Etisalat Nigeria Limited, the local subsidiary of Emirates Telecommunications Corporation of the United Arab Emirates, recently unveiled its “Easywallet” a mobile money system. The service, which can be used in English language as well as three major local languages, offers transfers between accounts, airtime top-up and payment for goods and services via mobile phones. Etisalat Nigeria has engaged four banks in Nigeria as its implementation partners including First Bank, GTBank, Stanbic IBTC and Zenith Bank.
Etisalat Nigeria has approximately 14 million subscribers. Emirates Telecommunications has operations in 18 countries.
By Chioma Okwudiafor, Research Associate
About Etisalat Nigeria
Founded in 1976, Emirates Telecommunications Corporation, which uses the trade name Etisalat, is a telecommunications services provider based in the United Arab Emirates (UAE) that operates in 18 countries across Asia, the Middle East and Africa. On February 10, 2011, Etisalat reported net revenue of AED 31.9 billion (USD 8.4 billion) and net profits of AED 7.63 billion (USD 2.07 billion). As of February 2012, Etisalat serves a total customer base of approximately 135 million.
About First Bank
First Bank commenced operations in Nigeria as an arm of the Bank of British West Africa Limited (BBWA). It was incorporated as a private limited liability company in Nigeria in 1969 and converted to a public company in 1970. The bank offers commercial banking services while its subsidiaries, FBN Bank (UK) Limited, First Registrars Nigeria Limited, First Trustees Nigeria Limited, FBN Capital Limited, First Pension Custodian Nigeria Limited, FBN Mortgages Limited, FBN Insurance Brokers Limited, First Funds Limited, FBN Micro Finance Bank Limited and FBN Bureau de Change Limited carry on the business of commercial banking, trusteeship, capital market, pension fund custodian, mortgage financing, insurance brokerage, small-scale banking and bureau de change activities. As of March 2012, the group reported assets of NGN 3 trillion (USD 19 billion).
About Guaranty Trust Bank (GT Bank)
In July 1990, Nigeria’s Guaranty Trust Bank (GT Bank) was incorporated as a private limited liability company wholly owned by Nigerian individuals and institutions. In September 1996, GT Bank became a publicly quoted company. In February 2002, the bank was granted a universal banking license and later appointed a settlement bank by the Central Bank of Nigeria (CBN) in 2003. With reported assets of NGN 2.14 trillion (USD13.6 billion) as at December 2011, GT Bank has about 150 branches in Nigeria, as well as locations in Gambia, Ghana, Liberia and Sierra Leone.
About Stanbic IBTC
In 2007, the Standard Bank Group of South Africa merged its Nigerian operation, Stanbic Bank Nigeria, with IBTC Chartered Bank Plc to form Stanbic IBTC Bank. Stanbic IBTC offers corporate, investment, business and personal banking products. It has approximately 60 branches and 2,000 employees in Nigeria. Total revenue as at June 2012 was NGN 31.05 billion (USD 360 million) and total assets were NGN 577 billion (USD 3.5 billion)
About Zenith Bank
Zenith Bank Plc was established in May 1990. It became a public limited company in 2004 and has its headquarters in Nigeria with subsidiaries in the United Kingdom, Ghana, Sierra Leone, Gambia, and South Africa. With approximately 7,800 employees, it has 95 branches across Nigeria. As at March 2011, its total assets stood at NGN 2.02 trillion (USD 13.5 billion).
Sources and Additional Resources:
Ventures Africa Business Story: “Nigeria: Etisalat Launches Easywallet Mobile Payment Platform” http://www.ventures-africa.com/2012/09/etisalat-launches-easywallet-boosts-financial-inclusion-in-nigeria/
MicroCapital.org story, Sunday January 22, 2012 “MICROCAPITAL BRIEF: To Promote Electronic Payments, Central Bank of Nigeria Taxing Cash Transactions” https://www.microcapital.org/microcapital-brief-to-promote-electronic-payments-central-bank-of-nigeria-taxing-cash-transactions/
MicroCapital Universe Profile: Etisalat Nigeria
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Etisalat+Nigeria
MicroCapital Universe Profile: First Bank of Nigeria Plc.
https://www.microcapital.org/microfinanceuniverse/tikiindex.php?page=First+Bank+of+Nigeria+Plc+%28FirstBank%29
MicroCapital Universe Profile: GT Bank
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=GTBank
MicroCapital Universe Profile: Stanbic IBTC Bank
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=StanbicIBTC
MicroCapital Universe Profile: Zenith Bank Plc https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=zenith+bank+plc
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