Ecobank Tanzania unveils two digital payment systems

Dar es Salaam. Ecobank Tanzania has unveiled two digital payment solutions on Wednesday, September 20, 2017 aimed at easing retail payment.

Ecobank Tanzania Managing Director Mwanaiba Mzee addresses the media in Dar es Salaam after the launch of Masterpass and M-Visa for easier retail payment. She is flanked by the bank’s head of commercial Banking Respige Kimati (right) and head of personal banking Ndabu Lilian Swere

Using the platforms known as Masterpass and M-Visa which are available in the Ecobank Mobile Application, the bank says it will help to promote financial inclusion among Tanzanians.Speaking to journalists today,Ecobank's managing director Ms Mwanahiba Mzee said the new banking services will guarantee safety and easy financial transactions.

"This service can be used by any person be it a customer or non-customer, all one needs is a smartphone with Ecobank's application," she said.While demonstrating how the new services operate, Ecobank's manager for electronic channels Mr Filemon Tesha said the importance of using these new services include getting money faster and also increasing sales to all merchants.

He also said the digital services charge 0.5 per cent at the points of sales (POS) while the normal charges for money transactions range from 3 per cent to 5 per cent of the transaction made.He also said these services allow easy access for a person to follow up on their accounts as one can monitor the money transactions easily and it doesn't need physical contact with banks.The head of personal and domestic banking Ms Ndabu Swere added saying Ecobank's aim is to strengthen services and simplify transactions to its customers

Source: Citizentz

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Fortumo expands into Algeria, Ghana and Tanzania

The mobile payments company Fortumo announced today that it has expanding its carrier billing services to 3 new African markets. More than 79 million mobile phone owners in Algeria, Ghana and Tanzania can now make payments for digital services.

“Africa’s digital ecosystem is quickly growing and we are seeing strong interest from international merchants who want to expand their activities there. While each day a large amount of new smartphone owners are coming online, collecting payments from these users has so far been a challenge. Our expansion in Africa gives locals better access to digital mobile services such as games, music, and video while helping merchants generate additional revenue from the region,” said Gerri Kodres, Chief Business Officer at Fortumo.

Fortumo services app stores including Google Play, digital media providers including Spotify, Sony, HOOQ, Gaana and gaming companies like EA Mobile, Gameloft and Kinguin with carrier billing, local market insights and facilitates relationships with mobile operators.

All three markets where Fortumo has launched have extremely low credit card penetration: Algeria at 6%, Ghana at 0.9% and Tanzania at 0.7%. This means while people can access online content, most of them are unable to make payments for paid features of these services.

Carrier billing solves this problem by allowing any mobile owner to make payments conveniently through their carrier and either deduct payments from their airtime balance or charge them to their monthly phone bill. Additional information on Africa’s digital ecosystem can be found from Fortumo’s recent market report.

In the Middle Eastern and African region, carrier billing through Fortumo is now available to more than 600 million people in 24 countries. Globally, over 3.5 billion people in 97 countries can make payments using their mobile phone with merchants who have integrated Fortumo.

Source: itnewsafrica

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Mastercard and MultiChoice Make It Simple for DStv Customers to Pay Using Their Smartphones

At Mobile World Congress, Mastercard announced a new solution for South African MultiChoice customers to quickly and conveniently pay their digital satellite television accounts using Masterpass, the global digital payment service from Mastercard, on their smartphones.

Customers can download Masterpass from the iOS or Android app store, register, and load their credit, debit or check cards from any bank into the digital wallet. Payment card information – including card details from Mastercard and other payment networks – is only captured once eliminating the hassle of repeatedly entering these details each time they want to pay their bill.

To settle their DStv accounts, customers simply click on the link they receive from DStv via SMS, and select Masterpass as the payment option. They authorize the payment by entering their ATM PIN or One Time PIN, and their account is updated within a few minutes.

“We’re pleased to work with MultiChoice South Africa to make bill payments simpler, faster and more convenient for DStv customers,” says Mark Elliott, Division President of Mastercard, South Africa. “With Masterpass, customers can simply use the app on their smartphones to manage their payments anytime and from anywhere – be it at home, at work or on-the-go.”

