Company to Launch Mobile Payment System for Zimbabwe’s diaspora
Zimbabweans in the Diaspora are set to benefit from the country's first mobile payment system to be launched next month by local firm Mikemusa (Pvt) Ltd. The mobile money transfer/payment service is an electronic money transfer system that utilises existing mobile telecommunications networks.
Mikemusa Ltd's mobile payment system uses the Near Sound Data Transfer technology (NSDT) to securely sign the transactions using the sender or recipient's mobile phone. NSDT uses the audio channel of a mobile phone to transmit encrypted transactional data used to make secure transactions, and it works with any mobile or telecom operator and there are no downloads or modifications required on the phones.
In an interview with the Herald Business, Mikemusa Ltd business service manager Ms Caroline Mapanzure explained how the system operates. "Zimbabweans living abroad can access our services through our website. During sign up a prepaid mobile wallet account is automatically created for them. They can then load funds onto their account through direct bank to bank online payment (suitable for customers with online banking facilities) or direct bank cash deposit.
"To send funds customers will simply enter the recipient's name and phone number, the amount to be sent, and pick a secret pass-code for the recipient. Senders can also enter a personalised text message that will be automatically sent to the recipient's phone along with the transfer confirmation.
"In Zimbabwe, the recipient goes to the cash-out point where they are asked to provide their identification card and pass-code.
"The recipient can withdraw all or a portion of the funds they received using their cell phone for secure authentication. The recipient will then present to our pay out partners NMB Bank who will process payout of remitted funds using our m-cash 1 600 terminal, or online terminal," she said.
Other benefits of the mobile transfer system include affordable remittance charges, enhanced security, and easy accessibility, especially for customers that are rural-based.
The company indicated that it has run tests for the system on the UK-Zimbabwe corridor since August 2009, as well as in other African countries such as Ghana and Guinea-Bissau. Mikemusa Ltd also said that it will be playing a greater role in social development projects.