Technical Innovation for Expanding Outreach: Mobile Phone Banking in the Philippines

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Technical Innovation for Expanding Outreach: Mobile Phone Banking in the Philippines"

Transcription

1 Technical Innovation for Expanding Outreach: Mobile Phone Banking in the Philippines MELIZA H. AGABIN Deputy Chief of Party, MABS Program Presented at the 3 rd African Microfinance Conference Kampala, Uganda August 20-24, 24, 2007

2 Philippines Location:

3 Microenterprise Access to Banking Services (MABS) Program The program assists banks to develop the capability to profitably provide financial services to microenterprises through technical assistance and training.

4 Rural Banks in the Philippines Wide network coverage: 760 rural banks; over 2,000 branches Over 50 year history US$2 billion in assets Over 5 million deposit accounts Over 1 million borrowers

5 MABS Partner Rural Banks As of June 2007 MABS works with 90 rural banks through 337 branches Over 165,000 active microenterprise borrowers Over 390,000 new micro borrowers served since 1998 Over 410,000 new micro deposit accounts

6 Challenges Reaching deeper into rural areas without costly investments in infrastructure Reducing costs of servicing Avoiding security risks from robbery, holdup Reducing costs to clients

7 Challenges for Rural Banks to reach Rural Clients High Transaction Costs Transportation Cost Loss of business opportunity Security risk

8 Technology Solution: Mobile Phone Banking

9 Technology Solution: Mobile Phone Banking To extend low-cost banking services to existing clients and un-banked individuals especially in rural areas. WHY CHOOSE THIS TECHNOLOGY?

10 Why Choose this Technology? External Drivers: Rapid expansion of mobile phone outreach Nationwide coverage Enhanced Mobile Phone Services Falling cost of technology Increased competition Ability to offer banking services at very low cost

11 Why choose this technology? High level of mobile phone literacy among clients Affordable & widely used Existence of Mobile Payment Platforms which,,, Are safe and secure Recognized by the Philippine Central Bank Address Anti-Money Laundering Requirements

12 MABS Partner: Globe Telecom

13 Globe Telecom Leading mobile phone operator in the Philippines Increasing focus on the bottom of the pyramid ; willing and able to partner with MABS and rural banks Handles over 250 million messages/day Developed G-Cash platform in 2004 More than 500,000 active users More than 500 G-Cash partners More than 4,900 outlets Transactions in 2006 exceeded $700M

14 What is G-CASH? G-Cash is the service of Globe telcom that turns a mobile phone into an electronic wallet. It is a reliable, accessible and easy way to: Buy & sell goods and services Send / Receive remittances locally or from abroad Pay bills and taxes; school tuition fees Load cell phone airtime credit Transfer money from one person s phone to another

15 Key Features Reliable recognized by BSP as a new payment system Secure - uses PIN Safe - all transactions are recorded in an electronic ledger in Globe Convenient - all you need is your cell phone Fast - moves at the speed of text messaging Easy to Use - as easy as sending a text message Meets AML (Anti-Money Laundering Law) requirements - requires all users to register via text with their personal details

16 An Opportunity to Use the Platform for Microfinance MABS Developed Products and Services riding on the G-Cash Platform Secured BSP approval of the services Forged excellent partnership and cooperation with a local telecom

17 The road map we followed in developing Mobile Phone Banking Services for the Rural Banks Text-A- Payment (loan collection) Text-A- Remittance (Cash-in/ Cash-out) Text-A-Deposit Text-A-Sweldo Text-A- Withdrawal (debit system) Text-A-Bills Payment Text-A-Credit We are Here!

18 Bills Payment Money Transfer (Remittance) Transactions clients can do without leaving their business Text-A-Deposit (Deposit Taking Service) Pay Bills Deposit Money Loan Payment Savings Withdrawal Loan Disbursement Text-A-Payment Loan Collection Text-a-Withdrawal Text-A-Credit

19 Payroll Services WIRE Text-a-Sweldo Payroll Offer Payroll services to staff and and business clients

20 Facilitating Mobile Commerce for Micro and Small Businesses Text-A-Deposit Text-A- Withdrawal Text-A-Payment

21 RURAL BANK POWERED MOBILE PAYMENT ECOSYSTEM Market Vendors Transport Operators Individual buys food, pays tricycle fare, fuel and even buy from the market using electronic money Restaurants Gas Station Clients Individual pays Utility company, school etc. tru billpay facility offered by rural bank BANK Market vendor, tricycle driver, gas station, restaurant, suppliers and repair shops deposit daily sales thru Text-A- Deposit Individual receives electronic money by way of Text-A- Remittance or Text- A-Sweldo Bank credits utility company's and school s accounts with the corresponding amount paid by individuals through electronic money Utility Companies Schools Market vendor, tricycle driver, gas station owner and restaurant pays suppliers, repair shops etc. thru electronic money Service Centers Farmers Suppliers

22 Benefits: Banks & Clients

23 Benefits for Rural Banks Increase outreach and client base Retain clients New value-added services Capture remittance market Reduce operating costs Fast and efficient service Increase loan officer productivity

24 Benefits for Clients Reduced travel time Reduced costs Reduced risk Convenient Time-saving Increase sales

25 Case of Cantilan Bank Profile Motivation Mobile Banking Solution Issue Remedy Actual Benefits 10-branch Rural Bank Reduce cost and increase efficiency of loan collections Text-A-Payment Lack of Cash-In locations Create G-Cash resellers via Text-A-Withdrawal service For Bank Time Saving; cost of collection reduced

