Home Market Updates Glo Xchange to mop up cash transactions in Nigeria, SNO says

Glo Xchange to mop up cash transactions in Nigeria, SNO says

Glo Xchange to mop up cash transactions in Nigeria, SNO says
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Glo Xchange is a technology platform created to reduce cash transactions during business relationships across diverse segments of the Nigerian economy, according to the Second National Operator.

Globacom, which recently unveiled the mobile money transaction platform says it will enhance relationship between banks and telecoms companies.

The Glo Xchange platform was launched by Globacom in partnership with three licensed mobile money operators, FirstMonie, Ecobank and Stanbic IBTC.

Kamal Shonibare, Head of Corporate Sales at Globacom, “the obvious push to reduce the physical movement of cash during business transactions in the economy has stimulated the ‘marriage’ between telecoms operators and the banks, which invariably led to the birth of Glo Xchange.”

Glo Xchange would avail the mobile money sector of the much-needed agent network across the entire country as well as the technology platform required for seamless mobile money transactions, Shonibare told attendees at the Lagos launch of the platform.

Under the plan, partner banks will have access to Globacom’s extensive network of 150 Glo World and Glo Zone shops, over 35,000 Glo Dealer and sub dealer outlets and over 400 Con Oil filling stations across the country, the SNO says. The initiative is also leveraging on the Association of Community pharmacists of Nigeria (ACPN) with their over 7,000 outlets.

Shonibare said the partnering banks and Globacom would collaborate to ensure that mobile money reached the critical mass of the people across the country, leveraging on the parties’ extensive retail market experience and customer-base to build an unprecedented mobile money distribution chain across Nigeria.

He said Glo Xchange offered a robust platform to provide mobile money service to both banked and unbanked Nigerians, enabling existing and potential customers of partner banks to carry out transactions under the three key areas of banking transactions – deposits, withdrawals and transfers.

Based on the agreement with the partner banks, Globacom will recruit mobile money agents, train them and also provide management services for the partner banks, making available its network infrastructure to support mobile financial transactions. Glo will also provide a dedicated helpline for customers to make inquiries about mobile money services.

The partnering banks will provide their mobile money platforms to Globacom’s mobile subscribers in compliance with the Central Bank of Nigeria’s policy on mobile money. They will also provide specialized trading platform and merchandising materials to the recruited agents while managing customer accounts and support services.

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Kayode Oladeinde Technology Journalist at Technology Times. Mobile: +234 (0) 7031526929

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