Tuesday 19 October 2010

Mobile Money Transfer Service - Vodafone


In March 2007, Safaricom, which is part owned by Vodafone and the leading mobile communication provider in Kenya, launched a mobile payment solution developed by Vodafone.[36] M-PESA is aimed at mobile customers who do not have a bank account, typically because they do not have access to a bank or their income is insufficient to justify a bank account. The M-PESA system allows customers to deposit and withdraw cash via local agents, and transfer money to other mobile phone users via SMS. By February 2008, the M-PESA money transfer system in Kenya had gained 1.6 million customers[37] and Vodafone announced that it was to extend the service to Afghanistan.[38] The service here was launched on the Roshan network under the brand M-Paisa with a different focus to the Kenyan service. M-Paisa was targeted as a vehicle for microfinance institutions' (MFI) loan disbursements and repayments, alongside business to business applications such as salary disbursement. Afghanistan launch was followed in April 2008 by the announcement of further a further launch of M-PESA in Tanzania. As an operator of money transmission services, Vodafone became subject to anti-money laundering regulation and in July 2008, it was revealed that it had deployed a sanctions and PEP (Politically Exposed Persons) screening solution fromDatanomic for weekly screening of 2.5 million customers in Tanzania.[39] The screening service was to be rolled out to Afghanistan, Kenya, India and Datanomic disclosed that the solution might be used to screen all of Vodafone's 300 million customers globally.

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