Sunday 16 December 2012

Stanbic IBTC marks one year of mobile money , total monthly transaction value of N1.3 billion



Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings Plc, commemorated the first anniversary of its *909# mobile money service, reiterating its commitment to continuously deliver innovative products and solutions, part of which includes enhancing the robustness of its mobile banking and mobile payments systems.
The bank was one of the first organizations licensed by the Central Bank of Nigeria in October last year to operate mobile money services in Nigeria in accordance with the Mobile Payments Regulatory Framework.
At the event in Lagos, which was attended by stakeholders from the banking, retail and telecoms sectors, the Chief Executive Officer of Stanbic IBTC Holdings Plc, Mrs. Sola David-Borha, recalled that Stanbic IBTC Bank had since 2009 shown commitment to technology-driven branchless banking and enthusiastically embraced the Central Bank of Nigeria’s drive towards an increasingly cashless economy.
David-Borha said the organization’s decision to launch the *909# Stanbic IBTC MobileMoney solution last year was underscored by the bank’s strategic focus of strengthening its universal banking franchise by integrating Nigeria’s huge informal economy, which is characterized by unbanked small scale farmers, traders, craftsmen and other types of small and medium sized businesses, into the formal economy, and in the process enhance financial inclusion in Nigeria.
She described mobile money as a game changer which apart from enabling customers to conduct basic financial transactions such as mobile money account opening, buying airtime, deposit and receipt of cash, as well as payment of utility bills through their mobile phones, also offers enormous benefits to the Nigerian economy by channeling the huge funds in the informal sector through the banking system to engender economic development.
Obinnia Abajue, Executive Director of Personal and Business Banking, Stanbic IBTC Bank, said it was in recognition of the need for market-driven partnerships and alliances with the different stakeholders in the mobile money value chain, that the bank went into partnerships with all the four major telecom operators in Nigeria, enabling mobile payment services to take root, proliferate, and scale up across the country.
According to Abajue, Stanbic IBTC has recorded significant milestones with mobile money. To date, *909# Stanbic IBTC mobile money has over 600,000 registered customers, over 790 agents nationwide and there have been over 7.7million agent airtime transactions and a total monthly transaction value of N1.3 billion. A mobile wallet can be funded through; a mobile money agent, at any Stanbic IBTC Bank branch, any ATM, person to person transfer, and online through the web, internet banking and through Quickteller, Abajue said. Stanbic IBTC recently won the Nigerian Financial Technology Award for the best use of IT in mobile money services.
Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings Plc, is a full service end to end financial services organization with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. The Standard Bank Group, to which Stanbic IBTC Holdings Plc belongs, is rooted in Africa with strategic representation in 18 key sub-Saharan countries and other emerging markets. Standard Bank has been in operation for 150 years and is focused on building first-class on-the-ground banks in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other.

http://www.mobileworldmag.com/stanbic-ibtc-marks-one-year-of-mobile-money-total-monthly-transaction-value-of-n1-3-billion.html

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