Another key benefit is that DStv customers who missed payments and had their DStv service disconnected, can settle their accounts using Masterpass and get reconnected quickly.

“With the new Masterpass payment option, our customers never need to miss out on their favorite shows or big sporting events. The collaboration with Mastercard helps us to give our customers simple, secure and pain-free payment options that make life easier for them,” says Mark Rayner, CEO for MultiChoice South Africa.

Customers can rest assured that their information is secured as the Masterpass digital wallet uses multiple layers of security, ensuring the user’s personal and payments details are protected.

Source: Mastercard 

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NMB TO DIGITIZE TANZANIA’S AGRI SECTOR WITH THE MASTERCARD EKILIMO MOBILE SOLUTION

Dar es Salaam, Tanzania: 09 March, 2017 – National Microfinance Bank Pic (NMB) has signed a strategic partnership agreement with Mastercard to ensure the digitization of the agricultural sector in Tanzania with the rollout of eKilimo, a mobile solution developed by the Mastercard Lab for Financial Inclusion.

eKilimo, which in Swahili means ‘eAgriculture’, is a digital platform that will help, introduce efficiency, security and transparency in the agriculture supply chain. The solution will make transacting faster, safer, and easier for all stakeholders including the farmer, the buyer and the agent.

Powered by the digital platform developed by the Mastercard Lab, farmers are now able to conduct the entire transaction process of receiving payments and selling produce via a feature or smartphone, without having to walk hours to markets. This helps to ensure farmers benefit from the ability to capture a higher percentage of the wholesale value of their goods by providing price transparency and more direct access to buyers.

“Contributing a significant USD 13.9bn to Tanzania’s GDP (nearly 30 percent), it is critical that solutions are found to support this vital sector, ensuring sustainability and growth. Technology is having a significant impact already, and the mobile device is giving small holder farmers the power and ability to move beyond cash,” said Raghu Malhotra, President, Middle East and Africa, Mastercard.

By providing digital payment to farmers, eKilimo will leverage the existing agency banking structure to facilitate account opening for farmers and joint ideation on new product features. This is in line with the Mastercard vision of a more digitally and financially included Africa.

“Using digital technology to provide access to farmers and introducing transparency to the buying and selling process will drive efficiencies into this supply chain, positively impacting the economy. In the long run this should help famers gain access to formal financial services and solutions, enabling them to manage their funds ensuring a better more secure future for them and their families.”

The solution which was developed at the Mastercard Lab for Financial Inclusion is part of a global commitment made by company to reach 500 million people currently excluded from the financial mainstream by 2020. The East African Lab, supported by the Bill and Melinda Gates Foundation, is set to empower 100 million people through its focused approach of developing market and sector relevant solutions underpinned by meaningful insights and local collaboration.

The partnership between NMB and Mastercard will see the solution enter a pilot phase in select locations in Tanzania from March 2017. Following the introduction of the same solution in Kenya under the name of 2KUZE, key insights were gathered and will be used to ensure the Tanzanian pilot is a success. This cross pollination of knowledge driven by the Mastercard Lab ensures future rollouts are done so efficiently.

The pilot will begin with the onboarding of NMB customers that source directly from smallholders.  Field agents of the customers will use the eKilimo smartphone app to perform the purchase, including weighing the produce on a Bluetooth-enabled scale and paying the farmer digitally. The farmer will receive information and their payment from eKilimo, and will be able to leverage their transaction history to access credit from NMB. 

 “We are committed to growing Tanzania’s agriculture sector, and working with partners such as Mastercard to introduce technology that can change lives. Our experience in the sector gives us a unique point of view, combined with insights from Mastercard following the launch of the solution in Kenya under the name 2KUZE. It makes for a powerful collaboration, one that will benefit smallholder famers, buyers and agents – and the broader economy,” said the NMB Managing Director – Ineke Bussemaker. 

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Vodacom Tanzania M-Pesa Innovation Forum

Vodacom Tanzania organized the M-Pesa Innovation Forum, the platform for Tanzania technology innovators and entrepreneurs to meet with the M-Pesa team to explore the opportunities that comes with the product and how the innovators can make the most it.

