Mobile Telecommunication Company (MTN) says it has acquired over 170, 000 mobile money customers and 340 agents since the mobile money service was launched as a pilot project in July last year.
MTN Chief Executive Officer Abdul Ismail said the feat resulted in the Central Bank giving the mobile telecommunication company a full operating license in January this year for offering the service to the Zambia people.
Mr. Ismail was speaking in Lusaka last night during the official launch of the MTN Mobile Money Service, a strategic partnership between MTN and Banc ABC that offers both MTN subscribers and Banc ABC customers the opportunity to load and withdraw money from their mobile phones using Banc ABC branch network and other MTN agents.
He said the launch of the service will allow MTN subscribers to open a mobile money account at any of Banc ABC’s 19 branches and 10 mobile banks. Subscribers will upon registration be able to load and store electronic money on their mobile phones and use their mobile number as an account number.
“We are happy to have this joint partnership with Banc ABC whose role will be to assist in agent liquidity and providing cash in and cash out services for our customers. This essentially means that customers will now have a wider range of access points for Mobile Money transactions because Banc ABC’s wide foot print”, the MTN CEO said.
He said with the wide mobile coverage of MTN in Zambia, the MTN and Banc ABC partnership will ensure that the MTN Mobile Money product is available even in the remotest parts of the country, a development which he said is in line with the Bank of Zambia’s (BoZ) objective of enhancing financial inclusion through a secure, convenient and reliable mobile money account.
“With mobile money on their phones, people won’t have to carry a wallet and a mobile phone at the same time. The mobile phone now becomes their wallet and the significance of this is that there is a reduced risk element because it will no longer be necessary for people to carry cash around”, Mr. Ismail said.
He expressed optimism that the service would provide significant opportunities for the bank as they would benefit from the unbanked customers who would now subscribe to the MTN mobile money service.
Mr. Ismail further said the service creates a safe environment for the unbanked portion of the Zambian market to now be able to perform basic banking transactions while the banked market would now have access to transferring money from their bank account to mobile money account and perform instant business person transactions, instant once off payments and payments to family, friends and colleagues that are unbanked.
“it is our sincere hope that since we have exhibited capabilities of being a market leader in introducing great innovations in mobile telecommunications, we will continue to exceed the expectations of our customers and the general public”, he said.
Speaking earlier, Banc ABC Group Chief Executive Officer Douglas Munatsi said Banc ABC has invested a substantial amount of money to expand its business in Zambia in order to provide banking services to the unbanked customers especially in rural areas.
Mr. Munatsi said his bank was committed to extending its services to the public by engaging other corporate entities like MTN.
And Banc ABC Zambia Managing Director Dana Bota said the partnership between MTN and Banc ABC was in line with government’s initiative to take banking to all corners of the country.
Mr. Bota said MTN has a national wide character, adding that his bank will therefore be able to achieve government’s vision through the partnership with MTN.
ZANIS
another mmd initiative i suppose. anyway well done mtn, we will support you all the way.
Good news. There’s something like that being introduced here in the UK, though of course been around for some time in many other countries. Can help a group of people when paying for a meal at a restaurant – always a nightmare when you split the bill and you dont have cash or exact amount.
BBC news 22Feb2012 reports: By the start of next year, every bank customer in the country may have the ability to transfer cash between bank accounts, using an app on their mobile phone.
Barclays became the first bank to launch such an app for its own customers last week.
Now the wider banking industry – in the form of the Payments Council – is in the throes of setting up a database which can link all bank accounts to their owners’ mobile phone numbers.
Anyone wishing to move money from their account to someone else’s will have to have registered with their bank and to have activated its app on a mobile phone.
The app will let them select the person they want to pay; knowing their mobile phone number is key here.
The recipient must also be registered with their own bank ..
@1 this service has nothing to do with political parties but purely business. technology has simply advanced to a point of giving us services like these.