Nigeria: Mobile Money - Etisalat Launches Easywallet SIM Application

Mergers, Acquisitions and Financial Results

Etisalat has launched new SIM Application solution for mobile money payments and transfers, aimed at providing secure and innovative products and services for its customers.

Etisalat is offering the service in a more convenient and secure platform, in partnership with some Nigerian banks including First Bank, GTBank, Stanbic IBTC Bank, and Zenith Bank.

The solution will enable Etisalat customers to easy access to their preferred mobile money scheme for conducting secure money transfers and payments.

Etisalat said it would use Easywallet to bring mobile money closer to the customer and to drive the Central bank of Nigeria (CBN's) Cashless policy by growing the use of mobile payments and making it easy to use.

"The launch of Easywallet is a landmark in Nigeria and progress towards mobile money adoption, as it is the first fully secure Mobile Money SIM Application offered to customers with the Easywallet application installed on their SIM cards. This unique application supports multiple languages - English, Hausa, Igbo and Yoruba and works across all makes and models of phones, smartphones and even tablet devices.

Easywallet is compliant with all industry standards such as ISO-1 and guarantees adequate protection of customer information while carrying out mobile financial transactions across multiple Mobile Money schemes," the company said during the launch of Easywallet in Lagos recently.

Speaking at the launch, Chief Executive Officer, Etisalat Nigeria, Steven Evans stated that the company's strategy was to become a leader in providing its customers with cutting edge and secured channels for mobile financial services, which involves being a major enabler and innovator in the Nigerian Ecosystem and working with all key stakeholders to create a value proposition to meet the needs of the customers.

"Research has shown that mobile-banking and mobile-payments can help lower the transaction costs of money transfer, increase the flow of money by making it easier to send smaller amounts and introduce those without bank accounts to a means of secure financial management. By enabling people to use their mobile phones as mobile wallets, we hope to deliver lasting benefits not just for our customers, but also for the Nigerian economy,"

Evans said, adding "We believe the benefits of Etisalat Easywallet to our customers will be immense and also has the potential to transform the way we handle and manage money in Nigeria. Mobile phones have already improved the African way of life in so many ways and it is exciting to think it now has the potential to replace notes and coins and give all of our customer's access to world-class banking services."

Speaking on the features of Easywallet, Chief Commercial Officer, Etisalat Nigeria, Wael Ammar said, "Easywallet allows users to have easy and secure ways to perform financial services using their mobile phones from any part of the country. The service works on all Etisalat SIM cards and customers are only required to register with any of the schemes in order to start using Easywallet. Customers are not charged from their airtime for any transactions from the mobile money SIM menu."

With Easywallet service, customers could pay bills, pay for goods and services, receive and send money to friends and family, send and receive money to bank accounts, withdraw cash, top up their own airtime account, top up someone else's and manage their bank accounts.