The forum was organized by the M-Pesa Tanzania technical and business team whereby they provided opportunities for technology innovators to ask random questions about the challenges they get when it comes to trying to innovate around the product. The biggest question was, when will the API be readily available for developers to integrate different payment systems with M-Pesa platforms ?

M-Pesa Tanzania is the second largest mobile payment system in the world after Safaricom which  has more than 7 million active subscribers and more than 30,000 merchants all over the country. It is the largest mobile payments service provider in the country. Currently they are connected to almost 500 businesses and have working partnerships with 30 commercial banks in Tanzania. The company has 85,000 M-Pesa agents networks nationwide. This is what the Tanzania innovators and technology entrepreneurs are looking to tap into. They are looking to get into the value chain of the business which contributes to 37.5 percent of Tanzania’s GDP.

As the forum went on, most of the developers in the room were waiting for one thing, the link for the API so as to access it. That, unfortunately was not the case, as the Vodacom team was keen to explain about the API not just in the technical perspective but in both business and regulators perspectives. From the team the issues was not just to be able to access the API and be able to configure it with your product or service but rather to understand the business viability of your product first and what does the regulators (Central Bank) say about it.

Mr. Tulisindo Rashid, M-Commerce Solutions Architect Manager explained their new updated Consumer to Business (C2B) platform which allows more flexibility. For example, in the new API, money is not deducted until the service has been delivered hence cutting down customer complaints to a large extent. He also explained that the API can be integrated with different platforms to allow users to do their payments directly using their M-Pesa accounts, for example the API can be integrated with School Management Systems and allow parents to pay directly into the collection account of the platform.

There were 90 minutes of a technical session where the head of technology of Vodacom Tanzania,  explained to the developers about the API and how they can integrate it with their platforms. The session was followed by a number of technical questions from the developers who attended the session. The head of technology of Vodacom insisted that, the priority for Vodacom is reliability and security when it comes to integrating with any external systems, hence developers should make sure they invest time to work on that before dropping by Vodacom’s office looking to get connected.

Finally the moment everyone was waiting for, Vodacom provided the procedure on how someone can access their API and start to do business with them. The business team provided a few simple steps on how someone can register and become their partner. These steps include:

• Sending them emails to m-pesabusiness@vodacom.co.tz for enquiries
• Providing your company registration documents
• They will send you a Bank Indemnity form
• You return the form with your company registration documents
• If everything goes well you sign the contract with Vodacom Tanzania, and lastly;
• The Service Level Agreement (SLA) and you are set to work with M-Pesa.

The M-Pesa Tanzania Product Manager, Mr. Polycarp Ndekana provided further explanations about having some challenges with regulation issues to some of the business models, which is outside Vodacom’s jurisdiction since it is being set by the Central Bank of Tanzania.

Vodacom also explained their new hosting solution – Vodacom cloud for companies that are looking to host through them. According to the service lead, the service is a new service and it is still at a preliminary stage. More information will be available in the near future.

Is this the new chapter we were looking  for? The answer is yes, the ecosystem needs this kind of collaboration between the corporate world and the innovators in the ecosystem, and Vodacom has just shown how it is done. We are expecting other MNOs to do the same. New innovations in the mobile industry will not come from their locked office doors but rather will come from young talented innovators available from the innovation spaces and tech startups companies where the urge to innovate is high compared to the big companies. They might not be able to replace the R&D departments but for sure they will bring the desired innovations.

Source: Knowcache

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MTN Uganda, CBA to provide virtual loans on mobile phones

Telecoms company MTN Uganda and the Commercial Bank of Africa have launched a virtual banking platform designed as a credit facility for the unbanked population, and those lacking collateral and credit history, who are locked out of the loans market.

The service requires MTN Mobile Money users to open a mobile bank account on MoKash, into which they can deposit as little as Ush50 ($0.015) in savings, and borrow up to Ush1,000,000 ($293) repayable at a rate of 9 per cent.

In the absence of proof of creditworthiness of the virtual customers, MTN says it will rely on other factors like the consistency of a customer’s usage of services like data and utility payment services to decide the loan amount to give.

