Mobile operator Econet Wireless says it plans to launch its mobile money platform Eco-Cash at the end of September 2011. The system will allow its over 5 million subscribers to make payments of less than $20 using their mobile phones. “With critical shortage of US dollar notes, the Econet system will completely eliminate the need
AG launches M-Paisa in Vunidawa – Fiji
Accessing money sent by a relative from overseas through their mobile phones will become a reality for approximately 300 villagers of Vunidawa, Naitasiri. This is after M-Paisa International Money Transfer Service was officially launched in the area by Attorney General and Communications Minister Aiyaz Sayed-Khaiyum this morning. A resident, Kaminieli Bai said this service will
AppZone develops borderless banking infrastructure for MFBs
BIODUN COKER The desire to financially empower the under-banked population in the informal sector has led to the formation of various retail financial organisations including microfinance banks. However, key challenges facing these institutions include inadequate automation to streamline internal operations and lack of wide spread physical or electronic reach to encourage customer patronage.
Standard bank – Taking aim
Maarten Mittner Standard Bank is pushing ahead with extending normalised banking services, and from next month, customers will be able to deposit money at its spaza shop outlets. Standard Bank is pushing ahead with extending normalised banking services at its spaza shop outlets. From next month, customers will be able to deposit money at
FNB debuts new form of mobile payments
First National Bank has launched a new service called Pay2Cell that allows its accountholders to make payments to other FNB accountholders using only the recipient’s cellphone number. To make a payment, customers must be registered for cellphone banking. To receive payments, they only need to be registered for inContact, FNB’s SMS notification service. There is
CBN Joins ‘Alliance for Financial Inclusion’
Obinna Chima The Central Bank of Nigeria (CBN), has said it had become a member of the Alliance for Financial Inclusion (AFI), a global network of central banks and policymakers in over 60 developing countries. The AFI, was established to enable people living on less than $2 a day to have access to formal
Cellcom, UBA Team up for Mobile Banking in Liberia
DAVID B. KOLLEH Cellcom Telecommunications Inc. has joined ranks with UBA Bank to bring banking to the finger tips of consumers with a new mobile money service. The plan is part of an initiative launched Friday by the Central Bank of Liberia dubbed Mobile Money Service. Making the disclosure Friday, Governor Mills Jones said
Mobile money faces tighter control under CBK
GEOFFREY IRUNGU Users of mobile money transfer services will soon pay more for the convenience under a proposed law aimed at bringing all payment instruments and systems under one regulation. If the National Payments System Bill 2011 becomes law, customers will not lose their money if a service provider — such as an online
CBN Grants Stanbic IBTC Mobile Payment Licence
The Central Bank of Nigeria (CBN) has granted a licence to Stanbic IBTC Bank, a member of Standard Bank Group, to operate mobile payment services in the country, a development that will give further impetus to Nigeria’s drive towards a cashlesseconomy. The bank was one of the final awardees fully licenced to operate mobile money services in Nigeria in
How over-regulation has stifled the pace of mobile money adoption in Africa
Gray Collings Gary Collins is a Cape Town based consultant and owner of TillaberiMobile, a company specialising in pre-entry and early entry market strategy for TMT (Telecommunications, Media and Technology) businesses wanting to enter the sub-Saharan Africa market. In a continent where less than 20% of Africa’s population has a bank account and where
