Econet investigated over EcoCash auto-registration
Zimbabwe’s financial regulator the Reserve Bank of Zimbabwe (RBZ) is reportedly investigating allegations that domestic telecoms provider Econet is automatically registering subscribers to its EcoCash mobile money service, local news agency TechZim reports. According to unnamed sources, by auto-registering clients to EcoCash, Econet is allegedly in violation of certain provisions of the Money Laundering and Proceeds of Crime Act, including parts of the regulation which deal with customer identification requirements. The RBZ has declined to comment on the matter, TechZim adds.
VeriFone to bring mobile money to Nigeria’s Teasy Mobile
VeriFone Mobile Money has been selected by Teasy Mobile in Nigeria to widen mobile money services. VeriFone Mobile Money is a joint venture between VeriFone Inc. and Mobilis Networks Limited to drive the adoption of mobile money and wallet solutions globally.
The company will deploy its retail enablement solution integrating the mobile wallet, banking, and telecommunication provider networks with the point-of-sale. Teasy will work closely with local industry players to roll out VeriFone contactless POS devices as part of the solution.
The solution will enable Teasy to deploy mobile POS (mPOS) and biometric solutions, which will allow the use of biometric data for secure user identification and authentication, aligning with recent Central Bank of Nigeria (CBN) policies around know your customer (“KYC”) and financial inclusion.
Chris Jones, CEO of VeriFone Mobile Money, stated, “working with Teasy Mobile is an exciting opportunity for VeriFone Mobile Money. Nigeria is a rapidly advancing and sophisticated mobile money market, and there are many mobile wallet providers already in the Nigerian market. With Teasy Mobile, VeriFone Mobile Money will be offering a market first in Nigeria delivering Teasy customers frictionless, fast and secure transactions at the agents’ point of sale utilizing a combination of biometrics and near field communications (NFC) devices including Mobile and Card.”
“Our solution has proven to increase wallet adoption in developed and emerging markets,” said Jones.
Musa Ali Baba of Teasy stated, “We are very excited with the market opportunity this solution will bring us. We believe that, while the market is growing quickly for mobile wallets, we will be able to roll out a mixture of point of sale and mobile wallet technology, thus capturing all points at which the customer will transact. VeriFone Mobile Money has provided a very advanced, yet easy-to-use solution to Teasy that will add value to the Nigeria Cashless Vision and allow for alternative and easier ways to make payments benefiting Nigeria and the industry as a whole, and we are very excited to enter into this partnership.”
VeriFone Mobile Money will be building upon Teasy’s existing capabilities and providing a range of new services into the Nigerian market.