Two of Nigeria’s foremost financial analysts have applauded Nigeria’s biggest Mobile Money Agent Network, Glo Xchange, recently launched by Globacom, the country’s national telecom carrier. Glo Xchange was launched in partnership with four mobile money operators, FirstMonie, Stanbic IBTC, Ecobank and Zenith Bank.
Renowned financial consultant and Chief Executive Officer of Financial Derivatives Company Limited, Bismarck Rewane and macroeconomics expert and CEO of Economic Associates, Dr. Ayo Teriba, who spoke at the formal launch of Glo Xchange in Lagos, described the initiative as a direly needed ingredient for accelerating mobile money explosion in Nigeria.
Rewane said the initiative is consistent with the Central Bank of Nigeria’s policy thrust of developing and sustaining an efficient payment system that will drive an increase in the velocity of money and consequently, stimulate economic growth.
He described Nigeria as a mineral-rich and commodity-dependent economy with anominal GDP of $510bn. According to him, it is 12 times the size of Kenya’s economy which has profited massively from mobile money service. He said Nigeria is the largest economy in Africa and the 26th largest in the world. SEE MORE ON PAGE2