Mobile Monday Presentation - Introduction to Mobile Financial Services

Jennifer Ong

Marketing Manager, Mobile Financial Services

26 May 2014

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Mobile money is different from mobile banking – the two can co-exist

Mobile Banking Mobile Money

§  Is a service designed for the underserved. It enables them to open an account with smaller transaction limits and with lowered costs that they can access through any phone and through an agent network.

§  Typically involves a telecom operator and a bank working together.

§  Is a service enabling existing bank customers to access their bank accounts.

§  Is typically run by a bank that releases a smartphone based application that enable its customers to access their bank account using their smartphone.

Path Towards

Financial Inclusion

Customers Premium

For Convenience

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Mobile Money provides access to financial services for the underserved

§ Mobile Money is addressed to those who can’t afford a bank account and/or who live too far from a bank branch.

§ Mobile Money leverages on the phones and on the footprint of telecom operators to provide access to financial services to millions of customers.

§  It is a sustainable, scalable approach to providing safe, convenient and affordable financial services to the unbanked.

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Ooredoo mMoney Will Benefit The Population Enormously

§ Security – Secure transactions through the phone and at trained agents.

§ Safety – Customers authentication process in line with the KYC regulation and vetted by Ooredoo’s partner bank – CB Bank.

§ Convenience – Simple to use and easy to grasp, customers can start using mobile money to store and transfer their funds securely.

The launch of Mobile Money by Ooredoo will accelerate the availability of affordable financial services for the Underserved

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Financial services offered usually start with basic services and develop into more complex services as market matures

Domestic remittance

Airtime top-up

Bill payment

Salary disbursement

International remittance

Open loop cards

Credit

Savings

Insurance

Basic services More advanced services

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Two different types of models exist for mobile money

Over the counter Mobile wallet

Description:

•  Customers have no wallets on

their phones

•  Transactions are performed by

agents on behalf of the customer

•  Customers have wallets on their

phones that stores eMoney

•  Customers perform transactions

themselves

Agents’ function:

•  Perform transaction (e.g. money

transfer, bill payment, etc)

•  Allow customers to cash-in and

cash-out

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Conclusion

What does mobile money mean for Myanmar?