E-Financial
Etisalat Transforms Mobile Banking Service in Nigeria with Smartphone App
Etisalat Group, leading mobile telecommunications provider, through its subsidiary in Nigeria, announced the launch of a new and comprehensive smartphone app that will enable customers to access their mobile money services faster and with more ease.
The introduction of the innovative app expands the company’s award-winning mobile banking offerings to customers. The app is available for free download from various online app stores.
Since September 2012, Etisalat has partnered with leading international and regional banks including GTBank, Zenith Bank, Stanbic Bank, First Bank Nigeria, as well as Paga Payment Network to allow Etisalat Nigeria customers to conveniently access banking services through their mobile phones.
Till date, the service has successfully registered over 15 million SIM ‘Tool Kit’ application downloads on consumer SIM cards.
Khalifa Al Forah, Etisalat Group’s chief digital services officer said, “Etisalat is at the forefront of technology innovation, bringing market relevant and transformational services to its customers across the group markets. Nigeria currently has a smartphone penetration of over 10% and it expected to reach 40% in the next two years. By enabling people to use their mobile phones to access advanced banking services, we not only hope to deliver lasting benefits to our customers , but also contribute to the socio-economic development of the economies of Nigeria and other countries that we operate in.”
Etisalat’s new smartphone app adds new dimensions to its existing mobile banking service. It supports all currently available functions and allows for more flexibility and convenience through additional features.
The new app supports all major platforms including Android, Apple iOS, Windows Mobile and Java.
It has a crisp, intuitive user interface accessible in English, Hausa, Igbo and Yoruba languages. It uses advanced ISO-1 compliant security features which ensure safe customer transactions that cannot be intercepted or manipulated by fraudsters. The app provides easy user interaction through icons, pictograms and bar-code reading functionalities.
To develop this transformational service expansion, Etisalat has been working with globally renowned financial and technology partners in Nigeria to comply with local and global banking regulations and to facilitate payments and settlements in line with internationally recognised standards.
Etisalat is also partnering with major Nigerian financial institutions such as NIBSS, banks and major global players such as MasterCard Worldwide to provide customers bill payment facility, merchant transactions and merchant trading solutions.
These partnerships also allow Etisalat customers to top-up airtime for family and friends, regardless of which network they are on.
Matthew Willsher, CEO Etisalat Nigeria said, “Research has shown that m-banking and m-payments can help lower the transaction costs of money transfer, increase the flow of money by making it easier to send smaller amounts as well as introduce efficient tool for secure financial management. We believe the benefits to our customers will be immense and that this has the potential to transform the way we handle and manage money in this country. The mobile phone has already improved African life in so many ways – it’s exciting to think it now has the potential to replace notes and coins and give all of our customers’ access to world-class banking services.”
Etisalat currently offers mobile commerce services in 11 operations of the group. Its Mobile Wallet service “Flous” is an industrial grade, open-loop commerce ecosystem which includes mobile payments (merchants, utility, transportation), money transfers (domestic and International), bank accounts/payment cards management, secure access, ticketing, as well as merchant payment acceptance service “Mobile Cashier”.
In 2013, the ‘Flous’ won prestigious GSMA MWC award in Barcelona as “The Best NFC/ Mobile Money Product”, received special recognition from the IFC/World Bank in the “Technology in sustainable Finance” category and was honoured with Mobile Banking Kalahari Award in Lagos, Nigeria.
Central Bank of Nigeria (CBN) spent N315.18bn on currency issue expenses in 2024, marking a sharp increase of 306 per cent compared to N77.67bn recorded in 2023, the apex bank’s audited financial statement for the year has shown.
Currency issue expenses cover the printing, processing, distribution, and disposal of banknotes.
The latest figures reveal that the CBN’s cost of managing physical cash spiralled dramatically during the year under review, as Nigeria grappled with lingering cash shortages and disruptions in the money supply chain.
The surge in expenditure came as the country continued to deal with the effects of the naira redesign policy introduced in late 2022.
Despite efforts to stabilise cash circulation throughout 2023, Nigerians still faced queues at ATMs and difficulties in accessing cash in early and late 2024.
Faced with mounting public outcry, the CBN deployed several emergency measures to address the crisis.
