Etisalat launches mobile payment and money transfer service in Nigeria

Sep 28, 2012

Mobile operator Etisalat has launched a new payment and money transfer service via mobile phone in Nigeria.

It allows users to pay for bills and purchases, but also to send or receive money.

Easywallet was launched in partnership with several Nigerian banks including First Bank, GTBank, Stanbic IBTC Bank and Zenith Bank, Ecofin news agency reports.

This service is available in English, Hausa and Yoruba and is expected to expand access to banking services to rural populations, where residents usually do not have access to banks or microfinance institution branches.

Several mobile payment platforms are already in operation in Nigeria, with mobile operators MTN and Globacom having both launched their service last winter.

In Nigeria, around 30 million people do not own a bank account, which represents nearly 20 per cent of the population. However, more than one out of two Nigerians has a mobile phone, MTM reports.

The Central Bank of Nigeria (CBN) has granted eleven licences for the development of financial services via mobile phones, thus highlighting the potential for such financial services in the country.ADNFCR-2976-ID-801459796-ADNFCR