Access Bank Plc, a Nigerian commercial bank with branches in nine African countries and the UK, recently partnered with Airtel Nigeria, a subsidiary of India-based Airtel Limited, to launch a mobile money service named Access Money. The service will allow users in Nigeria to perform financial transactions such as depositing and withdrawing money, paying bills, and sending and receiving money using their mobile phones.
According to Herbert Wigwe, the Group Managing Director of Access Bank Plc, “Through Access Money, we will be providing financial access to more and more people and small businesses; creating an easier channel for the distribution of financial aid; and also making it easier for government to receive taxes and deliver welfare payments.”
In the year 2012, Access Bank Plc had total assets of NGN 1.7 trillion (USD 11.0 billion). As of December 2013, Airtel claimed approximately 287 million subscribers in 20 countries across Africa and Asia.
By Ananya Tiwari, Research Associate
About Access Bank
Established in 1989, Access Bank Plc is a Nigeria-based commercial bank that provides institutional, commercial and retail banking services. The bank has three non-banking subsidiaries – United Securities Limited, Access Homes and Mortgages Limited, and Access Investment and Securities. In the year 2012, Access Bank Plc had total assets of NGN 1.7 trillion (USD 11.0 billion), a gross loan portfolio of NGN 609 billion (USD 3.8 billion), deposits of NGN 1.3 trillion (USD 8.2 billion) and operations in approximately 310 branches across nine African countries and the United Kingdom. Access Bank Plc is not affiliated with Access Microfinance Holding of Germany.
About Bharti Airtel
Founded in 1995, Bharti Airtel (Airtel) is an Indian telecommunications company headquartered in New Delhi. Airtel operates Airtel Money, whereby users can transfer money, pay bills and perform financial transactions from their mobile phones. As of December 2013, Airtel claimed approximately 287 million subscribers in 20 countries across Africa and Asia.
Sources and Additional Resources
[1] Access Bank Plc Press Release, https://www.accessbankplc.com/media-centre/press-releases/83-news/1181-access-bank-airtel-collaborate-on-financial-inclusion
MicroCapital, September 9, 2014, Airtel, Grameen Foundation, Plan International to Launch Mobile Money Platform for Savings Groups in Uganda Under Which All Group Members Must Approve Each Transaction Via SMS, https://www.microcapital.org/microcapital-brief-airtel-grameen-foundation-plan-international-to-launch-mobile-money-platform-for-savings-groups-in-uganda/under-which-all-group-members-must-approve-each-transaction-via-sms/
MicroCapital, February 12, 2012, Airtel Launches Mobile Money Platform in Uganda, https://www.microcapital.org/microcapital-brief-ugandas-airtel-launches-mobile-money-platform/
MicroCapital Universe Profile: Access Bank
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=Access+Bank+Plc
MicroCapital Universe Profile: Bharti Airtel, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Bharti+Airtel
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