Globacom,
Nigeria’s national telecommunications carrier is boosting cashless policy and
financial inclusion with the launch of Glo Xchange, a Mobile Money Agent
Network that is aimed at accelerating mobile money revolution and financial
inclusion in the country.
Glo
Xchange was launched by Globacom in partnership with three licensed mobile
money operators, FirstMonie, Ecobank and Stanbic IBTC in Lagos on Thursday.
The
Governor of Central Bank of Nigeria, Mr. Godwin Emefiele, in a statement he
personally signed on the launch of the platform, said the initiative marks the
beginning of the deeper collaboration between the financial industry and the
telecommunications sector.
He
congratulated Globacom for launching the first
mobile money Super Agent Network
in Nigeria, saying it is a win-win situation for all stakeholders.
Globacom’s
Head of Corporate Sales, Mr. Kamal Shonibare, said Glo Xchange will avail the
mobile money sector of the much needed agent network across the entire country,
as well as the technology platform required for seamless mobile money
transactions.
He
said the initiative will provide the partner banks on the project with the
telecom company’s extensive network of 150 Glo World & Glo Zone shops, over
35,000 Glo Dealer and sub dealer outlets and over 400 Con Oil filling stations
across the country. He added that this has positioned the Glo Xchange platform
for phenomenal success from its first day of operation.
The
initiative is also leveraging on the Association of Community pharmacists of
Nigeria (ACPN) with their over 7,000 outlets.
Shonibare
said the partnering banks will collaborate to ensure that mobile money reaches
the critical mass of the people across the country, leveraging on the parties’
extensive retail market experience and customer-base to build an unprecedented
mobile money distribution chain across Nigeria.
“The
obvious push to reduce the physical movement of cash during business
transactions in the economy has stimulated the “marriage” between telecoms
operators and the banks, which invariably led to the birth of Glo Xchange”, he
remarked.
He
said Glo Xchange offers a robust platform to provide mobile money service to
both banked and unbanked Nigerians, enabling existing and potential customers
of partner banks to carry out transactions under the three key areas of banking
transactions – deposits, withdrawals and transfers.
Training
and Employment: Based on the agreement with the partner banks, Globacom will
recruit mobile money agents, train them and also provide management services
for the partner banks, making available its network infrastructure to support
mobile financial transactions. Glo will also provide a dedicated helpline for
customers to make inquiries about mobile money services.
The
banks, on their part, will provide their mobile money platforms to Globacom’s
mobile subscribers in compliance with the Central Bank of Nigeria’s policy on
mobile money. They will also provide specialized trading platform and
merchandising materials to the recruited agents while managing customer
accounts and support services.
Speaking
at the launch event, the Managing Director of Firstmonie, Mike Ogbalu said that
Glo Xchange will make financial services available to more Nigerians especially
at the grassroots, corroborating the Ecobank’s Executive Director, Kingsley
Aigbokhaevbo’s assertion that the Network, through Glo Xchange, will drive
financial inclusion in the country.
Aigbokhaevbo
cited the example of the Conditional Cash Transfer program of the Federal
Government as one of the ways in which mobile money is already impacting
positively on the lives of the common people through Globacom.
He
disclosed that under Glo Xchange platform, Ecobank mobile money wallet, hosted
on Glo Mobile lines, is already being used to disburse monthly subvention to
beneficiaries.
He
also disclosed that youth farmers in Ekiti State are also receiving subsidies
through the same means.
Speaking
on behalf of Stanbic IBTC, Executive Director, Mr. Obinnia Abajue said his bank
was proud to be associated with Globacom because “Glo, in its characteristic
manner, has provided the bridge that will deliver true financial inclusion in
Nigeria”
Vanguard
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