26 Case of Bangko Kabayan Profile Motivation Mobile Banking Solution 9-branch Rural Bank Expand outreach to rural areas Text-A-Payment Issue Remedy Actual Benefits Lack of Cash-In locations Create G-Cash resellers via Text-A-Withdrawal service Expand outreach; Reduced transaction costs; convenient for clients

27 Case of 1 st Valley Bank Profile Motivation Mobile Banking Solution 16-branch Rural Bank Increase deposit base and offer bill collection services -Partnered with an electric cooperative -Offering customers Text-A-BillPay service -M-Payment services for local merchants Actual Benefits Able to remotely accept bills payment; Increase Deposit Balance; Merchants become new bank depositors

28 What Users Say

29 What Users Say

30 Main Challenges Lack of Re-sellers (Cash-in outlets) Introduced TEXT-A-SWELDO (salary) service Banks pay employee salaries and bonuses with G- Cash. Created a critical mass of people carrying G-Cash in their mobile phones, using the technology, and familiar with different services and benefits Employees help with promotions.

31 Main Challenges Still, rural re-sellers are lacking Text-A-Withdrawal (TAW) service developed so bank depositors can withdraw savings remotely, and be G-Cash re-sellers. Unique business benefits to re-seller 1% fee earned is more than the interest rate on bank deposit; nofee transaction with bank; no hassle withdrawal in seconds

32 Main Challenges Marketing to convince more people to embrace the technology and use the services. Eco-system rollout: MABS work with rural banks to train and accredit merchants and shops to accept G-Cash in payment for goods and services. Telecom co-branding with partner rural banks for marketing materials Telecom support for merchandizing materials, like tarpaulins and standees promoting G-Cash services.

33 Main Challenges Training and reaching more users, overcoming initial fear of USE technology and SECURITY of their money. Whether it is the bank, the merchant, the end user, presenting the unique benefits helped. Globe offered 10% discount on pre-paid airtime load using G-cash; opportunity to earn; frequency of use establishes G-Cash security, ease and convenience.

34 Updates and Future Direction

35 Volume of Transactions Through Accredited Rural Banks (as of June 2007): Accredited Rural Banks Accredited Bank-Branches # of Employees (Receiving salaries & benefits through Text-A-Sweldo (TAS) # G-Cash Transactions (cumulative) Amount G-Cash Transactions in Pesos - in USD Ecosystem Roll-out (# of merchantsaccredited by rural banks) , ,000 PhP380 M USD 7.6 M 145

36 New Developments and Future Directions of Mobile Phone Banking and Mobile Commerce Text-A-BillPay (through rural banks) has been piloted and ready for rollout Activating more G-Cash Resellers to serve Text-A- Payment clients Continuous development of G-Cash Ecosystem in the rural areas to increase the use of e-money especially in commercial applications Continuous Pilot testing of the other mobile banking services to model cost effective ways of reaching more and more people in areas farther away from the bank.

37 New Developments and Future Directions of Mobile Phone Banking and Mobile Commerce Developed a Mobile Banking Website ( as information portal particularly for rural banks, its clients, money senders, and the cyberworld in general Continuous Support and Training-Workshop on Mobile Phone Banking Text-A-Credit (line) manuals and procedures development on-going Development of mobile phone banking system to automate G-Cash transactions

38 This is the road we ve traveled so rural banks can reach more people farther away, faster, cheaper, and more efficiently. Text-A- Payment (loan collection) Text-A- Remittance (Cash-in/ Cash-out) Text-A-Deposit Text-A-Sweldo Text-A- Withdrawal (debit system) Text-A-Bills Payment Text-A-Credit (Line) We are Here!

39 And this is the roadmap a bank in a remote area in Mindanao Region is following. The goal is to turn the rural folks mobile phones into a virtual ATM. TEXT A LOAN PROCEEDS TEXT A WITHDRAWAL TEXT A DEPOSIT TEXT A PAYMENT TEXT A SWELDO TEXT A MONEY REMITTANCE

40 VIDEO ON MOBILE PHONE BANKING Click here to play the Video

41 Thank You Websites:

Catching the Technology Wave: Mobile Phone Banking and Text-a-Payment in the Philippines

Catching the Technology Wave: Mobile Phone Banking and Text-a-Payment in the Philippines Catching the Technology Wave: Mobile Phone Banking and Text-a-Payment in the Philippines John Owens Chief of Party Philippines Microenterprise Access to Banking Services (MABS) program Phone: (0632) 400-0940

More information

Introduction to the similar solutions and compare with the proposed system.

Introduction to the similar solutions and compare with the proposed system. Chapter 2 Introduction to the similar solutions and compare with the proposed system. Chapter two contains the similar solutions done by others and these solutions have been compared with the automated

More information

Bangko Sentral ng Pilipinas. Bangko Sentral ng Pilipinas

Bangko Sentral ng Pilipinas. Bangko Sentral ng Pilipinas REDUCING THE COST OF INTERNATIONAL REMITTANCE THROUGH TECHNOLOGY THE CASE OF THE PHILIPPINES A Presentation by Rosalinda O. Nieva Deputy Director Core Information Technology Supervision Group Presentation

More information

SESSION 2: POLICIES AND REGULATION FOR FINANCIAL INCLUSION

SESSION 2: POLICIES AND REGULATION FOR FINANCIAL INCLUSION UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT Expert Meeting on THE IMPACT OF ACCESS TO FINANCIAL SERVICES, INCLUDING BY HIGHLIGHTING THE IMPACT ON REMITTANCES ON DEVELOPMENT: ECONOMIC EMPOWERMENT

