Nigeria’s Stanbic IBTC Bank has recorded over N5.6bn (US$30 million) in mobile money transactions on its platform over the past year, as the bank’s service grows in line with other such platforms across the continent.
Mobile money has taken off in Africa, as demonstrated by M-Pesa’s success in East Africa. Sola David-BorhaIt, Managing Director/Chief Executive Officer at Stanbic IBTC, said the bank’s mobile money platform was a game-changer, playing a crucial role in driving financial inclusion.
Obinnia Abajue, Executive Director, Personal and Consumer Banking at the Nigerian bank also reported that the bank’s mobile money platform had grown to 693,089 customers and about 7.7 million online agent transactions, with about 790 agents nationwide and 9,000 registered merchants.
Abajue said: “The mobile banking has a big future in Nigeria due to the fact that 50 per cent of adults in Nigeria are less than 33 years old. As such, it is a huge opportunity for these people who are quite skilled in mobile money technology to tap into the opportunity.”
Some highlights:
- N1.3bn (US$ 8 million ) monthly transactions
- N2.5bn (US$ 15 million) merchant transactions
- 30,000 monthly transactions
- 140,000 transactions year-to-date
