By
Elisha Kamau
Chidi Okpala,
Head of Airtel Money, Airtel Africa making the announcement of the soon to be
launched Airtel Money cross border transfer across East Africa at the East
African Business Summit.
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The
pilot phase will kick off on November 1st, 2014 with the first phase
targeting – Kenya, Uganda, Tanzania and Rwanda. This follows an approval by
Central Banks of the Governments of Rwanda, Kenya, Tanzania and Uganda to
launch this initiative. The next phase of this initiative will roll out the
service to other Airtel operating countries within the next year.
Speaking
during the 2014 East African CEO Business Summit in Kigali, Rwanda, Chidi
Okpala, Director and Airtel Money Head noted: “This is a key milestone for
Airtel Money customers because a big virtual barrier has been removed and our
customers will be able to transact with ease, across national borders. The
service will extend convenience by way of cost efficiency and reach while
facilitating remittances and small trades within East Africa."
He
added: “This will not only increase mobile money penetration amongst countries
but will also create business opportunities. Mobile money remains a key element
in boosting financial inclusion in East Africa. This is also a confirmation of
the broader commitment of the Governments of Rwanda, Uganda, Kenya and Tanzania
in improving trade and commerce activities within the region.”
The
pilot project will also enable Bank of Africa (BOA) customers in Kenya and
Uganda to send and receive money across the two countries.
Airtel
Money is a secure and convenient mobile commerce service that allows customers
to transfer money between one mobile phone to the other across all networks,
top up mobile phone with airtime/data or another customer’s mobile phone. It
also allows customers to pay utility bills as well as buy goods and services
and withdraw cash at selected Automated Teller Machines (ATM)s.
According to the East
Africa Community, mobile commerce is gaining importance in the region for its
huge role in speeding up transactions – saving time and money for people and
businesses. The introduction of more sophisticated financial services, such as
credit, savings and insurance schemes through partnerships with financial-services
providers has positively changed the way businesses operate speeding up ley
elements of regional integration.
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