Andrew
Online Reporter
THE EXPANSION of mobile networks’ reach across the country has increased opportunities for collaboration between Mobile Network Operators (MNOs) and banks, and this can help ensure that financial services are availed to as many people as possible, a Cabinet Minister has said.
Speaking at commemorations of the World Consumer Rights Day, ICT, Postal and Courier Services Minister Dr Jenfan Muswere said the mobile payment facility could be leveraged to provide services across the country and the continent.
“Mobile payment is financially inclusive and offers potential for financial integration. The potential can be leveraged through appropriate regulations to enhance not only financial inclusion at national level but also cross-border financial integration.
“It is possible to take the growth of Mobile Banking and Digital Payment Services (MBDPS) beyond national borders and to enhance the platform for regional financial integration through Regional Real Time Gross Settlement Systems (RRTGSS) with a Mobile Switch, which would further help and enable landlocked small economies in the Tripartite Arrangement (SADC, COMESA, EACO) to benefit further from low-cost mobile money services across borders,” said Dr Muswere.
“Banks have developed mobile banking products, which give their bank account holding customers access to their bank account via the mobile phone.
“In this regard, MNOs enable the Banks to connect to the MNO’s USSD GW to facilitate the above process. In other words, Banks are also connected to the MNO through the MNO’s USSD GW for their Mobile Banking Applications.”
He added that the bank account penetration has not kept pace with the mobile money penetration rate with 25 000 mobile money agents registered to an estimated 500 Automated Teller Machines (ATMs) countrywide in 2014.
Online Reporter