UBA and Stanbic IBTC launch mobile money on Glo

Dec 15, 2011

United Bank for Africa (UBA) and Stanbic IBTC have announced they will now run their mobile money services on the Globacom (Glo) network.

United Bank for Africa (UBA) and Stanbic IBTC have announced they will now run their mobile money services on the Globacom (Glo) network.

It is hoped this move will enable Nigeria to meet the January 1st 2012 deadline introduced by the Central Bank of Nigeria on cashless policy, the Daily Trust reports.

The banks will use the Glo fibre optic infrastructure and target the 23 million people currently using the network.

Speaking at the launch of the scheme on Tuesday (December 13th), Executive Director of Human Resources at Glo Adewale Sangowawa said: "This initiative shall bring facilities similar to banking to the unbanked population through their mobile phones and would redefine their ways of life."

Using GloTxtcash, the financial firms can also eliminate the need for people to carry money as well as their mobile phone.

Segun Agbaje, Managing Director and Chief Executive Officer of Guaranty Trust Bank (GTBank), recently stated the introduction of mobile payment services in Nigeria will have a positive effect on the country's economy, This Day reported.

He was speaking at the launch of a new mobile money product introduced by GTBank.ADNFCR-2976-ID-801240569-ADNFCR