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MOBILE MONEY: The Mobile Money revolution to store, send and receive money

MOBILE MONEY has been a truly transformative development in the financial world – quite literally changing peoples’ lives for the better. How? By giving thousands in Africa and other countries access to money accounts on their mobile phones.

Many of the previously “unbanked” (those with no access to bank accounts) can now store, send and receive money on their phones. They can pay bills, school fees and rent - without ever having to touch cash. It’s big news. And yet there are still many questions around how Mobile Money works, how to access it and where it’s available.

Answers from the expert

To help answer our questions we went to an expert, Alix Murphy, Director of Mobile Partnerships at WorldRemit. What Alix doesn’t know about Mobile Money really isn’t worth knowing.

Alix starts by telling us exactly what Mobile Money is;

“Mobile Money is a basic financial service, available on a mobile phone, primarily on a SIM card. You can take a mobile phone, add money, send money to another person and pay bills like electricity and water.’

Mobile banking or Mobile Money

One big area of misunderstanding is what the difference between mobile banking and Mobile Money is. Alix clearly explains that mobile banking is just another way to access your existing bank account. Mobile Money on the other hand is a separate account that doesn’t require a bank account behind it. For everyone’s peace of mind she reassures just how safe the service is. Because as with most financial services, it’s a highly regulated business.

The importance of Mobile Money

So the big question really is why is this service so important to people living abroad? Alix paints the picture. “People living abroad often are asked to send money home to support family members. Getting that money home can be quite challenging. It often requires going down to an agent and handing over cash....but with Mobile Money, it’s a digital transaction for instant money.”

So that’s obviously so much faster and more convenient. What’s more, Mobile Money is available to 32 services in 24 countries. But that’s growing all the time. So watch this space.

To find out more about Mobile Money, visit the worldremit.com website.

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