MTN reportedly has initiated a money transfer service code named mobile money transfer.

The Chief Commercial Officer, Erik van Veen, said the new product was still at the pilot stage involving 200 customers. “The product has been undergoing testing since October. We will introduce it officially after further tests to guarantee security, reliability and accessibility to the majority of the people,” he said.

Kenya’s Safaricom has a similar service. Further Erik explained that, to use this service, one’s sim card has to be upgraded; one can open an account of up to sh1m from MTN agents and send it to recipients, who will also receive from an agent all over the country within minutes. The telecom firm was cleared by the central bank to before it started tests, he added.

Source: wirelessfederation.com