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.
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“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.
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