Glo, UBA to launch Nigeria’s 1st money service
Leading telecommunications company, Glo Mobile, yesterday, signed a memorandum of understanding (MoU), with Afripay Ltd, a member of the UBA Group, which has obtained a Mobile Money Licence from the Central Bank of Nigeria, in preparation for the commercial launch of Nigeria’s first Mobile Money Services.
The landmark deal will enable mobile subscribers to open mobile money account to store Electronic Value (EValue) of money easily on their mobile phones; using their mobile number as account number. They can also transfer money to any mobile number, spend the money directly from their mobile money account to pay for goods as well as buy airtime top-up for themselves and others.
Branded as “U-Mo”, Afripay’s Mobile Money product has been successfully text-run through select Agents. With the wide mobile coverage of Glo in Nigeria, the Glo-UBA partnership will ensure that the U-Mo product is available in the remotest parts of the country, from the smallest village and local markets to the largest towns, in line with CBN’s objective of enhancing financial inclusion through a “Secure, Convenient & Reliable” mobile money account.
Mohamed Jameel, Group Chief Operating Officer, Globacom, explained that when the product is launched, people won’t have to carry a wallet and a mobile phone at the same time.
“Your mobile phone now becomes your wallet”. According to Jameel, Glo and UBA have had a good relationship over the years. “What is happening today is an extension of the partnership”, he said.
Mr. Jameel said that the objective of this partnership is to join hands with the UBA group for their mobile money initiative, to cater to subscribers across Glo Mobile network with the widest geographical coverage in the whole of Nigeria. This initiative shall bring facilities similar to banking to the unbanked population through their mobile phones and would redefine their ways of life.
The Deputy Managing Director of UBA (designate), Kennedy Uzoka described the signing of the MOU as a public declaration of the partnership between UBA and Glo. UBA according to Uzoka has over 700 outlets and 7million accounts which will give UBA a platform to offer mobile money to anyone with the Glo sim.
During the signing ceremony, Glo also launched it’s television commercial on Glo Text Cash, the platform on which the UBA’s U-Mo will run. The commercial emphasized that the service will be available pan-Nigeria to all segments of the society.
This product can be accessed by all Glo subscribers after registration and dialing *866# for USSD or by downloading the menu through a link provided by Afripay for Java application, upon registration. Existing Glo subscribers and new ones can perform various operations including: Deposit/Cash-In; Withdrawal/Cash-Out; Transfer from mobile to mobile; Buy Airtime credit for self or for others and Bill Payment. Others are Account maintenance including balance enquiries, last transactions and mini-statement. It will also enable customers to request for PIN change. Other lifestyle changing products and remittances will be introduced with time.
Designed to encourage the savings culture amongst the population wider than the currently banked, it requires fewer information to register for the services on mobile phone, a development regarded as a big boost for Glo subscribers all over the country. The Afripay’s “U-Mo” mobile money solution is very versatile and does not exclude any customer irrespective of the type of phone.
