Glo Xchange will stimulate economic growth – Experts

Globacom partnered with four mobile money operators, FirstMonie, Stanbic IBTC, Ecobank and Zenith Bank to launch the network.The Glo Xchange is building a network which includes the 150 Gloworld and Glozone outlets, over 35,000 Glo Dealer and sub-dealer outlets, 400 Conoil Stations and over 7000 outlets of the members of the Association of Community Pharmacy […]

Globacom partnered with four mobile money operators, FirstMonie, Stanbic IBTC, Ecobank and Zenith Bank to launch the network.
The Glo Xchange is building a network which includes the 150 Gloworld and Glozone outlets, over 35,000 Glo Dealer and sub-dealer outlets, 400 Conoil Stations and over 7000 outlets of the members of the Association of Community Pharmacy of Nigeria, in addition to all the branches of the partner banks.
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 CBN’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 a nominal 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 26th largest in the world.
Rewane said, however, that the economy is largely cash-based, a situation which he said constitutes a barrier to rapid growth.