Category Archives: Mobile Remittance

Axis Bank deal with WhatsApp for P2P mobile payments

According to recent press reports, Axis Bank of India is set to introduce a P2P mobile payments system which will let the customers send money to anyone through WhatsAPP, Twitter, Facebook and contacts list of the phone. Fastacash, the social payments vendor from Singapore developed a app named ‘Ping Pay’ which is capable of enabling P2P money transfer and also the ...
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Malawi takes key step to advance digital payments

Malawi says it has taken a significant step towards creating a digital payments ecosystem in order to address poverty and drive inclusive growth. An event organized by the Government of Malawi with the United Nations Capital Development Fund’s (UNCDF) Better Than Cash Alliance and Mobile Money for the Poor initiatives brought together digital payments players to accelerate the progress of digital ...
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Mobile remittances in Africa to reach $33 billion

Remittances and mobile money remittances in sub-Saharan Africa are projected to reach $33 billion in 2015 as the services are growing above 6% in more than three countries with increasing mobile connectivity, according to WorldRemit. Many mobile phone companies in Africa have in the last couple of years entered the financial services sector through launch of mobile money transfer companies ...
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Massive drop in number of unbanked says World Bank

From 2011 and 2014, 700 million people became account holders at banks, other financial institutions, or mobile money service providers, and the number of “unbanked” individuals dropped 20% to 2 billion adults, says a new report from the World Bank. “Access to financial services can serve as a bridge out of poverty. We have set a hugely ambitious goal – ...
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Mobile money transfers double

New research from remittance specialist Azimo, demonstrates that the percentage of money transfers sent from mobile phones has more than doubled in the 12 months to January 2015. Azimo’s research found that almost one in 10 people between the ages of 18 and 24 have sent money via a mobile phone. Just one in 200 people over the age of 55 have ...
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MTN Uganda clarifies mobile money fraud rumours

MTN Uganda has been forced to call a press conference, with high-ranking executives from both MTN and Stanbic. Stanbic bank’s Managing Director, Patrick Mweheire, opened by explaining that the briefing was being held at Stanbic to show more significance to the fact that MTN does not create – or keep – any of the money from the MTN Mobile Money division after rumours ...
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Facebook Messanger P2P payments

Facebook is bringing P2P payments to its Messenger application. The strategy will help Facebook keep users on its platform and add value while opening the door to promotion and loyalty capabilities for advertisers. Facebook stiffens competition in the P2P payments space which includes eBay’s Venmo, Snapchat, several banks and others. “Embedded P2P is clearly becoming a thing,” said Thad Peterson, senior ...
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M-Pesa launches cross-border remittance

Vodafone’s M-Pesa mobile money service opened its first international corridor on Monday, enabling customers in Kenya and Tanzania to transfer funds to one another via a handset. “With a substantial unbanked population transacting mainly in cash, the Tanzania-Kenya corridor represents a significant opportunity for M-Pesa to give people and companies an accessible, low-cost alternative to traditional international remittances,” said Michael ...
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M-Shwari hits 10 million accounts

Mobile banking product M-Shwari has hit a major milestone by reaching 10 million accounts, just two years after the virtual banking product was launched. M-Shwari, a joint partnership between CBA and Safaricom, signed their 10 millionth customer yesterday with the bank revealing the mobile financial product has handled a total of Sh153 billion. Commercial Bank of Africa CEO Isaac Awuondo ...
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Mobile money for the unbanked – an industry report

The GSMA Mobile Money for the Unbanked (MMU) programme has releases its 2014 State of the Industry Report on mobile financial services. Published annually, the report provides industry practitioners with insights into the important developments taking place in mobile money, mobile insurance, mobile savings and mobile credit. The mobile financial services sector continued to expand in 2014, boosted by the creation ...
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