Technology

Benefits of Cross Border Mobile Money Remittance Service

Eight months after the first mobile money cross border remittance service was launched in West Africa by MTN and Airtel between Ivory Coast and Burkina Faso, another one is already live between Ivory Coast and Benin Republic.
But, what are the Advantages of Cross Border Mobile Money Remittance Service to the customers of the telecom companies spearheading this service?
9 Merits of Cross Border Mobile Money Remittance Service
1. To allow telecom customers conveniently transfer money between themselves across the border…mobile money beyond borders.
MTN Group Chief Commercial Officer, Pieter Verkade, said during the first launch in April that, “MTN has reached a great level of adoption of mobile money in Ivory Coast, and Airtel has done the same in Burkina Faso. With a sizeable community of Burkinabe working in Ivory Coast and sending money back to their home country, the partnership will greatly enhance the Mobile Money service for customers in both countries.”
2. To reduce the high fees involved in moving money between telecom subscribers residing in both countries where such service is available.
3. To limit the usage of informal channels in moving and withdrawing money.
4. To bring the two network customers close in order to limit the proximity problem they faced.
5. To eliminate the pains associated with remitting funds.
6. For financial money transfer protection, that is for the security of those wishing to transfer funds to their loved ones resident in either of the two countries.
“…to eliminate current pains associated with remitting funds between both countries while offering best-in-class security that protects the sweats of hard working Burkinabe that want to remit funds back home to their loved ones,” Airtel Africa Group Director for Airtel Money said.
7. Cross border mobile money service remittance service is a method of  increasing financial inclusion via mobile technologies.
8. To revolutionize cross border mobile money transfer in a non-expensive and easy way.
9. Not just to connect families and loved ones, but to also smoothen the progress of trade and business understanding and partnerships on a regional scale.
CEO of MTN Ivory Coast, Wim Vanhelleputte had said, “The ability to transfer money easily and cheaply between Burkina Faso and Ivory Coast is already revolutionising the lives of many of our customers. As with the Burkina service, the Benin corridor will not only connect families, but also facilitate trade and business partnerships on a regional scale.”
MTN Unites Ivory Coast/Benin Through Cross-Border Mobile Money Remittance Service
You’re right if you call it a mobile money bilateral relationship between Ivory Coast and Benin Republic,  that’s because telecom giant, MTN, has given the two countries financial movement of money through its new innovation, mobile money cross-border remittance service.

In April 2014, MTN and Bharti Airtel announced the first cross border remittance service partnership in West Africa, a service that allows customers of both networks to transfer money between Ivory Coast and Burkina Faso.

HumanIPO quoted MTN Group Chief Commercial Officer Mr. Piete Verkade as saying, “The launch of this new corridor is an important part of our mobile financial services strategy. The new service will take advantage of the extensive distribution network of MTN Mobile Money in both countries, and reduce the cost of sending and receiving money for our customers.”

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