MTN agents who are providing the Mobile Money service are supposed to have accounts with Stanbic Bank, the MTN chief executive, Noel Meier, has said. "MTN has also appointed Oscillyte Limited, a consultancy firm, to define the mobile money strategy and provide general management for effective operation," Meier added.
He said MTN had already carried out the necessary tests to ensure a secure service.
The money transfer service has been on a test run since October 16, 2008. Meier said after registering for the service, a client gets a new sim card, which allows them to send money via a text message to the recipient including those on different networks.
The recipient has to cash the money at the agent by entering a secret code and showing proper identification. "The cash limit has not been set but is expected to be close to sh1m," Meier told reporters.
In parallel, MTN has announced that it is set to launch m-banking trials in Benin, Congo Brazzaville, Guinea Bissau, Guinea Conakry and Liberia. The move comes after the company launched its Mobile Money Transfer in Uganda following the completion of a 5-month trial. MTN has partnered with local banks from each of the 5 markets in order to ensure that its MMT services are fully compliant with financial services regulations. The company is currently in talks with relevant authorities in various countries to ensure that all regulatory requirements are met.
(Source: The New Vision)