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Globacom Launches Glo Xchange, Nigeria’s 1st Mobile Money Agent Network
http://www.africaeagle.com/2014/08/globacom-launches-glo-xchange-nigerias.html
Major telecoms service provider, Globacom Thursday launched a Mobile Money Agent Network, called Glo Xchange, in partnership with licensed mobile money operators, Firstmonie, Ecobank and Stanbic IBTC.
The initiative, the company said, will accelerate the mobile money revolution, as it will avail the industry of the much needed distribution network.
According to the company’s Head of Corporate Sales, Mr. Kamaldeen Shonibare during his welcome address at an event held in Lagos, the government through the Central Bank of Nigeria (CBN) has been campaigning for the evolution of cashless economy and this push to reduce the physical movement of cash during business transactions in the economy has stimulated the marriage between telecoms operators and the banks with pre-determined roles and function that will help achieve the government economic agenda.
Shonibare recalled that in furtherance of CBN’s laudable financial inclusion policy, the apex bank licensed 20 mobile money operators (MMOs) and seven banks to drive the penetration of financial services to the generality of Nigerians. “These licensed firms have been unable to make the expected impact due to the high cost of distributing their services to all market segments. Consequently, he said, Globacom was presenting a solution to the challenge with Glo Xchange”
He explained that with Glo Xchange, Globacom has provided the requisite platform for partner banks to deploy mobile money services. “Glo Xchange will enable the banks’ current and potential customers to carry out transactions under the three key areas of banking transactions which are; deposits, withdrawals and transfers”, he said.
Shonibare noted that the partners will leverage on the company’s Gloworld shops, Glo Zones and Dealers’ outlets as well as their extensive retail financial market experience and customer base to push the service nation-wide.
“Glo agents will serve the entire bank’s mobile money customers and Glo mobile subscribers whether they have bank account or not”, Shonibare said.
Also speaking at the event, Dipo Fatokun, Director Banking & Payment Department, CBN commended Globacom, First Bank, Ecobank and Stanbic IBTC Bank for launch of Glo Xchange.
He said the launching marks the beginning of a new collaboration between two major industries of the economy: the Telecommunications industry and the Financial Services industry.
Fotukun also said the collaboration could herald the development of a new ecosystem, which could present a win-win situation for banks, telcos, customers, mobile money operators, relevant stakeholders, and the Central Bank just as he encouraged other telecommunications companies and banks not to sit on the fence, but rather, follow this example of collaboration and join in the CBN’s efforts towards expanding financial access to the people.
Source: The Sun
The initiative, the company said, will accelerate the mobile money revolution, as it will avail the industry of the much needed distribution network.
According to the company’s Head of Corporate Sales, Mr. Kamaldeen Shonibare during his welcome address at an event held in Lagos, the government through the Central Bank of Nigeria (CBN) has been campaigning for the evolution of cashless economy and this push to reduce the physical movement of cash during business transactions in the economy has stimulated the marriage between telecoms operators and the banks with pre-determined roles and function that will help achieve the government economic agenda.
Shonibare recalled that in furtherance of CBN’s laudable financial inclusion policy, the apex bank licensed 20 mobile money operators (MMOs) and seven banks to drive the penetration of financial services to the generality of Nigerians. “These licensed firms have been unable to make the expected impact due to the high cost of distributing their services to all market segments. Consequently, he said, Globacom was presenting a solution to the challenge with Glo Xchange”
He explained that with Glo Xchange, Globacom has provided the requisite platform for partner banks to deploy mobile money services. “Glo Xchange will enable the banks’ current and potential customers to carry out transactions under the three key areas of banking transactions which are; deposits, withdrawals and transfers”, he said.
Shonibare noted that the partners will leverage on the company’s Gloworld shops, Glo Zones and Dealers’ outlets as well as their extensive retail financial market experience and customer base to push the service nation-wide.
“Glo agents will serve the entire bank’s mobile money customers and Glo mobile subscribers whether they have bank account or not”, Shonibare said.
Also speaking at the event, Dipo Fatokun, Director Banking & Payment Department, CBN commended Globacom, First Bank, Ecobank and Stanbic IBTC Bank for launch of Glo Xchange.
He said the launching marks the beginning of a new collaboration between two major industries of the economy: the Telecommunications industry and the Financial Services industry.
Fotukun also said the collaboration could herald the development of a new ecosystem, which could present a win-win situation for banks, telcos, customers, mobile money operators, relevant stakeholders, and the Central Bank just as he encouraged other telecommunications companies and banks not to sit on the fence, but rather, follow this example of collaboration and join in the CBN’s efforts towards expanding financial access to the people.
Source: The Sun