More information

MasterCard Payroll CardTM

MasterCard Payroll CardTM MasterCard Payroll CardTM Pay employees more efficiently Solutions MasterCard Workplace Solutions MasterCard Workplace Solutions MasterCard Workplace Solutions introducing the MasterCard Payroll Card A

More information

Mobile Banking Questionnaire USERS

Mobile Banking Questionnaire USERS Instructions to the Interviewer: Interviewer to note down the details in the grid given below Mobile banking definition for the survey: A financial transaction or information request (e.g., ministatement)

More information

Integrating Alternative Channels into SME Banking Value Proposition

Integrating Alternative Channels into SME Banking Value Proposition Integrating Alternative Channels into SME Banking Value Proposition IFC SME Banking Conference 2013 with AMF Jumeirah Emirates Towers, Dubai 7-8 May 2013 Teresita B. Tan President, BPI Globe BanKO Philippines

More information

Microenterprise Access to Banking Services Program General Security and Internal Control

Microenterprise Access to Banking Services Program General Security and Internal Control Microenterprise Access to Banking Services Program General Security and Internal Control Accreditation and Implementation Training On Mobile Phone Banking Services 1 Objectives Provide security features

More information

Manuel Orozco, PhD October 2007

Manuel Orozco, PhD October 2007 Manuel Orozco, PhD October 2007 A point of departure to understand trends in IT based transfers requires looking at the role of suppliers, their business models, the demand side, the function of technology,

More information

Euronet USA, Inc. 17300 Chenal Parkway, Suite 200 Little Rock, AR, 72223. Tel: 1-501-218-7300 Fax: 1-501-218-7302

Euronet USA, Inc. 17300 Chenal Parkway, Suite 200 Little Rock, AR, 72223. Tel: 1-501-218-7300 Fax: 1-501-218-7302 Euronet USA, Inc. 17300 Chenal Parkway, Suite 200 Little Rock, AR, 72223 Tel: 1-501-218-7300 Fax: 1-501-218-7302 E-mail us at: mail@euronetworldwide.com Visit our Web site at www.euronetworldwide.com.

More information

Tapping the Markets of Un/derbanked Women and Youth: Diamond Bank, Nigeria. August 14, 2013 Durban, South Africa

Tapping the Markets of Un/derbanked Women and Youth: Diamond Bank, Nigeria. August 14, 2013 Durban, South Africa Tapping the Markets of Un/derbanked Women and Youth: Diamond Bank, Nigeria August 14, 2013 Durban, South Africa Women s World Banking s Global Footprint + 30 years being the largest network in microfinance

More information

SAFE SYSTEM: SECURE APPLICATIONS FOR FINANCIAL ENVIRONMENTS USING MOBILE PHONES

SAFE SYSTEM: SECURE APPLICATIONS FOR FINANCIAL ENVIRONMENTS USING MOBILE PHONES SAFE SYSTEM: SECURE APPLICATIONS FOR FINANCIAL ENVIRONMENTS USING MOBILE PHONES Sead Muftic 1, Feng Zhang 1 1Department of Computer and System Sciences, Royal Institute of Technology, Stockholm, Sweden

More information

International Context of Branchless Banking, and Alternative Models of Agent Networks

International Context of Branchless Banking, and Alternative Models of Agent Networks International Context of Branchless Banking, and Alternative Models of Agent Networks 1. Overview of branchless banking models 2. Alternative agent models 3. Agent value proposition and G2P opportunity

More information

Overdraft Education Practice & Reference Materials

Overdraft Education Practice & Reference Materials Overdraft Education Practice & Reference Materials 2011 IN-Focus Digital Booklet Instructions 2 This booklet is designed for use with the First Financial Bank Overdraft Education video. Any unauthorized

More information

Financial Inclusion: Why is it important and how do we achieve it?

Financial Inclusion: Why is it important and how do we achieve it? Financial Inclusion: Why is it important and how do we achieve it? Pia Bernadette Roman Tayag Head, Inclusive Finance Advocacy Staff Bangko Sentral ng Pilipinas GDN Conference Asian Development Bank 21

More information

Annual Analysis Card Payments

Annual Analysis Card Payments Annual Analysis Card Payments Cards and Transactions February 2014 With an expected GDP growth of 0.5% and an almost 1% decline in consumption, analysts define 2013 as a year of feeble economic recovery

More information

E-commerce refers to paperless exchange of business information using following ways.

E-commerce refers to paperless exchange of business information using following ways. E-Commerce E-Commerce or Electronics Commerce is a methodology of modern business which fulfills the need of business organizations, vendors and customers to reduce cost and improve the quality of goods

More information

WING Cambodia. Ian watson

WING Cambodia. Ian watson WING Cambodia Ian watson Wing : Mission statement Wing Mobile is the leading mobile payment provider in Cambodia. We pride ourselves as partners with our customers, employees and communities. We aim to

More information

Banking the Unbanked. The Wells Fargo Approach. Susan Rico Senior Vice President Global Correspondent Banking Wells Fargo Bank, N.A.