The micro loan offer is a result of advancements in technology that have seen mobile money revolutionise the movement of money and the payment systems in the region.    

MTN hopes to replicate the success Safaricom has had in Kenya, after it partnered with CBA to launch a similar service, M-Shwari, in November 2012. A rollout to Tanzania was made the same year, where some 5 million customers are currently subscribed to the service.

By March this year, CBA had disbursed Ksh10 billion ($100 million) in loans and collected Ksh8.1 billion ($81 million) in savings from 3.9 million customers.

In Uganda, MoKash is expected to increase financial inclusion for people in rural areas.

According to Prof Augustus Nuwagaba, an economist and lecturer at Makerere University, 68 per cent of Ugandans are not monetised, that is, they do not touch money. Only 8.3 per cent of the population interacts with commercial banks.

In Rwanda, 28.2 per cent of the population interacts with banks.

Movement of money

Uganda is considered to have the highest movement of money in the region, but much of this is in the rural areas through traditional and informal methods of saving like purchase of land and livestock.

“Ugandans have a lot of money that ought to be saved. However, they do not have the incentive to save, and so domestic absorption will be slow,” said Prof Nuwagaba.

There is a need for telecoms companies to expand their networks to distant customers for the delivery of their products. Handsets also need to be made available to potential customers in rural areas, together with financial literacy training in the benefits, security, accessibility and relevance of the services.

Erick Muriuki, the general manager for new business at CBA, said that for a successful cashless economy to be realised, there is a need to digitalise the money velocity in an economy.  

This has to start with the reduction of costs incurred when making payments for utilities using digital means.

Source: theeastafrican

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Tap and Go cards both mobile and fixed at every park and major stops

As Rwanda evolves into the technology hub for the region and continent, the component of a smart city is very crucial and from it, builds other major urban development programs focused on Rwanda's growth - and its challenges and opportunities.

AC Group launched the Tap&Go project with Kigali Bus Services and Royal Express and has since made some routes totally cashless with the blessing of the Government.

The primary reason for starting with automated fare collection where clients use cards is because operations were losing a huge percentage of their bus fare revenue to fraud hence hindering their ability to provide proper service to commuters.

With their revenues being collected in a transparent and efficient way, commuters have been able to enjoy public transport with fewer delays on the bus stops, quicker boarding on the buses and proper real time monitoring of the bus by authorities and the bus operators.

 Commuters that come to Kigali for the first time do have access to a well spread network of points of sale of the Tap&Go cards both mobile and fixed at every park and major stops. These stations not only supply the clients with card but also educate them on how to use it.

The card can be topped up with what a commuter feels they want to use and can also be shared with a family member or friend.

The Tap&Go project is the first milestone towards building an intelligent transport system that is a key component of the Smart Rwanda Manifesto. Rwanda's rapid shift to virtual money will strike because of a number of coordinated programs in different sectors and transport is one of them

Source: mobilemoneyafrica

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Ghana becomes a force in mobile money

Some 17 percent of Ghana's 27.3 million citizens now have a mobile money account, according to a new report from the World Bank. That figure is double from 2014, according to the report.

The report concluded that Ghana is fertile ground for more mobile money account openings as 92 percent of adults have the required ID necessary to open an account and 91 percent of Ghanaians already own a mobile phone.

The World Bank said Ghana has greater potential for mobile money than Kenya and Tanzania, which are considered two of the most successful markets in the world.

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Tigo launches online remittance service in UK, EU and Canada can send money to Tigo Pesa wallets in Tanzania

Millicom has revealed the launch of sendmoney.tigo.com. According to the company, its customers in UK, European Union and Canada can send money to Tigo Pesa wallets in Tanzania in real time using the online portal.

The company revealed in a media release that there are plans to extend the service to include Tigo Cash wallets in other African countries., however, the company did not specify which countries as of yet.

Announcing the launch in London, Greg Reeve, General Manager, Mobile Financial Services said that Tigo’s new service will make transactions convenient, fast and secure for the Tanzania diaspora living in UK, European Union and Canada.

