The initiative is said to be one of the most effective ways of reaching real farmers with government subsidy and doing away with the so-called fertilizer cartel that has made it impossible for such benefits to be tapped into by the real farmers or farmers at the grassroots.Mobile Money Africa reports that the programme has now crossed its first year.From all indications it has worked well,but it says farmers are yet apprehensive about the prospects of the programme.

Stanbic IBTC Launches Mobile Money App

Stanbic IBTC Bank has announced the introduction of the ‘Stanbic IBTC Mobile Money’ application for smart phones. The product is expected to run on blackberry and android operating systems. Stanbic is one of the bank leading the mobile money project in the country.

Unlike in several African countries such as Tanzania and Kenya, mobile money is at its infancy in Nigeria.

And Standard Bank which is the largest banking group in South Africa has long experience in running mobile money business.The bank which is fighting hard to gain a significant market share

In the banking industry in the country, is very keen on mobile money which is expected to appeal to millions of the country’s under-banked population who reside in the rural areas.

The new application is expected to give a boost to Stanbic IBTC’s mobile money business making it easier for those sending or receiving money through smart phones.The app is expected to also be a more secure platform for users.