Banking the Unbanked. The Wells Fargo Approach. Susan Rico Senior Vice President Global Correspondent Banking Wells Fargo Bank, N.A. Banking the Unbanked The Wells Fargo Approach Susan Rico Senior Vice President Global Correspondent Banking Wells Fargo Bank, N.A. March 18, 2009 The Unbanked Market Overview According to Federal Reserve

More information

3rd Euro-Africa Cooperation Forum on ICT Research Helsinki, Finland (Scandic Marina Congress Centre) December 7/8/2010

3rd Euro-Africa Cooperation Forum on ICT Research Helsinki, Finland (Scandic Marina Congress Centre) December 7/8/2010 3rd Euro-Africa Cooperation Forum on ICT Research Helsinki, Finland (Scandic Marina Congress Centre) December 7/8/2010 INFORMATION TECHNOLOGY CONSULTANTS Presenter: Kevin magondu Director Nairobi (kenya)

More information

Mobile Money in the Philippines The Market, the Models and Regulation

Mobile Money in the Philippines The Market, the Models and Regulation Mobile Money in the Philippines The Market, the Models and Regulation Contents Part 1: Objectives and Executive Summary 3 Part 2: Market Characteristics of the Philippines 5 Part 3: Actions Taken By SMART,

More information

Basic Banking. 2) Money that a bank allows you to borrow and pay back with interest

Basic Banking. 2) Money that a bank allows you to borrow and pay back with interest Basic Banking When choosing a bank, you should look for a bank that offers the type of accounts and services you are looking for. You might look for convenience of branch locations, great customer service,

More information

Mobile Commerce Opportunity for Mobile Network Operators. Opportunity Overview, Case Studies and Solutions

Mobile Commerce Opportunity for Mobile Network Operators. Opportunity Overview, Case Studies and Solutions Mobile Commerce Opportunity for Mobile Network Operators Opportunity Overview, Case Studies and Solutions Agenda Industry and Market Trends SAP s Mobile Commerce Solutions What are SAP Customers Doing

More information

Mobile money A payment industry revolution impacting marketing and distribution

Mobile money A payment industry revolution impacting marketing and distribution Mobile money A payment industry revolution impacting marketing and distribution Pascal Eber Partner Operations Excellence & Human Capital Deloitte Benjamin Deransart Director Teranga Consulting Until now,

More information

Human Movements and Immigration (HMI) World Congress, 2-5 September 2004, Barcelona, Spain. Track: Economics and Development

Human Movements and Immigration (HMI) World Congress, 2-5 September 2004, Barcelona, Spain. Track: Economics and Development Human Movements and Immigration (HMI) World Congress, 2-5 September 2004, Barcelona, Spain Track: Economics and Development Dialogue Session on Remittances and Development Title: Connecting People on the

More information

Mobile Payments: A Comparison between Philippine and Ugandan Contexts

Mobile Payments: A Comparison between Philippine and Ugandan Contexts IST-Africa 2008 Conference Proceedings Paul Cunningham and Miriam Cunningham (Eds) IIMC International Information Management Corporation, 2008 ISBN: 978-1-905824-07-6 Mobile Payments: A Comparison between

More information

CONVERSION GUIDE. independent-bank.com

CONVERSION GUIDE. independent-bank.com CONVERSION GUIDE independent-bank.com The Independent Way Independent Bank s origins extend back to 93 when it first formed a local bank to serve the needs of its community. Independent Bank pledges to

More information

Zamani Abdul Ghani: Scaling up financial inclusion through branchless banking

Zamani Abdul Ghani: Scaling up financial inclusion through branchless banking Zamani Abdul Ghani: Scaling up financial inclusion through branchless banking Remarks by Mr Zamani Abdul Ghani, Deputy Governor of the Central Bank of Malaysia, at the Microfinance Policymakers Forum Scaling

More information

Traditional versus Innovative G2P Payment Solutions. Hemant Baijal Payment Systems Development Group The World Bank

Traditional versus Innovative G2P Payment Solutions. Hemant Baijal Payment Systems Development Group The World Bank Traditional versus Innovative G2P Payment Solutions Hemant Baijal Payment Systems Development Group The World Bank Discussion Points Importance of G2P payments to national economy A framework for G2P payments

More information

CHECKING 101 EDUCATION. Practice & Reference Material

CHECKING 101 EDUCATION. Practice & Reference Material CHECKING 101 EDUCATION Practice & Reference Material BOOKLET INFORMATION Thank you for your willingness to learn more about managing your checking account and how to better use the tools Academy Bank offers

More information

By Betty Mwangi GM Financial Services. Mobile Money Transfer service: M-PESA

By Betty Mwangi GM Financial Services. Mobile Money Transfer service: M-PESA By Betty Mwangi GM Financial Services Mobile Money Transfer service: M-PESA M-PESA: 5 years! Capitalising on Mobile Technology to deepen access to Financial Services M-PESA: Changing Lives: Facts! Over

More information

Mobile Money Transfer & Remittances

Mobile Money Transfer & Remittances Mobile Money Transfer & Remittances 2 June 2010, Moscow - Mirpal Conference Mehdi Elhaoussine, Consultant, World Bank Expert Mobile Financial Services 1 Market figures Introduction 200 million people around

More information

Comparing MFS in Kenya, Philippines and South Africa under 7 P Evaluation Framework

Comparing MFS in Kenya, Philippines and South Africa under 7 P Evaluation Framework Comparing MFS in Kenya, Philippines and South Africa under 7 P Evaluation Framework Shalu Chopra Department of Information Technology VES Institute of Technology Chembur, Mumbai, India Richa Sharma Department

More information

Cash Replacement through Mobile Money in Emerging Markets: The FISA Approach

Cash Replacement through Mobile Money in Emerging Markets: The FISA Approach White Paper 1 Cash Replacement through Mobile Money in Emerging Markets: The FISA Approach IBM Global Business Services Cash Replacement through Mobile Money in Emerging Markets: The FISA Approach Alberto

More information

Checking Services (Share Draft Accounts)

Checking Services (Share Draft Accounts) Checking Services Checking Services (Share Draft Accounts) UCF FCU makes simple and convenient. Our accounts (called share draft accounts), offer flexible choices to access funds and make purchases - pay

More information

PRODUCT KNOWLEDGE SAMPLE. Sample. Credit Union Name. Developed By:

