Mobile Money

Mobile Money is a mobile payments system based on accounts held by a mobile operator and accessible from subscribers’ mobile phones. The conversion of cash into electronic value (and vice versa) happens at retail stores (or agents). All transactions are authorised and recorded in real-time using SMS.

MTN Mobile Money agent's stand in Ghana
African MobileMoney
Operating areaAfrica

In 2008, a Ugandan software developer named Ronald Egesa of Mobitrix Uganda Ltd was reported by the leading newspapers to have developed the country's first mobile phone bank that he called SmartCash [1] It was reported to be a network independent service.

In 2009, GSMA made a grant to Safaricom to support the development of a social transfer payment project via M-Pesa.[2]

M-PESA was developed by Vodafone and first deployed by its Kenyan affiliate Safaricom. In May 2012, there were over 15 million customers of M-PESA in Kenya.

Countries with a Mobile Money Presence
Current Mobile Money Presence in African Countries[3]
Currency ISOCountryCurrency
XOF BeninCFA franc
BWP BotswanaPula
XOF Burkina FasoCFA franc
BIF BurundiBurundi franc
XAF CameroonCFA franc
XAF ChadCFA franc
CDF Democratic Republic of the CongoCongolese franc
EGP EgyptEgyptian pound
ETB EthiopiaEthiopian birr
XAF GabonCFA franc
GHS GhanaGhanaian cedi
GNF GuineaGuinean franc
XOF Guinea-BissauCFA franc
XOF Ivory CoastCFA franc
KES KenyaKenyan shilling
LSL LesothoLoti
LRD LiberiaLiberian dollar
MGA MadagascarMalagasy ariary
MWK MalawiMalawian kwacha
XOF MaliCFA franc
MRO MauritaniaOuguiya
MUR MauritiusMauritian rupee
MAD MoroccoMoroccan dirham
MZN MozambiqueMozambican metical
NAD NamibiaNamibian dollar
XOF NigerCFA franc
NGN NigeriaNaira
RWF RwandaRwandan franc
XOF SenegalCFA franc
SLL Sierra LeoneSierra Leonean leone
SOS Somaliashilling
ZAR South AfricaSouth African rand
SDG SudanSudanese pound
SZL SwazilandLilangeni
TZS TanzaniaTanzanian shilling
XOF TogoCFA franc
TND TunisiaTunisian dinar
UGX UgandaUgandan shilling
ZMW ZambiaZambian kwacha
ZWD ZimbabweZimbabwean dollar

References
  1. SmartCash"SmartCash".
  2. M-PESA"M-Pesa".
  3. "Mobile Money". GSMA. Retrieved 6 February 2015.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.