Nigeria’s GTBank has joined forced with MTN Nigeria to develop a mobile payments service.
Brett Goschen, CEO of MTN Nigeria said sources estimate that as many as two-thirds of mobile phone users in Nigeria do not have access to formal financial services, with the majority living in rural communities or on the periphery of urban areas.
“The use of mobile money products will not only improve the quality of people’s lives, but will also encourage banking as opposed to storing one’s earnings in cash,” he said.
Segun Agbaje, CEO of GTBank commented:
“[The initiative] is very easy to use, convenient and cheaper compared to other alternatives, especially as there are no hidden charges, every transaction is done directly on the MTN line.”
Agbaje also said the move will help drive the growth and development of the Nigerian economy, as funds will be made available to critical sectors in need of funding.