M-commerce the new bank

VALUE ADDED SERVICES

|
Image: By BiztechAfrica
M-commerce the new bank

By Gregory Gondwe, Blantyre, Malawi

Airtel Malawi Deputy Managing Director Maurice Newa told the media yesterday that phone mobile financial services will soon take over from banks.

“We have 2.9 million subscribers now on Airtel Money, while there are only 500,000 bank accounts in the country,” said Newa. “Mobile commerce has completely transformed the face of banking.”

Newa said services such as Airtel Money, which are not only fast but safe, give large segment of the unbanked population easy access to financial services in line with Reserve Bank of Malawi’s policy of financial inclusion.

He said this when presided over the re-launching of Mobile Money Platform as the company tries to market the facility more as a way of trying to improve on the lukewarm reception it suffered when it was launched for the first time earlier this year.

The company drove several residential areas in Blantyre in an effort to sell Airtel Money services to the residents in the commercial city.

During those stopovers, Airtel officials were explaining that the facility provides consumers a platform access products such as mobile banking, service payments, phone top ups and money transfer services.

Newa said Airtel aims at facilitating faster growth of the economy, as transactions through Airtel Money are conducted within 30 seconds.

Newa said the mobile phone handset facility can be used at any time of the day making cash available to people anywhere in Malawi.

One consumer in the locations where Airtel team stopped testified that she is already enjoying utilising the facility as she is now able to pay her water bills using Airtel Money.

Newa said from the first week of November, consumers will also be able to pay their electricity bills through the facility.

Airtel Malawi officials disclosed that at the moment the service has over 3,000 agents across the country and more will be identified which gives clients a wider choice on where to access cash.



Share the News

Get Daily Newsletter

comments powered by Disqus

MORE VALUE ADDED SERVICES NEWS

eTranzact invests $350k in Nigerian mobile money activation project

eTranzact has made an investment of US$350,000 into a mobile money activation project in northern and southwestern Nigeria in collaboration with financial sector development organisation EFInA. Read More

Safaricom-Equity battle for mobile banking hots up

Equity bank's entry to the mobile banking and telephony industry is still hanging in the balance with London-based global association of mobile operators (GSMA) calling for independent audit.  Read More

Airtel Uganda money transfer voted best digital financial service

Airtel Uganda was voted the Best Digital Financial Service of the year at the Digital Impact Awards Africa held at the Sheraton Kampala Hotel.  Read More

DRC civil servants hail mobile banking, ICTs

Civil servants in the Democratic Republic of Congo (DRC) have described mobile banking as the ‘biggest miracle’ of the 21st century. Read More

Streamed services to push digital music sales to $14bn by 2019

A new report from Juniper Research found that the digital music industry will experience slow growth in revenue over the next 5 years, from $12.3bn this year to $13.9bn in 2019.  Read More

Airtel, Tigo launch cross-network money transfer service in Tanzania

Bharti Airtel has announced the introduction of a service that will allow customers send and receive between Airtel’s mobile money service and that of Tigo in Tanzania. Read More

Airtel, VeriFone Mobile Money speed up merchant enablement

Bharti Airtel and VeriFone Mobile Money have reached an agreement to offer VeriFone Mobile Money’s merchant enablement applications for mobile Tap n Pay across Airtel’s 17 operating countries in Africa.  Read More

Safaricom cuts fees on low and medium value M-PESA transfers

Safaricom has announced a targeted reduction of transaction fees levied by the operator on its most popular person to person M-PESA transaction bands.   Read More

Stakeholders meet over Ghana mobile money

Stakeholders from Ghana’s financial and telecoms industry have held talks at an MTN Stakeholders Forum in Accra to discuss the way forward in the quest to make Ghana a cashless society. Read More

Village saving associations get mobile money product

Airtel Uganda, Grameen Foundation and Plan Uganda have introduced a new Group Savings product for Village Savings and Loan Associations. Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionSage HR AfricaMTN BusinessSchneider ElectricMultichoice

FEATURED STORY

Safaricom-Equity battle for mobile banking hots up Safaricom-Equity battle for mobile banking hots up

Equity bank's entry to the mobile banking and telephony industry is still hanging in the balance with London-based global association of mobile operators (GSMA) calling for independent audit. 

IN DEPTH

Kenya rolls out e-extension to improve agricultureKenya rolls out e-extension to improve agriculture

In a bid to curb the overwhelmed number of agricultural extension officers in Kenya, the ministry of agriculture is embracing technology with their introduction of E-Extension services, which are aimed at reaching out to over 7 million farmers annually.