Stanbic IBTC Bank Toasts One Year of Mobile Money

Obinnia Abajue, executive director, Personal and Business Banking, Stanbic IBTC Bank, has said that Nigeria’s financial system may be up for greater contribution to the nation’s overall development as the mobile money platform shows brighter prospects.

Abajue said that the response from customers and the growth of the bank’s mobile money system showed that the system would overtake other forms of banking, create wealth, ensure customer satisfaction and personal convenience to users.

“From 2011 when the Central Bank of Nigeria approved licence for mobile money in the country, we have grown from nothing to 9000 agents, 30,000 monthly transactions, 693 registered customers, N2.5 billion merchant transactions’ value and N5.6 billion value of transactions.

“With the current 60 per cent teledencity of the country and 50 per cent of the population made up of 33 years downward, coupled with consistent innovation of smart mobile phones that are affordable, there is a brighter prospect for mobile money here.” He added

Earlier Sola Borha-David, chief executive officer of the bank said that the financial institution has been in the vanguard of mobile money operations, providing varying solutions that can deepen the system, which can be attested by several awards on the bank.

“Mobile money is a game changer. It offers another future for the nation’s financial system. For us, we have developed several solutions, including mobile Apps and have covered all the major telecommunications firms in the country to ensure effectiveness. It is really working.

“Though the past one year had its challenges and the journey still far, but we have lived up to the tasks. The best is that we have become stronger and better. There are results to cheer about. It has shown that there is future with mobile money” she stated