PRODUCT KNOWLEDGE SAMPLE. Sample. Credit Union Name. Developed By: MEMBER NEEDS HANDBOOK Credit Union Name Developed By: The Pell Group & Creating Member Loyalty Copyright 2014 Credit Union National Association, Inc. 1 Introduction Introduction Facts About Credit Union

More information

Consumer Financial Services Fact Sheet

Consumer Financial Services Fact Sheet I. Financial Service Centers Consumer Financial Services Fact Sheet Did You Know?: Financial Service Centers offer a wide array of financial products and services, including check cashing, small dollar,

More information

Accepting Cross-Border Online Payments

Accepting Cross-Border Online Payments Accepting Cross-Border Online Payments LinkedIn Profile 16+ years professional experience working with top tier global firms 12+ years focused on financial services and payments Business development, sales,

More information

Appendix. Data Tables

Appendix. Data Tables Appendix Data Tables Index of Tables Part 1: In-Store Payment Preferences...167 1.1 What payment products do you have?...167 1.2 How often do you use the following payment methods for purchases in stores?...167

More information

Ingenious Systems. Evolute System's. Mobile Payment. Initiative

Ingenious Systems. Evolute System's. Mobile Payment. Initiative Ingenious Systems Evolute System's Mobile Payment Initiative The Mobile Payment Concept A mobile payment is any payment where a mobile device is used to initiate, authorize and confirm an exchange of financial

More information

Or What makes Canadian Banking different?

Or What makes Canadian Banking different? CANADIAN BANKING Sharing a Border Or What makes Canadian Banking different? Ray Kohler Senior Relationship Manager, US Markets RBC Royal Bank 1 Agenda Understand the basic differences between Canadian

More information

Making the Case for Mobile Money: A Look at Social Cash Transfers for Development

Making the Case for Mobile Money: A Look at Social Cash Transfers for Development FIELD BRIEF No. 19 August 2012 Making the Case for Mobile Money: A Look at Social Cash Transfers for Development This FIELD Brief is the nineteenth in a series produced by the Financial Integration, Economic

More information

FOURTEENTH QUARTERLY PERFORMANCE MONITORING REPORT

FOURTEENTH QUARTERLY PERFORMANCE MONITORING REPORT MABS-M PROGRAM Microenterprise Access to Banking Services in Mindanao FOURTEENTH QUARTERLY PERFORMANCE MONITORING REPORT April 1, 2001 June 30, 2001 Submitted by: Chemonics International Inc. Davao City,

More information

Products and Services

Products and Services Products and Services Enjoy Life s Journey 401.233.4700 navigantcu.org Federally insured by the National Credit Union Administration. Products and Services Navigant Credit Union provides you with the products

More information

Mobilizing savings in Zimbabwe Mahindra Comviva, March 2014

Mobilizing savings in Zimbabwe Mahindra Comviva, March 2014 Mobilizing savings in Zimbabwe Mahindra Comviva, March 2014 Copyright 2014 Comviva Technologies Limited. All rights reserved. 1 EcoCash $ave Copyright 2014 Comviva Technologies Limited. All rights reserved.

More information

Mobile Wallet Platform. Next generation mobile wallet solution

Mobile Wallet Platform. Next generation mobile wallet solution Mobile Wallet Platform Next generation mobile wallet solution Introduction to mwallet / Mobile Wallet Mobile Wallet Account is just like a Bank Account User s money lies with the Mobile Wallet Operator

More information

An Employer s Guide to Payroll Cards

An Employer s Guide to Payroll Cards An Employer s Guide to Payroll Cards An important part of your role as an employer is to ensure that you pay your workers promptly and accurately, and that you comply with federal and state payroll laws

More information

Opening a Bank Account

Opening a Bank Account Opening a Bank Account Section Objectives A basic component in establishing financial independence is Opening a Bank Account. Banking services are essential tools for managing personal finances and building

More information

Mobile Money Transfer Services. Deepankar Roy, Ph.D. National Institute of Bank Management, Pune, India

Mobile Money Transfer Services. Deepankar Roy, Ph.D. National Institute of Bank Management, Pune, India Mobile Money Transfer Services Deepankar Roy, Ph.D. National Institute of Bank Management, Pune, India Outline Overview of Mobile Money Transfers Who are the Key mobile wallet vendors? Successful examples

More information

Electronic Banking. Federal Trade Commission ftc.gov

Electronic Banking. Federal Trade Commission ftc.gov Electronic Banking Federal Trade Commission ftc.gov For many people, electronic banking means 24-hour access to cash through an automated teller machine (ATM) or Direct Deposit of paychecks into checking

More information

Mobile Money- What s next?

Mobile Money- What s next? Mobile Money- What s next? Christoph Stork researchictsolutions M-Apps One of the most exciting functions of mobile phones in recent years has been Mobile Money Linked to MM is m-trial balance m-inventory

More information

Mobile Banking, Financial Inclusion and Policy Challenges

Mobile Banking, Financial Inclusion and Policy Challenges Mobile Banking, Financial Inclusion and Policy Challenges Presentation to the 10 th IADI Annual Conference 19-20 October 2011, Warsaw, Poland Pierre-Laurent Chatain Prudential Oversight and Systemic Stability

More information

FMB. Financing Agricultural Forum 2012. (March 28 th 30 th 2012) Kampala - Uganda

FMB. Financing Agricultural Forum 2012. (March 28 th 30 th 2012) Kampala - Uganda FMB Financing Agricultural Forum 2012 (March 28 th 30 th 2012) Kampala - Uganda Contents 1. About FMB 2. Evolution of FMB 3. Product Overview & Characteristics 4. Critical Success Factors 5. Challenges

