Nigerians soon will have one more mobile funds-transfer service option under an agreement mobile operator MTN Telco Nigeria Ltd. and Stanbic IBTC Bank signed in Lagos last week.

Under the agreement, MTN and Stanbic, which is a member of Standard Bank Group, will collaborate to provide mobile funds-transfer services to Nigerians. The companies plan to target unbanked consumers for their service along with corporate, small and midsize enterprises, and individual customers, an MTN spokesperson tells PaymentsSource.

This collaboration will bring low-cost, secure and convenient financial services to urban, semiurban and rural areas across the country, and it will support the Central Bank of Nigeria's quest to usher in a cashless economy in Nigeria, Sola-David Borha, Stanbic IBTC managing director, said in a press release.

The central bank contends mobile funds-transfer initiatives will help to achieve a cashless society, which is fundamental to the nation's goal of becoming one of the top 20 largest economies in the world by 2020.

MTN earlier launched its own standalone MobileMoney service in August, and since then it also has collaborated with GTBank Ltd. It also offers similar services in Uganda, Ghana, and South Africa.

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