Access Bank, Airtel Launch Mobile Money Service

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Access Bank Plc has entered into an agreement with Airtel Nigeria for the deployment of its mobile money platform, Access Money.

At the launch of the product in Lagos, Group Managing Director of the bank, Mr. Herbert Wigwe lamented the fact that banks in the country had over the years abandoned individuals perceived to be at the bottom of the financial sector pyramid. While this category of people was abandoned by the banking sector, the telecommunications sector embraced them.

“It is a great indictment to the banking sector that it could not grow at the rate at which mobile telephone is growing in Nigeria today. This is especially as the business of banking is connecting people,” he said.

He therefore said the product will allow individuals or businesses to turn their mobile phones into an electronic wallet.

“Access Money will also allow cash withdrawals from any of the over 1,000 Access Bank Automated Teller Machines (ATM) across the country without an ATM card; deposit and withdrawal of cash at designated mobile money agent locations; airtime purchase; transfer of funds to any mobile phone in Nigeria; Pay utility bills; pay for goods and services and check account balance and electronic wallet balances,” Wigwe said.

Mobile money has recorded great success in Kenya, the partnership hopes to replicate such success in Nigeria.

Airtel Nigeria’s Managing Director, Segun Ogunsanya said the product will bring financial services to everyone, both the banked and unbanked, ensuring convenience and flexibility.

He called on government at all levels to embrace mobile money, especially in the disbursement of funds and payment of welfare packages.

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