Airtel,
one of the leading operators in Tanzania and Comviva , the global
leader in mobility solutions have emerged as the joint winners at
The RemTECH Awards 2018 in the “Remittance Synergies” category
for Airtel Money Domestic Mobile Money Interoperability service. The
award was presented on the 8th of
May during the Global Forum on Remittances, Investment and
Development (GFRID) event in Kuala Lumpur, Malaysia.
Airtel
partnered with Tigo in 2014 to launch Africa’s first interoperable
mobile money service. In 2016, the interoperability agreement was
extended to Vodacom. The resulting partnership allows mobile money
users in Tanzania to directly transfer money between Airtel Money,
Tigo Pesa, and Vodacom M-Pesa wallets making cross network mobile
money transactions easier for customers and providing cost savings to
mobile money providers.
On
the customer front, interoperable transactions are simpler, cost
effective and convenient than conventional off-net transactions,
where the recipient receives a voucher code for cash-out. In off-net
transaction the customer has to rush to the agent to cash-out within
a limited time period, otherwise the money is reverted to the sender.
In interoperable transaction funds remain digital. Customer receives
money in his mobile money wallet and can store money in the wallet as
long as they want, cashing-out, when needed, at their agents or using
money in digital form to pay billers and merchants or transferring
money to others.
In
an interoperable system, it becomes easier to receive or pay money,
incentivizing potential users who find value in using the system.
Interoperability helps mobile money providers to extend its reach
which enhances the value delivered to customers. With the money
available for digital use, no cash out is required, hence the sending
operator saves in paying out commissions. Similarly, the receiving
operator saves on cash-in commissions since the incoming remittance
is in digital format.
Speaking
on the win, Srinivas
Nidugondi, SVP and Head Mobile Financial Solutions at Comviva said,
“Interoperability between mobile money service providers is paving
the way for the overall health and sustenance of the mobile money
ecosystem. The win validates our role in mobile money services by
making it viable for operators and their customers through
interoperability. We hope to continue the good work and ensuring the
continuing growth and prosperity of the mobile money ecosystem.”
The
RemTECH Awards are developed by IMTC Conferences in partnership with
Mohr World Consulting to showcase the most innovative and outstanding
technological solutions designed to improve remittance services
worldwide. The RemTECH Awards celebrates the businesses,
organizations, collectives and individuals transforming remittances.
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