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MOBILE MONEY TRANSFER MODEL INCORPORATING VARIOUS MNO’s


The advent of m-pesa as the pioneer mobile-money transfer method back in 2007 was quite phenomenal. There has been tremendous growth in ever sense; from agents to services, transactions as well as its influence on competition from other mobile network operators.
Over the past three years, many users (both the banked and the un-banked) have embraced the mobile money transfer services and the number still grows exponentially day by day.
Currently the actual process in the mobile money transfer is in such a way that:
For m-pesa (Mobile money transfer offered by Safaricom) – A user has to go to an agent to have cash deposited into their Mpesa account. Once they give their authentication details i.e. phone number, id, the agent will initiate the deposit and the user will receive a confirmation message.
Consequently the user can then authenticate themselves to the Mpesa system to send money to others in the same network at a fee. (Both sending and receiving of cash is charged. The amount varies according to how much money is transacted)
For Zap (mobile money transfer by Zain) the process is almost similar to that in Mpesa. However, Zap can be credited to having pioneered the idea of having the mobile money transfer service connecting to bank account and hence, enabling users to access money in their bank account directly from their convenience of their mobile phones.