Nigeria has been slow to get the mobile money ball rolling, but the smartphone application release follows news in March that Guaranty Trust Bank’s mobile money service had reached 90,000 subscribers within three months.
Obinnia Abajue, the bank’s executive director for personal and business banking, said the app signifies a major step in applying the latest technologies to improve accessibility of Nigerians to financial services.
Abajue said: “When we launched Stanbic IBTC MobileMoney, we set out to deliver a service that can make a big difference in the lives of Nigerians by providing them with a fast and convenient means of sending and receiving money.
“By enabling people to use their mobile phones as a tool for carrying out basic financial transactions, we hope to deliver long-term benefits for both our customers and the Nigerian economy.”
Users will be able to use the smartphone app for airtime purchases, transferring funds to all bank accounts and money transfers to mobile phone subscribers.
The application is free to download for current customers or the bank and non customers, including those who do not have any bank account.
It can be downloaded from the BlackBerry App World, Apple’s App Store for iPhone, iPad and iPod Touch, and Google Play Store for devices operating on the Android platform.