GTB and Etisalat combine to target 55 million potential depositors

Guaranty Trust Bank (GTB) and Etisalat have formed a business partnership targeted at connecting 55 million unbanked Nigerians in the next few months, through the mobile payment system, that will enable them open a Tier 1 bank account, using their mobile phones.

Announcing the initiative in Lagos on Tuesday, both organisations said the partnership would drive financial inclusion in the country, as championed by the Central Bank of Nigeria.

Given the estimated population of over 170 million Nigerians, and with the recent statistics that 85 million out of the 170 million Nigerians are adults and that only 30 million out of the 85 million adult Nigerians own bank accounts with various banks, GTB and Etisalat have assured Nigerians that they would be able to connect the remaining 55 million Nigerian adults that are without bank accounts, and help them open an account without stress, in the next few months, through their mobile payment initiative.