According to the company the online portal provides the same security standards as banks, with payments being processed through Verified by Visa and MasterCard SecureCode, and allows users to receive transfers safely and  quickly straight into their Tigo Pesa wallets. With one of the lowest transaction fees in the market, lower than any bank, sendmoney.tigo.com is one of the most safe and convenient ways to send remittances to Tanzania.

The World Bank has acknowledged Tanzania as a main recipient market for international remittances, with a total of USD64 million of transfers from Tanzanians living abroad in 2014 alone.

Greg Reeve said: “Historically customers had to travel long distances and carry large amounts of cash whenever they received money from abroad, an inconvenient and risky process. With the expansion of mobile remittances and  services like sendmoney.tigo.com, this is no longer the case. Our vision is to expand  services for our customers to fully benefit from their Tigo Pesa wallets.”

Source:itnewsafrica

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Equity Bank has finally launched the thin SIM that provides a mobile payment, mobile banking and telecom services to its customers

Equity Bank Group has finally launched its thin SIM card to offer voice, SMS, data and mobile-to-bank money transfer services

Transfer of money within Equity Bank will be free and will only attract a fee while transferring from Equity Bank account to other banks.

Equity Group CEO James Mwangi says voice communications will Sh4 across all networks and one shilling for SMS, while mobile money transfer services will be free.

“The free money transfer services is like Internet banking services. What we are saying is why should the low income people be paying while the rich don’t pay so that when you transfer money from your account to your mothers account there will be no charge,” Mwangi said during the launch on Monday.

“With Equitel you will be able to send money to any telecom, bank account or mobile phone in the country,” Mwangi added.

Equitel is operating under Equity bank’s subsidiary Mobile Virtual Network Operator (MVNO) with infrastructure support provided by Airtel.

A new thin SIM card will go for Sh600 for new customers with no accounts at Equity Bank and who may be required to open accounts with the bank to enjoy the banking services. However the other normal cards will be given for free.

The thin SIM will start with the prefix of 0764 after the bank hit one million users under the 0763 prefix during the pilot project which was on the normal SIM cards.

READ: Government backs thin SIM technology

In partnership with switches in the market which include Kenswitch, Paynet and Kenya Bankers Association (KBA) customers can instantly send up to Sh1 million to all banks for Sh200 all days of the week.

“With the use of the switches that exist in the country, you can now transfer money from one bank to another even on a Sunday. Transfers of money have always been restricted to during the morning hours when clearing house is open. But now we have bypassed clearing because of this interconnection,” Mwangi explained.

The launch of the thin SIM comes after a long struggle which went up to the courts after complaints that use of the cards in the market was not safe.

Safaricom had raise concerns that the use of the thin SIM by placing it on top of customers’ existing SIM cards would interfere with privacy.

However Equity Bank won the battle after being cleared by the High Court in May this year.

Source:capitalfm

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Mobile phones push up Mwalimu Bank IPO

MWALIMU Commercial Bank initial public offer (IPO) oversubscription is looming largely as upcountry buyers have outpaced Dar es Salaam residents in buying shares, thanks to mobile phone transaction platforms.

The previous IPOs trend was dominated by Dar es Salaam buyers as most could reach stock brokers, banks and other financial institutions to access information easily because all have officers in the country’s business capital.

However, the technology has changed the trend thus allowing rural residents to access brokers through their mobile phones and complete share buying procedures at finger tips.

Core Securities Chief Executive Officer, Mr George Fumbuka, told ‘Daily News’ on Tuesday for the first time upcountry’s buyers are dominating the IPO unlike the previous ones where Dar es Salaam topped the list.

“Mobile phones have made wondersÉ a lot of people are now buying shares from upcountry for the first time,” Mr Fumbuka said.

This is the first time in history shares are sold via mobile phones in Africa. The CEO added: “The response is very positive, and we are expecting the IPO to be oversubscribed by big margin as institution investors have yet to throw their weight.”

Mr Fumbuka, whose firm is a sponsoring broker, said that institutions, investors -- insurers, pensions, banks and corporate -- are normal, buying at the dying minutes of the IPO that is expected to end in the next two weeks -- on May 4.

