Telecoms operator Globacom has given a boost to government’s cashless policy and financial inclusion with the launch of Glo Xchange, a Mobile Money Agent Network that is aimed at accelerating mobile money revolution and financial inclusion in the country.
Glo Xchange was launched by Globacom in partnership with three licensed mobile money operators, FirstMonie, Ecobank and Stanbic IBTC in Lagos on Thursday.
The Governor of Central Bank of Nigeria, Mr. Godwin Emefiele, in a statement he personally signed on the launch of the platform, said the initiative marks the beginning of the deeper collaboration between the financial industry and the telecommunications sector.
He congratulated Globacom for launching the first mobile money Super Agent Network in Nigeria, saying it is a win-win situation for all stakeholders.
Globacom’s Head of Corporate Sales, Mr. Kamaldeen Shonibare, said Glo Xchange will avail the mobile money industry of the much needed agent network across the entire country, as well as the technology platform required for seamless mobile money transactions.
He said the initiative will provide Globacom partners on the project with the telecom company’s extensive network of 150 GloWorld and Glo Zone shops, over 35,000 Glo Dealer and sub dealer outlets and over 400 Con Oil filling stations across the country.
The initiative is also leveraging on the Association of Community pharmacists of Nigeria (ACPN) with their over 7,000 outlets.
According to him, this has positioned Glo Xchange platform for phenomenal success from its first day of operation.
Shonibare said the partnering banks and Globacom will collaborate to ensure that mobile money reaches the critical mass of the people across the country, leveraging on the parties’ extensive retail market experience and customer-base to build an unprecedented mobile money distribution chain across Nigeria.
“The obvious push to reduce the physical movement of cash during business transactions in the economy has stimulated the “marriage” between telecoms operators and the banks, which invariably led to the birth of Glo Xchange”, he remarked.
He said Glo Exchange offers a robust platform to provide mobile money service to both banked and unbanked Nigerians, enabling existing and potential customers of partner banks to carry out transactions under the three key areas of banking transactions – deposits, withdrawals and transfers.
Based on the agreement with the partner banks, Globacom will recruit mobile money agents, train them and also provide management services for the partner banks, making available its network infrastructure to support mobile financial transactions. Glo will also provide a dedicated helpline for customers to make inquiries about mobile money services.
The banks, on their part, will provide their mobile money platforms to Globacom’s mobile subscribers in compliance with the Central Bank of Nigeria’s policy on mobile money. They will also provide specialized trading platform and merchandising materials to the recruited agents while managing customer accounts and support services.
Speaking at the launch event, Managing Director of Pridar Systems (wholly owned by FirstBank), the owners of Firstmonie, Mike Ogbalu, said that Glo Xchange will make financial services available to more Nigerians especially at the grassroots, corroborating the Ecobank’s Executive Director, Kingsley Aigbokhaevbo’s assertion that Glo Xchange will drive financial inclusion in the country.
Aigbokhaevbo cited the example of the Conditional Cash Transfer program of the Federal Government as one of the ways in which mobile money is already impacting positively on the lives of the common people through Globacom.
He disclosed that under the program, Ecobank mobile money wallet, hosted on Glo Mobile lines is already being used to disburse monthly subvention to beneficiaries. He also disclosed that youth farmers in Ekiti State are also receiving subsidies through the same means.
Speaking on behalf of Stanbic IBTC, Executive Director, Mr. Obinnia Abajue said his bank was proud to be associated with Globacom because “Glo, in its characteristic manner, has provided the bridge that will deliver true financial inclusion in Nigeria”
Globacom has, since launching its operation 11 years ago, been at the forefront of introducing innovative products and services in the Nigerian market, including Per Second Billing, Mobile internet, M-Banking, and Prepaid Roaming, among numerous others.