IFC and eTranzact launch Nigerian banking initiative

Jun 21, 2010

Nigerian bank eTranzact has entered into a partnership with the International Finance Corporation (IFC) in an effort to improve access to finance for Nigeria's unbanked population.

The firm is working with the IFC - part of the World Bank Group - to launch its Rural Telephony Project MobileMoney initiative in some of the country's rural areas, This Day reports.

Mobile phone owners will be able to use their handsets to send money and perform other banking services without having to travel to a traditional bank branch, which are often located some distance from poor, rural communities. A total of 50 village phone operators are assisting with the scheme, along with three microfinance institutions - Oghene, DEC and SEAP.

The Nigerian bank is one of three mobile payment companies the IFC is currently working with to provide access to finance for Africa's unbanked population.
Launched in 2003, eTranzact has a partnership with 70 universities in Nigeria and also operates in Ghana, Zimbabwe, Cote d' Ivoire and Tanzania.