“It’s too early to give out (IPO buying) figures as we need to compile the entire buying process from various stakeholders -- brokers, banks. But the progress is very encouraging,” Mr Fumbuka said.

Zan Securities CEO Raphael Masumbuko said they received a number of positive inquiries from rural areas after education and awareness campaign in southern highland regions.

“The response was superb and oversubscription is inescapable as most portrayed a picture of wanting the bank like on Tuesday.

“On top of that (Mwalimu) bank has customers at hand even before opening doors,” Mr Masumbuko said. Orbit Securities General Manager Juventus Simon said other reason for oversubscription is that the Tanzania Teachers’ Union (TTU) publicised the IPO heavily, including holding seminars and road show to woo buyers.

“Unlike others IPOs at EGM (enterprise growth market) we are receiving a lot of inquiries --people want to know the bank thoroughly,” Mr Simon said, “this is going to be a hit.”

He said the TTU has also created a good platform for its members to participate in the IPO. will push for more wouldbe- investors to participate hence oversubscription.

Mwalimu Bank envisages to start in November with a capital of 25bn/- which is above the regulator threshold of 15bn/-.

The bank has already 17bn/- in hand. The bank is expected to raise 25bn/- after selling 50,000,000 shares. Each share is worth 500/- while the minimum share to be purchased is a 100-lot.

Source: Dailynews

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Sending money to Kenya ... M-Pesa it!

Over 7 million M-Pesa customers in Tanzania and over 18 million Safaricom customers in Kenya can now send and receive money from each other. This revolutionary service allows for mobile wallet to wallet transfers between the two largest telecom operators in East Africa. Now, customers can transfer funds across the border at the same rate as sending money locally.

Speaking in Dar es Salaam, Vodacom Tanzania’s Managing Director said available statistics indicate that over TZS 200 billion is sent from Tanzania to Kenya annually, while the latter sends over 26 billion to Tanzania. "Statistics from the World Bank, (2013) indicate that Tanzania sent approximately TZS 200 billion to Kenya through formal channels. Estimates would indicate that more than twice that amount was transacted via informal channels including bus drivers, friends and family" stated Meza.

 

"We have looked into the hurdles that our customers need to overcome in order to send and receive money across to our neighbors in Kenya and have come up with a safe, secure and convenient way to do so. From today one doesn’t need to send money by  suka wa basi au konda or incur hefty charges to transfer school fees, buy goods or settle business payments,  he or she can do so directly from their M-Pesa wallet and… from the comfort of their home, anytime the need arises , "  says Meza.

For his part, Safaricom's Chief Operating Officer Bob Collymore said "We believe that we have launched a new chapter in the continuing growth story of M-Pesa Enabling transactions between Kenya and Tanzania will make it ever-more convenient for businesses and individuals to transact across borders and unleash the transformative power of a first of its kind cross-border payment system."

"Vodacom customers will from today be able to send and receive money to and from Kenya through the same process that they are already used to. Their experience is the same as that of sending money nationally, the only difference is that a customer can now choose option 3 - send money to M-Pesa Kenya- and enter the mobile number beginning with the +254…prefix,” added Meza. “Even before the money is sent, the customer will be shown the Kenyan Shillings equivalent value of the money that the customer in Kenya will receive. The currency conversion will happen immediately and the money will be available instantly for withdrawal or making bill payments, buying airtime or any other services on M-Pesa" he added.

M-Pesa is offered by Vodacom Tanzania Limited and Safaricom in Kenya – the region’s two biggest telecom operators. Vodacom has approximately 65% market share of mobile financial services in Tanzania whereas Safaricom commands over 80% share in Kenya. Meza further says, “Our combined distribution of over 150,000 agents in Tanzania and Kenya will ensure that our customers continue to enjoy the many benefits that M-Pesa offers them today. This groundbreaking service in the evolution of mobile financial services as we know it today is supported by a fully-fledged customer service unit that is reachable 24 hours every day.”

"Kenya is Tanzania’s largest trading partner and it was therefore logical that we activate the service there first. This is our own way of further cementing the ties that bind the people of the EAC region," says Meza. He goes on to say that communication is about connecting people and communities regardless of the geographical barriers that stand between them – something that Vodacom does only too well across the countries where it has a presence around the world.