More information

INNOVATIVE FINANCING FOR SMES

INNOVATIVE FINANCING FOR SMES INNOVATIVE FINANCING FOR SMES Channels, Tools and Techniques to Enhance SME Finance Margarete Biallas Cairo, 15 January 2015 Growth in Digital Access Significant improvements in mobile phone and technologies

More information

Transformation through innovation: Lessons from M-PESA. Japhet Aritho Head of M-PESA Product Development and Operations Safaricom Limited

Transformation through innovation: Lessons from M-PESA. Japhet Aritho Head of M-PESA Product Development and Operations Safaricom Limited Transformation through innovation: Lessons from M-PESA Japhet Aritho Head of M-PESA Product Development and Operations Safaricom Limited Kenya at a Glance 39 million population growing at 2% per annum.

More information

Business Banking Switch Kit. Getting Started

Business Banking Switch Kit. Getting Started Business Banking Switch Kit We understand that switching bank accounts can be a hassle; but at Congressional Bank we make it easy. Following the steps below will make the process straightforward and trouble-free.

More information

Deploying a MNO s Mobile Banking Solution for the Microfinance Sector:

Deploying a MNO s Mobile Banking Solution for the Microfinance Sector: Deploying a MNO s Mobile Banking Solution for the Microfinance Sector: What are the Key Issues to Address? November, 26 th of 2009 Thierno SECK Director of Mobile Banking Projects, PlaNet Finance AS Glossary

More information

Mobile Financial Services Its role in banks and in the market. January 2014

Mobile Financial Services Its role in banks and in the market. January 2014 Mobile Financial Services Its role in banks and in the market January 2014 Mobile Banking Overview What Is It About? 2 Understanding Electronic Banking There is no limit to the range of transactions and

More information

Topic 2(d) Bank accounts

Topic 2(d) Bank accounts Topic 2(d) Bank accounts Storing money in a bank or building society If you have money you don t want to spend immediately, the best thing you can do with it is put it in a bank account. This will keep

More information

CONSUMERLAB. Mobile commerce in Emerging Asia

CONSUMERLAB. Mobile commerce in Emerging Asia CONSUMERLAB Mobile commerce in Emerging Asia An Ericsson Consumer Insight Summary Report August 2014 Contents METHODOLOGY 2 KEY FINDINGS 3 DIVERSE MARKETS 4 CASHONOMICS 6 DRIVING CHANGE 8 BUILDING BLOCKS

More information

TOP TRUMPS Comparisons of how to pay for goods and services online

TOP TRUMPS Comparisons of how to pay for goods and services online Cash Cash is legal tender in the form of bank notes and coins Small value purchases e.g. cafes, shops Pocket money Repaying friends Cash is physically transferred from one person to the next, usually face-to-face

More information

Participant Guide Building: Knowledge, Security, Confidence FDIC Financial Education Curriculum

Participant Guide Building: Knowledge, Security, Confidence FDIC Financial Education Curriculum Bank On It Building: Knowledge, Security, Confidence FDIC Financial Education Curriculum TABLE OF CONTENTS Page Banking Basics 1 Opening and Maintaining a Bank Account 2 Choosing a Bank Checklist 3 Practice

More information

PRICING GUIDE 2015. AccessBanking Fee sheet. Moving Forward TM. Still bringing you real banking value

PRICING GUIDE 2015. AccessBanking Fee sheet. Moving Forward TM. Still bringing you real banking value PRICING GUIDE 2015 AccessBanking Fee sheet Still bringing you real banking value Moving Forward TM AccessBanking Fee Sheet 2015 AccessAccount AccessAccount is a simple and affordable transactional account

More information

Mobile Payments. Antti Pihlajamäki 27.10.2004

Mobile Payments. Antti Pihlajamäki 27.10.2004 Mobile Payments Antti Pihlajamäki 27.10.2004 Outline Introduction Terminology Basic concepts Technology behind mobile payments Remote transactions Local transactions Drivers of mobile payments Unique features

More information

With your new PFSB account in place, switching your direct deposits & automatic payments from your old bank is easy! Just follow these simple steps:

With your new PFSB account in place, switching your direct deposits & automatic payments from your old bank is easy! Just follow these simple steps: Welcome to Peru Federal Savings Bank! With your new PFSB account in place, switching your direct deposits & automatic payments from your old bank is easy! Just follow these simple steps: 1) Set up a Direct

More information

Advice to Sender using US Bank Internet Banking Service

Advice to Sender using US Bank Internet Banking Service The following are web pages from Bangkok Bank that provide information on using the Automated Clearing House (ACH) system in the USA to transfer funds to a Bangkok Bank Account in Thailand. We have found

More information

White Paper: Mobile Money Transfer

White Paper: Mobile Money Transfer White Paper: Mobile Money Transfer International Remittance Considerations for Mobile Network Operators February 2013 Mobile Money Transfer GSMA White Paper Summary Mobile network operators (MNOs) are

More information

ITU Focus Group Digital Financial Services

ITU Focus Group Digital Financial Services ITU Focus Group Digital Financial Services Vijay Mauree, Programme Coordinator, ITU Vijay.Mauree@itu.int Financial Inclusion and Digital Financial Services Financial Inclusion: Global Situation 1.6 billion

More information

SESSION 5: NEW TECHNOLOGIES TO IMPROVE ACCESS TO FINANCIAL SERVICES

SESSION 5: NEW TECHNOLOGIES TO IMPROVE ACCESS TO FINANCIAL SERVICES UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT Expert Meeting on THE IMPACT OF ACCESS TO FINANCIAL SERVICES, INCLUDING BY HIGHLIGHTING THE IMPACT ON REMITTANCES ON DEVELOPMENT: ECONOMIC EMPOWERMENT

More information

3. Establish direct deposit with your new account. Send Attachment A to your employer so they can begin processing your payroll to your new account.

