follows: “to issue legal tender currency; to maintain external reserves; to safeguard the international value of the legal tender currency; to promote monetary stability and a sound financial system in Nigeria; and to act as banker and financial adviser to the Federal Government.” As of November 2011, CBN reports total assets of NGN 9.77 trillion (USD 61.9 billion).
About Standard Bank: Standard Bank is a South African bank that was founded approximately 150 years ago and also trades under the name Stanbic. The bank began expanding throughout Africa in the 1990’s, and as of today, it has operations in 18 African countries, approximately 1,200 branches and 7,000 automatic teller machines (ATMs). Standard Bank had total assets of approximately ZAR 497 billion (USD185 billion) and employs approximately 52,000 people.
About Stanbic IBTC: Stanbic IBTC is the result of a merger between the Nigerian operations of South Africa-based Standard Bank, Stanbic Bank Nigeria; and IBTC Chartered Bank PLC. Stanbic IBTC is a member of Standard Bank Group and offers corporate, investment, business and personal banking products and solutions. It has approximately 60 branches and 1,500 employees in Nigeria. As of December 2010, its total assets stood at ZAR 384 million (USD 49 million) with an after-tax ROE of 10.7 and ROA of 2.6.
About Mobile Telecommunications Networks (MTN): Established in South Africa in 1994, Mobile Telecommunications Network Group (MTN) is a multinational telecommunications provider that provides cellular telephone service. MTN also operates MobileMoney, a banking platform that can be used on cellular devices. As of December 31, 2010, MTN reports total assets of ZAR 154 billion (USD 22.5 billion), with approximately 141 million subscribers in 21 countries in Africa and the Middle East.
Sources and Additional Resources:
[1] This Day Live: “MTN Partners Stanbic IBTC on Mobile Money”http://www.thisdaylive.com/articles/mtn-partners-stanbic-ibtc-on-mobile-…
MicroCapital.org story, March 22, 2012, “MICROCAPITAL BRIEF: Mobile Money Service Paga Receives $2m Grant from Enhancing Financial Innovation and Access (EFInA) to Promote Financial Inclusion in Nigeria” http://www.microcapital.org/microcapital-brief-mobile-money-service-paga… innovation-and-access-efina-to-promote-financial-inclusion-in-nigeria/
MicroCapital.org story, February 27, 2012, “MICROCAPITAL BRIEF: FirstBank of Nigeria, Airtel Nigeria, GLO Nigeria, Etisalat Nigeria to Partner on Mobile Money”http://www.microcapital.org/microcapital-brief-firstbank-of-nigeria-airt…
MicroCapital Universe Profile for Central Bank of Nigeria:http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Cen…
MicroCapital Universe Profile for Standard Bank:http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Standard+Bank
MicroCapital Universe Profile for Stanbic IBTC:http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Stanbic+IBTC
MicroCapital Universe Profile for Mobile Telecommunications Network (MTN): http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Mobile+Telecommunications+Network+%28MTN%29
Browse the MicroCapital Universe and add your entry to the wiki at:http://www.microcapital.org/microfinanceuniverse/
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