Mike Adenuga, Chairman Glabal Com.
Telecommunications company Glo Mobile yesterday signed a memorandum of understanding (MoU), with Afripay Ltd, a member of the UBA Group, which has obtained a Mobile Money License from the Central Bank of Nigeria, in preparation for the commercial launch of Nigeria’s first Mobile Money Services.
The landmark deal will enable mobile subscribers open mobile money account to store Electronic Value (EValue) of money easily on their mobile phones; using their mobile number as account number.
They can also transfer money to any mobile number, spend the money directly from their mobile money account to pay for goods as well as buy airtime top-up for themselves and others.
Branded as "U-Mo", Afripay’s Mobile Money product has been successfully text-run through select Agents.
"With the wide mobile coverage of Glo in Nigeria, the Glo-UBA partnership will ensure that the U-Mo product is available in the remotest parts of the country, from the smallest village and local markets to the largest towns, in line with CBN’s objective of enhancing financial inclusion through a secure, convenient and reliable mobile money account," said a statement from the two parties.
Mohamed Jameel, Group Chief Operating Officer, Globacom, explained that when the product is launched, people won’t have to carry a wallet and a mobile phone at the same time. "Your mobile phone now becomes your wallet".
According to Jameel, Glo and UBA have had a good relationship over the years. "What is happening today is an extension of the partnership", he said.
Jameel added: "The objective of the partnership is to join hands with the UBA group for their mobile money initiative, to cater to subscribers across Glo Mobile network with the widest geographical coverage in the whole of Nigeria. This initiative shall bring facilities similar to banking to the unbanked population through their mobile phones and would redefine their ways of life."
The Deputy Managing Director of UBA (designate), Kennedy Uzoka described the signing of the MOU as a public declaration of the partnership between UBA and Glo. UBA according to Uzoka has over 700 outlets and seven million accounts which will give UBA a platform to offer mobile money to anyone with the Glo sim.
During the signing ceremony, Glo also launched it’s television commercial on Glo Text Cash, the platform on which the UBA’s U-Mo will run. The commercial emphasized that the service will be available pan-Nigeria to all segments of the society.