A detailed knowledge of reconciliation processes in banks and financial institutions (FIs) is a core as well as challenge of different processes for every client’s focus
Every new technology implementation is an opportunity to rise to the occasion of truly understanding each client’s needs and the rich business logic that governs their workflow.
Millicom announced that customers of its Tigo Pesa mobile money service in Tanzania will be the first in Africa to be able to transact with users of all their country’s mobile money networks following an agreement with Vodacom’s M-Pesa service
The agreement means that four million Tigo Pesa users will for the first time be able to exchange money with six million M-Pesa customers in Tanzania later this year.
They will be able to do this in the same way that they do already with Airtel and Zantel customers following the launch of similar services with Tigo in 2014. These were the first examples of such “interoperability” in Africa.
Commenting on the announcement today, Millicom’s Executive Vice President for Africa, Arthur Bastings, said: “With Tigo Pesa customers will now have Africa’s first universal mobile money exchange system. They will be able to safely and securely transact with millions more people across the country. It’s another first for Tigo Pesa and Tanzania. Following the success of the service with Airtel and Zantel, we hope many more Tanzanians will choose mobile money so that everyone benefits and we can extend financial inclusion even further. We also intend to pioneer similar agreements with networks elsewhere.”
Millicom’s Tigo mobile money services have been shortlisted for an award for their innovation at next week’s GSMA annual global mobile industry event in Barcelona.
Chiumbo McLeod - East Africa Correspondent
The Reserve Bank of Zimbabwe has cancelled AfrAsia Zimbabwe’s banking licence while at the same time temporarily closing MicroKing pending the finalization of its negotiations
The RBZ in a statement said the move to cancel the licence follows board resolutions by AfrAsia Zimbabwe Holdings Limited (the shareholder) and AfrAsia Bank Zimbabwe Limited to voluntarily surrender the banking licence.
Diebold announces Diebold ActivEdgeTM, the first complete anti-skimming card reader that prevents all known forms of skimming, as well as other forms of ATM fraud
Representing global losses in excess of a billion Euros, skimming remains the most prevalent type of ATM crime and a major concern for financial institutions (FI).
Paga, one of Nigeria’s leading mobile payment companies, has announced the launch of a new customer transaction channel - Paga for Android
The new app is available for download at Google play store designed by Paga’s in-house technical team, gives users direct access to Paga services from any android device.
Econet Wireless has switched on airtime purchases and cardless mobile money transactions on automated teller machines (ATMs) owned by Steward Bank
The bank launched the ZimSwitch and MasterCard enabled Steward Bank Smart ATMs at its flagship Eastgate branch in central Harare’s last week.
WorldRemit, a leader in global payment services, and VTNETWORK LIMITED (VTN), one of Nigeria's leading mobile payment operators, have collaborated to launch mobile money transfer service for Nigerians in the Diaspora
VTN VCASH subscribers in Nigeria will soon be able to receive money transfers directly into their Mobile wallet and bank account from over 50 countries.
Monies in the wallets of VCASH subscribers can be sent on to other VCASH users, known as a person to person (P2P) transfer, or be used to pay bills and purchase goods or services. VCASH users can also deposit funds into their accounts in any of Nigeria's commercial banks.
World Remit is just taking in a record-breaking Silicon Valley investment ($100 million) and recently launched a wildly successful app for android phones.
Peter Ojo, Chief Executive Officer of VTN said:' "Our solution is a revolutionary system, which makes it convenient for Nigerians to receive payments. It is fitting that we have collaborated with WorlRemit, a leader in online global payment services, to allow Nigerians in Diaspora to direct money into the VCASH wallets or bank accounts of their loved ones and have this capability 24/7. The choice, flexibility and convenience - given the vast remoteness of some parts of our nation - are priceless."
He concluded: "We are thankful to the Central Bank of Nigeria's (CBN) mobile payment regulatory framework, which allows non-bank model operators to facilitate international remittances to both scheme and non-scheme recipients. Such innovation within its strict regulatory guidelines facilitates greater economic prosperity at all levels for all our citizens and residents."
Adisa King - West Africa Correspondent
A publication reported few days ago that in 2010 and 2011, a joint unit composed of operatives from the British GCHQ (Government Communications Headquarters) and the American NSA (National Security Agency) hacked SIM card encryption keys engraved in Gemalto and possibly other SIM vendors' cards
The publication indicates the target was not Gemalto per se - it was an attempt to try and cast the widest net possible to reach as many mobile phones as possible, with the aim to monitor mobile communications without mobile network operators and users consent.
FirstBank of Nigeria Limited have recently announced that it has achieved the recertification of the international Business Continuity Management – ISO22301 (Societal Security: Business Continuity Management System)
The feat, the bank explained in a statement accentuates its commitment to constantly delight its customers through excellent service delivery whilst ensuring the safety and protection of customers’ investments as well as its assets.
Etisalat, the UAE's leading telecoms company, is harnessing mobile NFC solution for corporate access control from Gemalto, the world leader in digital security
The solution enables Etisalat's management to securely access its head office and facilities with a single tap of a mobile phone on a contactless reader.