Guarantee Trust Bank seem to be showing others the way as they have launched their own mobile banking service in patnership with MTN.

The innovation is a prompt step towards financial inclusion, which the Central Bank of Nigeria (CBN) and the bankers' committee had been driving.

The Managing Director and Chief Executive Officer of Guaranty Trust Bank Plc (GTBank), Mr. Segun Agbaje

described mobile money as a veritable vehicle for attaining the country's payment system for vision 2020, which was targeted mainly at taking banking to the country's huge unbanked population and the rural areas.

Agbaje who also argued that Nigeria still had about 30 million unbanked population, insisted that the services of mobile money would contribute significantly to the growth of Nigeria's Gross Domestic Product (GDP).

“We will do everything we can to make sure that this project succeeds, it will help grow the economy because Nigeria mobile money is different from that of other parts of the world and will help take money to the unbanked while the rest of the world would also adopt this model,” he said.

Chief Executive Officer MTN Nigeria, Brett Goschen, said that mobile money service would drastically change the face of communication and financial services in the country and provide a whole new and exciting experience to its numerous customers.

He said: “Not only will mobile money take banking to the previously unbanked but it also opens up a wide range of benefits and values added services to the banked sector including corporate, small and medium scale enterprises (SMEs). For MTN, Mobile Money represents another opportunity to bring additional added value services to our over 40 million and growing subscriber base.”

source: http://www.

Shiiiiitttyyy write up! Damn! HOW WILL "MOBILE" BANKING WORK? I'm left wondering

@ 9jaganja:
Mobile Money is for the Unbanked whereas Mobile Banking is for the banked.
They both do different things, Mobile Banking is connected to your Bank account whereas for Mobile money you don't need a bank account all that is required is just a mobile phone.

Cheers

@GoCashless,

You seem to be pretty au fait with this new Mobile Money scheme, so please share your observations.

The following 2 steps are a recipe for disaster, don't you think?

Cash-out from Token (Cash Withdrawal)

- Hand over your phone to  customer for him  to enter his Secret Code
- Collect back your phone and click ok to confirm cash out

Source: http://www.mtnonline.com/mobilemoney/services.php

What is to stop my customer from doing a runner?

Also, I understand Mobile Money was first implemented back in May last year.
What are some of the teething problems recorded so far?

@ eGuerrilla

Thanks for the comment. Its a normal thing to hand over payment channel (POS or Mobile Money) to a customer (Cardholder) to Authorized a transaction by entering his/her PIN.

Mobile Money start in May as a Pilot, just as Cashless Lagos is used as a pilot for Cashless Nigeria project.

Cheers

GoCashless:

@ eGuerrilla

Thanks for the comment. Its a normal thing to handle over payment channel (POS or Mobile Money) to a customer (Cardholder) to Authorized a transaction by entering his/her PIN.

Mobile Money start in May as a Pilot, just as Cashless Lagos is used as a pilot for Cashless Nigeria project.

Cheers

Thanks for your clarification.
I get the picture now.

Its a good development.

Yeah, Mobile Money is Good.

According to a report tagged “Chart for countries with financial inclusion in Africa,” jointly released by Microfinance Information Exchange (MIX) and Mastercard Foundation, Nigeria has the highest number of unbanked people in Africa with over 80 million people not having access to financial services, despite the distribution of hundreds of microfinance banks across Nigeria.

Only 20 million people have access to financial services out of 70 million bankable adult.
Nigeria has a population of about 150 million people, Out of Which, Over 90 million people use mobile phones.
Do the math, Mobile Money is a critical success factor for Cashless Lagos.

I'll go for it just for the convenience it offers. What about the Glo mobile money?

for more information on mobile money, send me an email topex4real2003@yahoo.com or call 08079394438.

kenya is the most succesful country in the world when it comes to mobile money,the population is nt as much as we nigerians and we r more literate than them, so y wont it work

ceomike:

Guarantee Trust Bank seem to be showing others the way as they have launched their own mobile banking service in patnership with MTN.

The innovation is a prompt step towards financial inclusion, which the Central Bank of Nigeria (CBN) and the bankers' committee had been driving.

The Managing Director and Chief Executive Officer of Guaranty Trust Bank Plc (GTBank), Mr. Segun Agbaje

described mobile money as a veritable vehicle for attaining the country's payment system for vision 2020, which was targeted mainly at taking banking to the country's huge unbanked population and the rural areas.

Agbaje who also argued that Nigeria still had about 30 million unbanked population, insisted that the services of mobile money would contribute significantly to the growth of Nigeria's Gross Domestic Product (GDP).

“We will do everything we can to make sure that this project succeeds, it will help grow the economy because Nigeria mobile money is different from that of other parts of the world and will help take money to the unbanked while the rest of the world would also adopt this model,” he said.

Chief Executive Officer MTN Nigeria, Brett Goschen, said that mobile money service would drastically change the face of communication and financial services in the country and provide a whole new and exciting experience to its numerous customers.

He said: “Not only will mobile money take banking to the previously unbanked but it also opens up a wide range of benefits and values added services to the banked sector including corporate, small and medium scale enterprises (SMEs). For MTN, Mobile Money represents another opportunity to bring additional added value services to our over 40 million and growing subscriber base.”

It is real and working perfectly