Alfia
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  • MONEY TRANSFER: moving money from one place to the other in order to pay for goods and services or to send to relatives at distant places. The system was used in the “Gang world” hence lacked credibilty. Was not accepted by the public THIS aroused a need to devise a better means of sending as the old system was quite good but lackedcredibilty.
  • E-ZWICH- the most commendable efffort by bank of Ghana that allows users to pay for goods and services and access their accounts online Three Telecom companies in Ghana namely MTN.Zain now Airtel and Tigo have partnered with various financial institutions to provide the service
  • 80% of the Ghanaian population are unbanked 55%of the population use moblie phones Mobile money transfer bridges the gap by allowin the greater un banked to handle transactions without need for a bank account.
  • AFRIC XPRESS WAS THE FIRST TO INTRODUCE THIS ELECTRONIC PAYMENT SYSTEM IN GHANA. MTN FOLLOWED SUIT THEN ZAIN AND THEN TIGO

Transcript

  • 1.
    • Presented By
    • Alfia
    • Ashfak Ahmed
    • Anil Kumar
    • Arun Kumar
  • 2. INTRODUCTION & OVERVIEW
    • What is money transfer?
    • How was money transferred before?
    • The challenges with the old system
    • The need for a better money transfer system
  • 3. TRENDS IN MONEY TRANSFER
    • Wire transfer
    • Bank Draft
    • Internet Money Transfer services
    • Money orders through a Third Party Provider
  • 4.
  • 5. THE QUEST FOR A CASHLESS SOCIETY
    • integration of Mobile Technology with the large unbanked population
    • The partnership of Telecommunication companies and financial institutions.
  • 6. MOBILE PHONE AS A BUSINESS TOOL
    • The unbanked population
    • The greater majority cell phone users
    • In 1947 the tele-density in the country was 0.47 per cent which increased to 4.7 per cent in 1997 in fifty years. But after that within 14 years, the tele-density has now reached 70 per cent.
    • Bridging the gap between the “unbanked” and mobile phone users
  • 7.
  • 8. WHAT’S IN IT FOR US?
  • 9. MERITS OF THE MOBILE MONEY TRANSFER SERVICE
    • Fast and secure transfer
    • Reduction Cost of doing business
    • Use of service
    • No need for a bank account
    • convenience
  • 10. MOBILE MONEY SERVICE PROVIDER TELECOM COMPANY
  • 11. MOBILE MONEY FRAUD MANAGEMENT SOLUTION
      • Transactions pattern control
      • Profile changes control and alarms
      • Event location alarms
      • Transaction volume alarms
      • Transaction value alarms
      • Transaction origin and destination alarms
      • Compromised point and customers hotlists
      • Cash forwarding alarms
      • Other relevant validations
  • 12. MOBILE MONEY SERVICE PROVIDER FINANCIAL INSTITUTION
  • 13. INDIA POST LAUNCHES MOBILE MONEY TRANSFER SERVICE
    • The service will be operated by DoP with technological support from BSNL.
    • service has been launched between Punjab and Bihar Postal Circles.
    • Procedure for sending and receiving the money.
  • 14. CHALLENGES
    • sensitization
    • Attitude to change
    • Accessibility of the service
  • 15. THE WAY FORWARD
    • Increasing outlets of partner institutions into the rural areas
    • Recruiting more Dealers/ Agents merchants/vendors
    • Public education
  • 16. C ONCLUSION “ mobile money transfer services has the potential to positively impact the Indian society. It is about time we embrace the system so as to enjoy a stress free environment for handling financial transactions and increase productivity on the whole” .
  • 17. THANK YOU