Deposit Money Banks were directed to ensure consistent ATM loading and rural cash distribution, while the Bank also launched public hotlines for citizens to report cash scarcity incidents.
Also, the CBN ramped up enforcement efforts, including deploying monitoring teams, issuing sanctions against non-compliant banks, and mandating improved cash distribution.
PalmPay, a full-service digital bank, has reaffirmed its dedication to advancing the future of payments in Nigeria by promoting the widespread adoption of contactless-enabled payment terminals.
This was made known during the recently concluded BusinessDay Future of Payment Conference, themed “Fintech Evolution: Gateway to Payments.” In his welcome address, BusinessDay Publisher, Frank Aigbogun, emphasized that the next phase of fintech innovation must be driven not only by speed, safety, and simplicity but also by trust, inclusion, and accessibility to ensure broad-based impact across all segments of society.
Talking about PalmPay’s impact in the panel session titled “The Next Wave of Digital Payments: Trends and Innovation,” Ifeanyi Uzoka, Senior Business Development Manager at PalmPay, discussed the evolving landscape of digital payments in Nigeria.
He noted that while regulatory frameworks have supported the introduction of contactless payments, the high level of cash dependency remains a key barrier to widespread adoption.
“At PalmPay, financial inclusion is central to everything we do,” Uzoka stated. “To support this mission, we’ve launched contactless-enabled debit and premium cards, ensuring our users have access to convenient and secure payment experiences. We also understand that trust is critical, which is why all contactless transactions on PalmPay’s platform include an additional layer of authentication for enhanced security.”
PalmPay continues to lead innovation in Nigeria’s digital finance ecosystem by delivering secure, user-friendly, and future-ready solutions. The company’s recently launched debit and premium cards in partnership with Verve are now serving its growing base of over 35 million users nationwide.
This move into contactless payments underscores PalmPay’s alignment with global payment trends and its ongoing commitment to building a more inclusive and digitally empowered economy.
First Asset Management Limited, a leading investment management firm in Nigeria and a subsidiary of First HoldCo Plc., has announced a significant milestone, the company has surpassed ₦1 trillion in Assets Under Management (AUM).
This achievement reflects the firm’s steadfast commitment to delivering exceptional client service and strong investment performance. It also underscores the trust and loyalty shown by its clients, partners, and stakeholders, which have been instrumental in driving the company’s sustained growth.
Speaking of the milestone, Ike Onyia, Managing Director of First Asset Management Limited, credited the accomplishment to the enduring support of the firm’s clients and stakeholders.
“This milestone is a clear indication of the confidence placed in us by our clients and partners. It highlights the firm’s ability to deliver successful investment outcomes and reinforces its dedication to fulfilling its mandate,” Onyia said.
He went on to express deep appreciation to the firm’s clientele: “The continued partnership of our clients is not taken for granted. Their commitment has been pivotal, and the performance of their investments inspires the team’s dedication to providing best-in-class service. As the firm continues to grow, it remains focused on deploying innovative and forward-looking investment strategies tailored to each client’s financial goals.”
NDPC, Mastercard Partner to Strengthen Data Protection
CSCS Launches *7270#, USSD Code Service
NIPOST Suspends Cash Transactions Nationwide
CBN Spending on Naira Printing, Distribution up by 306 Percent
ABoICT Lecture 2025 to Focus on Governance, Standardization in Artificial Intelligence Era
E-Business2 days agoExpert Urges FG to Leverage Digital Assets to Drive Diversification Goal
General News2 days agoSeamlessHR, AOPN Push Payroll Innovation for Nigeria’s Outsourcing Growth
General News2 days agoFG Faults AfDB’s Adesina on Nigeria’s GDP Per Capita Figures
News2 days agoCabals Still Fighting our Refinery – Dangote
Telecom2 days agoTelcos Plan Zero Tariff in Some Regions with Low Opex
E-Financial2 days agoFirst Asset Management Surpasses ₦1 Trillion in Assets Under Management
Telecom2 days agoAVEVA Appoints Sébastien Ory as EMEA VP Partners & Channels
News2 days agoNPAN Hails Tribunal’s Ruling on FCCPC’s $220M Fine Against Meta