Telecom company MTN Nigeria has announced that it will provide network service to the Guaranty Trust Bank (GT Bank) and Fortis Mobile Money services, contributing to the Central Bank of Nigeria’s (CBN’s) goal of achieving financial inclusion and a “cashless Nigeria” policy.

According to the company’s Chief Executive Officer Brett Goschen, the new mobile money service will hold tremendous benefit for both unbanked and banked Nigerians. “We are confident that not only will Mobile Money take formal financial services or banking to the unbanked, but it will also open up a wide range of benefits and value added services to the banked sector including corporate, small and medium scale enterprises (SMEs) and individual users”, remarked Goschen.

Chief Executive Officer of GT Bank, Mr. Segun Agbaje, stated that moving toward enabling mobile financial services is a positive step to achieving financial inclusion in Nigeria. “This partnership will dominate the Mobile Money landscape. Therefore it is our collective responsibility to make sure Mobile Money succeeds in Nigeria. I cannot but thank the CBN for creating the conducive environment where Mobile Money can thrive,” he further commented.

Three categories of accounts will be made available, with maximum transaction limits tailored to the country’s unbanked, semi-banked and banked populations.

MTN Nigeria is part of the MTN Group, Africa’s leading cellular telecommunications company. GT Bank provides commercial, investment and retail banking products/services in Nigeria and in 2006, launched GTConnect, allowing customers to make transactions via phone. Fortis Mobile Money services, a mobile financial services provider, offers a program allowing mobile and non-mobile phone subscribers within Nigeria to send, withdraw and save, money, pay for goods and services through a mobile phone.