3. Establish direct deposit with your new account. Send Attachment A to your employer so they can begin processing your payroll to your new account. 1. Open a checking account at any one of our conveniently located branches. Our Customer Service Representatives will be glad to help you through the account opening process. Make sure you bring an unexpired

More information

Mobile Money Conference EBRD, London 14 th March 2013. Senior Vice President & Head of Product Development Division

Mobile Money Conference EBRD, London 14 th March 2013. Senior Vice President & Head of Product Development Division Mobile Money Conference EBRD, London 14 th March 2013 Presenter: Mr. Loeung Sopheap Senior Vice President & Head of Product Development Division 1 ACLEDA Unity Challenges of introducing Mobile Money and

More information

Ooredoo Payroll Service. Salary transfers made easy

Ooredoo Payroll Service. Salary transfers made easy Ooredoo Payroll Service Salary transfers made easy Ooredoo Payroll Service Offering a great new way for business payroll processing Ooredoo and QNB have partnered to provide a unique payroll service for

More information

Mobile Commerce. Deepankar Roy, Ph.D. National Institute of Bank Management, Pune, India

Mobile Commerce. Deepankar Roy, Ph.D. National Institute of Bank Management, Pune, India Mobile Commerce Deepankar Roy, Ph.D. National Institute of Bank Management, Pune, India Outline What is mobile commerce? What are the different ways through which mobile commerce happens? Mobile Commerce

More information

Option 1 Teacher Information Page 1 Teacher Information

Option 1 Teacher Information Page 1 Teacher Information Option 1 Teacher Information Page 1 Teacher Information FINANCIAL INSTITUTIONS 1. Ask students where they keep their money. Discuss with them the three most common financial institutions in which the majority

More information

TIERS BANK TRANSACTION MOBILE TRANSACTION CUMMULATIVE BALANCE (NGN) LEVEL 1 20, 000 200,000 3, 000 30, 000 LEVEL 2 50,000 400, 000 10.

TIERS BANK TRANSACTION MOBILE TRANSACTION CUMMULATIVE BALANCE (NGN) LEVEL 1 20, 000 200,000 3, 000 30, 000 LEVEL 2 50,000 400, 000 10. DEFINITION 1. WHAT IS THE DIAMOND Y ELLO ACCOUNT? DIAMOND Y ELLO ACCOUNT is the safe and fast means to OPEN a Bank Account, SAVE and BORROW money from the convenience of your MTN Mobile phone. With DIAMOND

More information

VisaNet. The technology behind Visa

VisaNet. The technology behind Visa VisaNet The technology behind Visa Fifty years ago, Visa had a vision: To provide consumers, businesses and governments around the world with a better form of payment. The technology behind this vision

More information

FREQUENTLY ASKED QUESTIONS GENERAL

FREQUENTLY ASKED QUESTIONS GENERAL FREQUENTLY ASKED QUESTIONS GENERAL What does electronic payment mean to me? What options do I have? What is the best option for me? Can I choose to receive a paper check instead of an electronic payment?

More information

Remittances, Microfinance and Technology

Remittances, Microfinance and Technology Remittances, Microfinance and Technology C P Abeywickrema, Deputy General Manager Hatton National Bank, Sri Lanka This paper discusses migrant remittances in the Sri Lankan context, specifically in relation

More information

How to Get an Internationally Accepted Credit Card in Nigeria with Ease

How to Get an Internationally Accepted Credit Card in Nigeria with Ease - FREE REPORT - How to Get an Internationally Accepted Credit Card in Nigeria with Ease by OYEDEPO JOHN www.oyedepojohn.com Thank you for downloading my free report. My name is Oyedepo John. I am a Trainer,

More information

C O N V E R S I O N G U I D E

C O N V E R S I O N G U I D E CONVERSION GUIDE The Independent Way Independent Bank s origins extend back to 93 when it first formed a local bank to serve the needs of its community. Independent Bank pledges to deliver unparalleled

More information

3rd Level. Student Plus Account. Ireland s No.1 Student Bank

3rd Level. Student Plus Account. Ireland s No.1 Student Bank 3rd Level Student Plus Account Ireland s No.1 Student Bank Contents 01 Introduction 03 The AIB Student Plus Account 04 Account Stuff 06 Student Leap Card 08 AIB Phone, Internet & Mobile Banking 10 AIB

More information

Making a change for the better has never been easier.

Making a change for the better has never been easier. Making a change for the better has never been easier. With our simple Switch Kit, we have taken the hassle out of changing banks. Stop putting it off and make the move to a better banking relationship.