Tanzania is home to approximately 300,000 Kenyans who remit funds to their home country via informal ways and channels including bus drivers, friends and family. There is also a sizeable part of the Tanzanian population that has chosen to educate their children in Kenya and rely on the very same means to transfer money. "This service will now empower a trader or a small business owner in Kariakoo or any other part of Tanzania to transact with his customers or suppliers in Kenya.  For the parents whose children go to school in Kenya, settlement of school fees has been simplified because of this service. Gone are the days that bus drivers, friends and family had to carry cash across the border to settle such dues For all Kenyans who reside in Tanzania today, M-Pesa now makes it easier for them to send and receive money home" added Meza.

"This service will also eradicate the need for people to carry large amounts of money in physical cash. For, it is CONVENIENT, SECURE and DIRECT and reaches the intended person INSTANTLY.  This is what Making Life Better is all about." says Meza.

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Kenya to receive M-SASA mobile payment platform

Dubai Bank Kenya has revealed a partnership with Rapid Communications. The partnership aims to launch a mobile banking platform called M-SASA.

According to both parties, M-SASA will allow clients to check their balances, request mini-statements, deposit and withdraw cash as well as transfer funds to other accounts from their mobile devices. The bank’s customers will also be able to track the progress of loan applications and pay bills when utilising the service.

Hassan Zubeidi, chairman of Dubai Bank Kenya, stated that: “Banks can no longer ignore the unbanked population and the only way to capture the masses is by moving banking to mobile. Rapid Communications will also maintain Dubai Bank’s mobile banking service and to assist in expanding its customers base with various innovations from its Mobile Financial Services.”

The company is currently working on a similar project for KUSCCO, which will see SACCO transactions move to the mobile platform that has been named “KUSCCO Pay.”

Source: ITNews

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E-Kwanza mobile payment service launched in Angola

Angolan Investment Bank (BAI) has launched e-Kwanza a mobile money service that allows users to make transfers and payments for goods and services across the country.

In a statement the bank said the service allows its individual customers to transfer money to family and friends anywhere in the country and make payments easily, quickly and securely.

BAI said: “Customers can register (free of cost) at BAI counters; every individual can activate his or her user account via an Interactive Voice Server (IVR) from which registration be confirmed in addition to the instructions given by customers and sent by SMS to them. All physical currency processing in electronic money, and vice versa, will be guaranteed by the BAI agencies.”

Source:humanipo

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Orange announces cross border mobile money transfers to Africa

Orange is launching a quick and easy international money transfer service at a competitive price called “Orange Money International Transfer”. The offer is available between Mali, Senegal and Cote d’Ivoire.

Every year, 200 million euros are moved between those three countries in the form of money transfers. With the new service, Orange meets the needs of the growing number of Orange Money customers.

Orange Money International Transfer allows money to be sent and received from one’s mobile phone with complete security. Users no longer need to have cash with them when they travel, and sending cash doesn’t have to be done by a third party.

For example, a customer in Cote d’Ivoire can send money directly to friends and family or to suppliers in Mali or Senegal with their Orange Money account. All the sender needs to do is to dial  #144# from his or her mobile phone, then enter the Orange telephone  number of the recipient and the amount to be sent. The money is immediately available in the recipient’s account to make payments, purchases or transfers, or it can be withdrawn at a nearby location from any Orange Money distributor. If the recipient is not yet an Orange Money customer, he or she can easily open an account free of charge.

 “In launching Orange Money International Transfer today, several months of work to simplify life for our customers come to fruition. We are proud to be the first operator to offer customers the ability to make international money transfers between mobile phones in this area of Western Africa,” says Thierry Millet, Director of the strategic NFC and payment program at Orange.

Orange’s goal is to expand this first-of-a-kind service in Africa to other countries in which the Group is present. Available in 13 countries in Africa and the Middle East, Orange Money has more than 7 million customers today.

