Firstbank Partners Etisalat To Promote The Use Of STK Menu

Posted by African Examiner Banking & Finance, Business News, Latest Headlines Thursday, January 1st, 2015

Firstbank Partners Etisalat To Promote The Use Of STK Menu By Mobile Money Users On Firstmonie And Easywallet

In recognition of continued efforts to drive financial inclusion, lead innovation in mobile payment systems and support the CBN cash-less policy, First Bank of Nigeria Limited and Etisalat Nigeria have partnered to make mobile payments more accessible and secure. The partnership which involves FirstBank’s Firstmonie Mobile Money and Etisalat easywallet, a SIM application solution, is expected to significantly impact the uptake of mobile money in Nigeria.

Among the channels available on the mobile money platforms today, including Unstructured Supplementary Service Data (USSD), which accessed by dialing *894# on any phone, SIM Tool Kit (STK), Mobile App, Web, the STK channel is the most reliable, secure and easy to use. The STK is a SIM-based application with a menu found in every SIM card. This has informed the decision for the partnership involving Firstmonie and Etisalat easywallet. The aim of the partnership is to promote the use of Firstmonie mobile money on the easywallet STK menu. By doing so, there will be value added to all stakeholders in the mobile money segment including customers, Agents and merchants.

Speaking on the partnership, Head, Marketing and Corporate Communications, FirstBank, Folake Ani-Mumuney said “Firstmonie has continued to show its commitment to upholding the financial inclusion drive by the Central Bank of Nigeria and this is evident in its recent award of the Best Mobile Money Operator in Nigeria by the EFInA Financial Inclusion Awards. Partnering with Etisalat to promote the use of the STK menu as the preferred Mobile Money channel further demonstrates our commitment to lead innovation in the development of secure mobile payment solutions.

Also speaking on the partnership, the Director, Business Segment, Etisalat Nigeria, Lucas Dada, said that said “Etisalat easywallet, is one of the most secure and convenient platforms for mobile money services. With the easywallet, Etisalat subscribers can make financial transactions such as Peer-to-Peer transfers, Bills Payment and Airtime top-up, directly from their mobile device.”

The support from the two organizations will include an awareness campaign, increase mobile money visibility and education, training and branding of Agents as well as the much needed support and issue resolutions. Promoting the STK option will enhance all-round mobile money user experience, boost transactions value and count and address issues around trust on the use of mobile money by Nigerians.

About FirstBank

First Bank of Nigeria Limited, a subsidiary of FBN Holdings Plc, is Nigeria’s leading financial services institution by total assets and gross earnings and one of the largest corporate and retail banking financial institutions in sub-Saharan Africa (excluding South Africa). Since its establishment in 1894, the Bank has consistently built relationships with customers focusing on fundamentals of good corporate governance, strong liquidity, risk management and strong capitalization.

FirstBank operates an extensive distribution network with over 750 business locations (623 branches, 61 quick service points and 69 cash centers/agencies), over 2,464 ATMs and over 9 million customer accounts. The Bank provides a comprehensive range of financial services and has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, Banque International de Credit (B.I.C) in the Republic of Congo, International Commercial Bank (ICB) in Ghana, The Gambia, Guinea, Sierra-Leone and Senegal as well as its Representative Offices in Johannesburg, Beijing and Abu Dhabi.

About Etisalat

In just 6 years of operations, Etisalat Nigeria has become a major industry player with a growing subscriber base of 20 million in a highly competitive market. Its portfolio of voice and data-centric products include – easy starter, easycliq, easybusiness, easyflex and easyblaze; all tailor-made to meet the needs of its customers.

Etisalat Nigeria is one of the 19 operations of the Etisalat Group that spans across Africa, Middle East and Asia serving over 182 million subscribers; and it is committed to delivering innovative and quality services to its growing subscribers.