Glo, UBA sign MoU to launch Nigeria’s first money service

Glo, UBA sign MoU to launch Nigeria’s
first money service

By Nigeria Magazine

Leading telecommunications company, Glo Mobile on Friday signed a
Memorandum of Understanding (MoU) with Afripay Ltd, a member of the UBA
Group, which has obtained a Mobile Money License from the Central Bank of
Nigeria. This is in preparation for the commercial launch of Nigeria’s first Mobile
Money Services.

The landmark deal will enable mobile subscribers 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.

Mr. Jameel said 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 will 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 seven million

accounts which will give UBA a platform to offer mobile money to anyone with
the Glo sim.

Author: nmmin

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