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News 2009-01-29 MTN Banking targets the unbanked BY CANDICE JONES , ITWEB TELECOMS EDITOR, 29 January 2009 MTN Banking – a division of the mobile operator's business – is piloting a new domestic money transfer system which the company says will eventually target extreme rural areas. The solution, MobileMoney, is being piloted from 14 MTN outlets across the country and will enable cash transfers without the use of a bank account. Standard Bank works in association with MTN Banking and has been involved in the venture. Several other local businesses have seen the value of the unbanked population, which is estimated to consist of around 49% of the South African population. Absa last year launched its own service, CashSend, which allows customers to electronically transfer funds from an Absa ATM, self-service kiosk, mobile or Internet banking, to either a banked, or unbanked person. MTN Banking's business development executive, Dave Parratt, says the solution from MTN will differ from those already available, because it will not require any physical infrastructure, but rather a network of rural distributors which already exists. “We want to approach the last kilometre, which deals with those in areas where no banking infrastructure exists. We already have distributors selling airtime in those areas and will use the community payphone environment to boost the system.” According to Parratt, the system is extremely basic, allowing an MTN customer to approach any MTN branch and hand over cash to an agent. The agent then provides the customer with a code, which is sent to the recipient of the cash. The recipient will need to approach the branches to receive the money; however, Parratt says the solution will be broadened to include the “on foot” distributors selling airtime in the rural areas. The pilot will not restrict the service to MTN customers. According to the company, outlets running the pilot are: the Kosi Bay Supatrade Spar; Langa Spar, in Flagstaff; the Spargs outlets in Umtata, Ncogbo, Mount Frere and Idutywa; and Multisave Baragwaneth. MTN already has a non-urban footprint and its community payphone network could also provide a base from which to extend the reach of its money transfer system. |
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