Mobile Money Africa

Prepaid Financial Services (PFS) announced the launch of its globally accepted prepaid cards designed to facilitate global remittance. Prepaid Cards have recently emerged as new opportunity for remittance between the UK and Africa, offering the ability to instantly and conveniently share funds between cards using a registered mobile phone from anywhere in the world.

The MoneyShare Card is a Prepaid MasterCard® Card that looks like a debit or credit card, but cardholders can only spend what they load onto their cards, similar to a pay-as-you-go (PAYG) mobile phone. The MoneyShare Prepaid MasterCard is an ideal way to share funds with family and friends at home in Zambia (www.mymoneysharecard.com).

The cards can be loaded using a debit or credit card online or at over 30,000 cash locations in the UK. Furthermore, cardholders can load their cards via bank transfer or standing orders and wage transfers from employers.

A significant benefit of the cards is the ability to share money with family and friends, by simply sending instructions by text message from a registered mobile phone or online via the website. In order to share money, friends and family members must have their own PFS prepaid card.

The range of self-service card management functions using a mobile phone includes the ability to initially load and top-up the card with funds, lock and unlock the card instantly and to obtain the card balance. These self-service functions are available at any time, globally and instantly, providing customers with enhanced control over their funds.

Noel Moran, Director of PFS explains, “In the UK, more people have mobile phones than bank accounts. The PFS prepaid MasterCard combines the safety of a payment card with the flexibility and convenience of a mobile phone. Cardholders can easily manage their money from anywhere in the world, by simply using their mobile phone. Once loaded with funds, the card can be used globally to make purchases at over 28.5 million shops or to access cash at over a million ATMs wherever the MasterCard Acceptance Mark is displayed.

“Our aim is to give Zambians living in the UK, the opportunity to transfer money back home at reasonable rates, without having to leave their home. Over the coming months we hope to have additional cash access points in Zambia where cardholders can withdraw cash and use the card for purchases.”

With PFS, businesses can introduce a prepaid card product without the need to commit to minimum card volumes or pay excessive prepaid programme setup fees. We create low-volume prepaid card programs on generic branded plastic within 14 working days. This enables companies to take advantage of opportunities in record time. Furthermore, our clients are not tied into minimum card orders which are common amongst many prepaid providers.

The business sector, mobile operators and banks are turning to prepaid card solutions to promote loyalty and drive revenues. The PFS mobile Money Share solution provides a simple and easy to use solution for both the banked and unbanked sector.

Cardholder benefits include:
• Cheaper: Less Commission than regular wire transfers.
• Save time: No queues, no paper work.
• Convenient: access your money nationwide 24 hours a day and 7 days a week.
• Availability: Available to all UK residents and Zambian residents in the UK.
• Fast: Funds are available immediately for withdrawal once loaded onto the secondary card.
• Simple: Easy to apply, no credit checks, no bank account needed, open to everyone.

The card also provides the security of a Chip and PIN MasterCard Card, making it a safer alternative to using foreign currency abroad. The cards are considerably more convenient than traditional Traveller’s Cheques, where travellers have the hassle of carrying around their passport and have to record their spent Traveller’s Cheque numbers.

To apply for a PFS Prepaid MasterCard or find out more about business prepaid card solutions from PFS, visit the PFS website at www.prepaidfinancialservices.com

For more information contact:

Prepaid Financial Services;
Office: +44 207 659 2429