Stanbic IBTC Records N5.6bn Mobile Money Transactions

17 Dec 2012

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CEO Stanbic IBTC Holdings Plc, Mrs. Sola David-Borha

By Eromosele Abiodun
Stanbic IBTC Bank said it had recorded N5.6bn transactions on the mobile money platform in the last one year.

The bank also reiterated its commitment to continuously deliver innovative products and solutions.

Speaking at an event in Lagos, Chief Executive Officer, Stanbic IBTC Holdings Plc, Mrs. Sola David-Borha, stated that since 2009, the bank had shown commitment to technology-driven branchless banking services.

David-Borha said the organisation’s decision to launch the ‘*909# Stanbic IBTC MobileMoney’ solution last year was underscored by the bank’s strategic focus of strengthening its universal banking franchise.

She described mobile money as a game-changer which apart from enabling customers to conduct basic financial transactions such as mobile money account opening, buying airtime, deposit and receipt of cash, as well as payment of utility bills through their mobile phones, also offers enormous benefits to the Nigerian economy by channeling the huge funds in the informal sector through the banking system to engender economic development.

Also, Executive Director of Personal and Business Banking, Stanbic IBTC Bank, Obinnia Abajue, explained that it was in recognition of the need for market-driven partnership and alliance with different stakeholders in the mobile money value chain, that the bank went into partnership with all the major telecom operators in Nigeria.

According to Abajue, Stanbic IBTC had recorded significant milestones with its mobile money products.

“To date, *909# Stanbic IBTC mobile money has over 600,000 registered customers, over 790 agents nationwide and there have been over 7.7million agent airtime transactions and a total monthly transaction value of N1.3 billion.

“A mobile wallet can be funded through; a mobile money agent, at any Stanbic IBTC Bank branch, any ATM, person to person transfer, and online through the web, internet banking and through Quickteller,” Abajue said.

Tags: Nigeria, Featured, Business, Sola David-Borha

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