More information

Technology and Mobile Payment Service Providers Landscape in India

Technology and Mobile Payment Service Providers Landscape in India Technology and Mobile Payment Service Providers Landscape in India Summary This section gives the overview of the non banking ecosystem in the Indian mobile payment space. It describes the evolution of

More information

Welcome to. Banking in your best interest. A HELPFUL GUIDE FOR GCF BANK CUSTOMERS

Welcome to. Banking in your best interest. A HELPFUL GUIDE FOR GCF BANK CUSTOMERS Welcome to Banking in your best interest. A HELPFUL GUIDE FOR GCF BANK CUSTOMERS Welcome to Investors Bank! We re So Pleased to Welcome Our GCF Bank Customers into the Investors Bank Family! As a loyal

More information

Setting up shop: Strategies for building effective merchant payment networks

Setting up shop: Strategies for building effective merchant payment networks Setting up shop: Strategies for building effective merchant payment networks Findings based on the State of the Industry Report ARUNJAY KATAKAM OCTOBER 2014 D E E P E R I N S I G H T S THE MMU PROGRAMME

More information

Pollok Credit Union. Members Information Pack

Pollok Credit Union. Members Information Pack Members Information Pack Pollok Office Pollok Credit Union Silverburn Shopping Centre Barrhead Rd Glasgow G53 6QR Tel: 0141 880 7888 Shawlands Office Pollok Credit Union 17 Kilmarnock Rd Shawlands Glasgow

More information

FAQs on CBN Cash-less Society Policy

FAQs on CBN Cash-less Society Policy FAQs on CBN Cash-less Society Policy Q. What is the CBN cash policy? The CBN cash policy stipulates a daily cumulative limit of N150, 000 and N1, 000,000 on free cash withdrawals and lodgments by individual

More information

Personal Banking 101 Interested in learning about how to manage your money? Personal Banking 101 will help you understand the financial fundamentals.

Personal Banking 101 Interested in learning about how to manage your money? Personal Banking 101 will help you understand the financial fundamentals. Personal Banking 101 Interested in learning about how to manage your money? Personal Banking 101 will help you understand the financial fundamentals. Checking Account If you need a safe place to keep your

More information

Stories from the Field WIZZIT Micro-lending Pilot (South Africa)

Stories from the Field WIZZIT Micro-lending Pilot (South Africa) IFC Sustainable Business Advisory Stories from the Field WIZZIT Micro-lending Pilot (South Africa) Mobile Banking Access for the Unbanked Imagine holding a bank in the palm of your hand Mobile banking

More information

Mobile money in Africa: Bridging the financial gap and unlocking entrepreneurial potential. Dr. Christoph Stork

Mobile money in Africa: Bridging the financial gap and unlocking entrepreneurial potential. Dr. Christoph Stork Mobile money in Africa: Bridging the financial gap and unlocking entrepreneurial potential Dr. Christoph Stork Informal Sector GDP contribution, link to formal sector, contribution to job generation vastly

More information

Money Transfer Service

Money Transfer Service RACKSPACE CASE STUDY: VODAFONE 1 OF 6 CASE STUDY Vodafone Money Transfer Service Vodafone is at the centre of a financial services revolution in Africa. It s not based on plush branches or teams of big

More information

From Money Transfer to Transforming Lives E. Emre Kanaat Head of Consumer Services June 3rd, 2015

From Money Transfer to Transforming Lives E. Emre Kanaat Head of Consumer Services June 3rd, 2015 From Money Transfer to Transforming Lives E. Emre Kanaat Head of Consumer Services June 3rd, 2015 Agenda Why Mobile Money? The story of M-Pesa Why Mobile Wallet? The story of Cep Cüzdan Why Mobile Money?

More information

Checking Accounts. Open, Manage, and Reconcile

Checking Accounts. Open, Manage, and Reconcile Checking Accounts Open, Manage, and Reconcile 1. What is a checking account? A checking account is opened at a bank or other financial institution. Banks offer several different types of checking accounts.

More information

Become a recognized industry leader by delivering better payments to our customers.

Become a recognized industry leader by delivering better payments to our customers. Fact Sheet Overview PreCash is a leader in payments services and transaction processing. We help cash-paying and underserved people access mainstream financial services, help financial institutions deliver

More information

Mobile Financial services Real cases from around the world

Mobile Financial services Real cases from around the world Mobile Financial services Real cases from around the world 1 # It s time for money to change We believe that as money goes mobile, network operators will play a significant role in the m-commerce value

More information

PREPAID CARDS IN THE SMARTPHONE AGE: MOBILE STRATEGIES FOR CUSTOMER ENGAGEMENT

PREPAID CARDS IN THE SMARTPHONE AGE: MOBILE STRATEGIES FOR CUSTOMER ENGAGEMENT PREPAID CARDS IN THE SMARTPHONE AGE: MOBILE STRATEGIES FOR CUSTOMER ENGAGEMENT 2010 Mercator Advisory Group, Inc. Clock Tower Place, Suite 420 Maynard, MA 01754 phone: 1(781) 419-1700 e-mail: info@mercatoradvisorygroup.com

More information

Choose Alaska USA and save!

Choose Alaska USA and save! Choose Alaska USA and save! Open a new personal checking account with Alaska USA and get your first box of checks FREE. Alaska USA doesn t charge per-check fees regardless of how many you write per month.

More information

Switch Kit. Account. STEP 1. Open your new Apple Bank account. STEP 2. Stop using your old checking account.

Switch Kit. Account. STEP 1. Open your new Apple Bank account. STEP 2. Stop using your old checking account. Switching your account to Apple Bank is fast and easy. Use the convenient forms in this package to get started. To begin, follow the three easy steps below. STEP 1. Open your new Apple Bank account. Please

More information

The Small Business Heroes guide to taking card payments for retailers

The Small Business Heroes guide to taking card payments for retailers The Small Business Heroes guide to taking card payments for retailers Every retailer wants to make more money, and one of the easiest ways to do this is to start taking card payments. No matter how small

More information

Connecting ALL Your Banking Needs. How do I become a Member? Smart savings, made simple. SAVINGS

Connecting ALL Your Banking Needs. How do I become a Member? Smart savings, made simple. SAVINGS Connecting ALL Your Banking Needs. SAVINGS We all have multiple financial needs. Whenever you need to bank, borrow or plan and grow, Align is here to help you every step of the way in one of our branches,

More information