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Mobile
Money, SelfBank and The 2008 Initiative
Bringing the bank to the
un-banked poor with mobile banking
On May 14 and 15, in Cairo, Egypt, over 400 senior executives from
financial services institutions, mobile network operators, development
organizations, solutions vendors and regulatory and policy makers
gathered, their mission, how to bring banks to the close to 5
billion people around the world have little or no access to banks.
Conventional banks have traditionally looked at the poor masses with
disdain. They do not want them near their lush, pristine halls and
these have also learned from years of neglect to look at the banks from
a distance. But all that is about to change! The poor do not
need to go to the bank, the bank is about to be brought to them through
Mobile Money or Self baking.
Playing
the technology card
I read a book years ago, by a renowned futurist Daniel Burrus and in
his book Technotrend, he stated that once a technology card is dealt,
it will be played. Mobile Money or Mobile Banking and MCommerce are two
sides of the same technology card. The card has been dealt and will be
played, not just because it works, but because it makes sense and have
huge potentials.
Mobile
Banking is 8 years old
Mobile Money or Self Banking has been in the works for 8 years. It was
not until 2007 that it has recorded any significant leap. The Internet
was also slow in development, but once the component technologies that
powered it began to integrate seamlessly, the growth of the Internet
was phenomenal. The same can be said to be the case with Mobile Money,
MCommerce and Self Banking. For Mobile Money or Self Banking to work,
different parties and technologies will have to work together- the
Mobile Network Operators, MNOs, the financial institutions, the policy
makers, the vendors and all, will have to talk to and understand each
other.
Developing
nations embrace Mobile Money
Oddly enough, Mobile Banking has found more love in less and developing
economies than in the more advanced economies like the US. Some of the
leading early adopter countries include South Africa, Kenya, Brazil,
Ivory Coast and some EU member countries. Operating out of Canada,
SelfBank Mobile has created a platform that gives anyone with a WAP
enabled mobile device such a cell phone or PDA the ability to become
their own bank and the best part is that the service is free. SelfBank
Mobile has dealt a technology card and from the look of it all, it will
be played. The question is at what level will you be involved? The
question is not whether you will be involved, the question is how. The
future clearly is MCommerce and Mobile banking and SelfBank Mobile is
providing the frame work for all that to happen.
You
can be involved
There are two ways you can get involved. You can just be a user or you
can be a user and also a provider. SelfBank Mobile gives you the
opportunity to do either or both. Choose wisely. To help you along,
there is a sign up bonus that is credited to your account on completion
of the sign up process.
Security
concern
One of the major concerns that people have about Mobile banking and
Mobile Money is security and you may also be wondering about the same. The
issue of safety and data integrity is a valid and important
one. SelfBank Mobile uses enhanced digital security
authentication and processing to protect user information and
transaction details. Also developers are at work, find new ways to make
Mobile Banking experience safer.
What
can you use SelfBank Mobile Account for
Use your
selfbank mobile account to send and receive money,
Use your selfbank mobile account to buy like you would ordinarily do
with your debit card, except you can do that on the go.
Use your
SelfBank Mobile Merchant account for payroll purposes,
Use your selfbank mobile Merchant account to accept M-Commerce payments
Use it to
raise fund for your favorite charity.
These are just a few of the things you can do with your SelfBank Moble
User or Merchant account.
Finally, here is a mind boggling statistic "The GSMA forecasts that the 'formal' global remittance market
could be grown from around US$230 billion today to over US$1 trillion
in five years with the help of mobile services". Thnk about that!
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