Source:mobilepayment

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Tigo Pesa users in Tanzania receive $1.8m profit

Telecoms company Tigo today announced its Tigo Pesa mobile money customers would receive the first of its regular quarterly payments worth US$1.8 million.

Three months ago Tigo paid a profit of US$ 8.64 million accumulated in the Tigo Pesa Trust Account and became the first mobile money service in the world to pay profit to its users.

Tigo General Manager Diego Gutierrez said “This second round of profit disbursement shows the company’s continued commitment to benefit and improve the lives of Tanzanians. The payment goes to all Tigo Pesa users including super agents, retail agents and individual users of the service.

“The first payment was bigger due to the fact that the profit had been accumulated over a period of three and a half years. This second payment is the profit accumulated from funds held in trust in commercial banks for three months in the quarter July to September 2014.”

Tigo Pesa has a subscriber base of 3.6 million customers and the average return to a customer will vary based on their average daily balance in their Tigo Pesa e-wallet. This applies to super-agents, retail agents and individual customers.

It also announced next installment for the quarter of October to December 2014 will be paid out in February 2015.

Source:humanipo

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Kenya, Uganda, Rwanda working on cross border mobile money platform

East Africa will soon have a common mobile money platform that will enable users to send money from one country to another without any difficulty under exchange rates approved by central banks.

This is according to Godfrey Kyama, e-banking advisor to the Commonwealth, in his presentation at the ongoing Tech4Africa conference in Nairobi.

Kyama said the platform is the brainchild of the the East African Community (EAC) and will be in place in a year’s time.

“We advise on Know Your Consumer (KYC) to avoid any fraud when dealing in the platform; this will rely on the use of identification cards which the countries have implemented,” said Kyama.

He said Kenya is in the lead when it comes to the use of mobile money, which contributes four per cent of the country’s gross domestic product (GDP), though the industry still faces problems, including mobile money fraud. Kyama said a draft bill addressing this is ready and will soon be presented in parliament.

Kyama also advised developers in the room to start developing for financial institutions other than just mobile network operators (MNOs), as this was uncharted territory with great potential.

“Package your product first before discussing it with any company,” he warned developers, as many organisations could hijack their ideas.

Source:Humanipo

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CRDB Bank upgrades SIM banking

IN a bid to provide efficient and secure services, CRDB Bank has further improved its SIM Banking to accommodate new features that give customers the conveniences to perform more transactions at any location in the world.

Mobile phones have clearly shown that they can be an effective channel to provide financial services including remittances, savings or even loans.

So, banks have an opportunity to utilise mobile phones to reach out to their customers. This was unveiled at the weekend by the CRDB Bank Managing Director, Dr Charles Kimei, at a news conference on improvement made on SIM Banking.

"CRDB Bank is always seeking to create easy and less cost accessibility to the banking services to its customers," he said, adding this is why the bank is incorporating its services with the fast changing mobile money technology which is the future of the banking sector.

Dr Kimei urged its customers to register with the SIM Banking established in 2008, which gives them best and different options of performing bank transactions at any location.

Currently, over 300,000 CRDB Bank customers are using SIM Banking in its database with over one million customers.

According to Finscope 2013 report, more than 30 million Tanzanians own or use mobile phone but only 12 million use the cellphones to perform money transactions.

Statistics reveal further that the bankable population is around 17 per cent of the 45 million total population. The data offers the banking sector with the huge opportunity to spread its services to the unbankable population in rural areas, thus complimenting the government initiative of financial inclusion.

The CRDB Manager Electronic Banking, Mr Mangire Kibanda, said the bank has simplified the SIM Banking registration where customers register for themselves without visiting the bank branches.

SIM Banking present customers with an easy, hassle-free and convenient way to pay your bills like electricity, water, and airtime. Some of the companies incorporated into the SIM Banking include Dawasco, Moruwasa and Startimes. Also, money transactions through M-PESA and TIGO-Pesa.

The CRDB Director of Risk and Compliance, Mr James Mabura, cautioned customers to avoid disclosing the bank account particulars to people or hackers, who present themselves as CRDB staff having an ill will to steal their money.

Also, he urged customers to keep secure their pin number which are used in performing ATM and mobile money transactions.

Source:Dailynews

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