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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Phone banking service launched in Africa, Mideast AFP - Monday, March 16 PARIS (AFP) - - South African mobile phone operator MTN on Monday said it was launching a banking service on mobile phones in 21 African and Middle East countries where access to traditional banks is poor. ADVERTISEMENT "We have launched this service in South Africa in 2005," Dare Okoudjou of MTN's mobile phone banking department told AFP. "But it wasn't a full bank account with the mobile phone at the primary access, it was very focused on key basic services, such as money transfer," he said of the South African service. Now MTN is planning to offer a fully-fledged bank account on mobile phones called MTN MobileMoney which will allow users to pay for purchases or check balances. A credit card will be optional. MTN calls the service "a convenient, secure and affordable way for MTN subscribers to send money, buy airtime and pay bills using their cellphone". The service will be extended to the other 20 countries where MTN operates including Uganda, Nigeria, Cameroon and Ivory Coast which have a combined 90 million mobile phone users. MTN said it signed a 9.7-million-dollar (7.5-million-euro) deal with Fundamo, a South African-based specialist provider of enterprise mobile financial services software. British mobile phone giant Vodafone and France's Orange are already active in the market. "In Benin, banking penetration is about one percent of the population, compared to 1,5 million telecom lines," or 18 percent of the total population, said Okoudjou, hinting at a potentially lucrative market segment for the mobile banking service. In the Middle East banks are more widespread and the new service could be complementary. According to a recent study by telecom analyst firm Berg Insight the service could be potentially used by 913 million people by 2014, against 20 million today. The Gobal System of Mobile Communications (GSM) association, which represents the interests of the worldwide mobile communications industry in more than 200 countries, in February launched 20 mobile phone banking services in Asia, Africa and South America. It has said that these services had a market potential of five billion dollars by 2012. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Personal Technology Phone banking service launched in Africa, MideastAFP - Monday, March 16 Battery breakthrough promises phone, car revolutionAFP - Thursday, March 12 Nokia launches 3 music phonesReuters - Thursday, March 12 Sony, NBC ink content deal for PlayStationReuters - Wednesday, March 11 Related Articles: Technology Phone banking service launched in Africa, MideastAFP - Monday, March 16 Record cases of 'cybersquatting' in 2008: UNAFP - Monday, March 16 Facebook fun goes mobile with iPhone applicationsAFP - Sunday, March 15 Journalism evolving, not dying: science authorAFP - Sunday, March 15 Web founder warns against website snoopingReuters - Sunday, March 15 Enlarge Photo File photo shows Saudi men walking past a cellular phone shop in Riyadh. South African mobile phone operator MTN on Monday said it was launching a banking service on mobile phones in 21 African and Middle East countries where access to traditional banks is poor. Related Photos Slideshow Full Photo Coverage: Personal Technology Related Full Coverage Personal Technology Mobile phones & personal gadgets All Full Coverage Most Popular – Technology Viewed Arrest warrant issued for Lindsay Lohan Bailed-out AIG plans bonuses worth millions: report For sale: nagging wife, very high maintenance World Bank warns of "very dangerous" year ahead Twin boys for Charlie Sheen and wife View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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