New Mobile Money application launched in Nigeria

Apr 15, 2013

Stanbic IBTC Bank Limited has unveiled its new Mobile Money application for smartphones.

Stanbic IBTC Bank Limited has unveiled its new Mobile Money application for smartphones.

"With the smartphone app, customers can enjoy mobile money services such as airtime purchase, funds transfer to all bank accounts, bills payment, money transfer to mobile phone subscribers, and much more," said Stanbic IBTC's Executive Director for Personal and Business Banking, Obinna Abajue, quoted by This Day.

He added that the Stanbic IBTC Mobile Money application is free and available for download to both customers and non-customers of the bank, including individuals who do not own a bank account.

The mobile application should contribute to strengthening financial inclusion in the country by reaching populations that do not yet have access to financial services.

Several mobile payment platforms are already in operation in Nigeria, where the potential for growth is significant: around 30 million people do not own a bank account, but one out of two Nigerians has a mobile phone.ADNFCR-2976-ID-801571125-ADNFCR