Access Bank is eyeing greater stakes in Africa’s mobile money market with the launch of an innovative payment service which rides on Airtel’s telecommunications network.
This new service dubbed, ‘Access Money’, allows customers to perform simple, secure and instant financial transactions using their mobile phones.
With this innovative service, customers on the mobile network can send and receive money, make deposits and withdrawals, pay their utility bills and buy airtime for their lines.
The country has a potential market size expected to reach N1.1 trillion by 2015, and market observers say the bank looks set to take a huge chunk of the pie.
The bank, on Wednesday, said it is partnering with Airtel, the fourth largest operator in the world, to build perhaps one of the largest agent networks aimed at pushing the adoption of mobile money services across the country.
Speaking at the launch of the payment service, Wednesday, Herbert Wigwe, group managing director of the bank, said financial inclusion is a critical part of the business.
According to him, Access Bank and Airtel agreed to introduce Access Money into Nigeria’s financial landscape in line with the financial inclusion initiative of the Central Bank of Nigeria (CBN) even as it serves as a platform to bring more of the under-banked and unbanked into the world of banking.
“By partnering with Airtel, we can come to the forefront of financial inclusion. We are not the first bank to start offering mobile money service. But many banks have not paid attention to how to offer the service properly”, he also added.
Wigwe noted that the bank chose to collaborate with Airtel because both firms complement each other. “We found that Airtel is not just an innovative firm but it fully understands the regulatory environment”, he added.
Through Access Money, Wigwe said both firms will be providing financial access to more people and small businesses, “creating an easier channel for the of financial aid; and also making it easier for government to receive taxes and deliver welfare payments”.
With the launch, he said Nigeria now has access to the largest pool of agents. With 1,200 outlets, including 300 Access Bank branches, 900 agent outlets, and 41 Airtel shops, the Access Bank GMD said, “Nigerians will be able to make payments irrespective of where they are.” Wigwe, however, called on government at all levels to fully embrace mobile money by taking advantage of payment platform to disburse salaries and pensions. This, he added, would drive up adoption levels in no time.
In the same vein, Segun Ogunsanya, chief executive officer, Airtel Nigeria, said both companies are keen on bringing financial services to the unbanked.
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“We are bringing convenience to the customer with this service. Where ever you are in the world, you can store money in your phone, transfer money or pay for utilities like DSTV and PHCN bills”, he also added.
According to him, the mobile money service also comes with a cardless Automated Teller Machine (ATM) functionality, which allows customers to withdraw funds from any ATM without a payment (debit or credit) card.
“We are empowering people to own a functional bank account from the home”.
Commenting on the issue of poor quality of service (QoS), which seems to have cast a dark cloud on the telecoms industry, Ogunsanya reassured Nigerians that Airtel would not relent in its efforts to provide superior service.
