Tirana, May 5, 2015
Vodafone M-Pesa - mobile money service that has transformed the lives of millions of people launched in Albania
- Electronic Money Institution Vodafone M-Pesa sh.p.k. is the first company in the market to introduce mobile money and set standards for this by leveraging mobile technology to extend access to financial services for large segments of unbanked people in Albania.
- The M-Pesa business model on which Vodafone M-Pesa is based is suitable for countries with cash driven transaction culture like that in Albania.
- The solution that this company offers is expected to have a positive impact on improving the financial environment by increasing financial transparency of money circulation on internal money flows
Vodafone M-PESA, the mobile payment solution that has transformed the lives of millions of people in many markets is launched today by Vodafone in Albania. This is announced during a Press Conference attended by high level representatives of the Albanian Government, Business Representative and Media, including, Minister of Innovation Milena Harito, Governor of Bank of Albania Genti Sejko, UK Ambassador Nicholas Cannon etc.
With an initial investment of more than 3 million Euros in Albania, Vodafone M-PESA is one of the most successful mobile payment solutions in the world that ranks Albania among the countries that have launched M-PESA service extensively and successfully, reaching more than 17 million customers spread over 4 continents benefiting of M-PESA Services.
Vodafone M-PESA is based on a system of payments and store of value system to be accessible through mobile phones, targeting mainly the unbanked and under-banked population. A fundamental feature of M-PESA Service is that customers do not need to have a bank account or any direct relationship with a bank to gain access to money transfer and payment services. Customer registration in all 145 shops and outlets is free of charge.
All transactions are authorized and recorded in real time using SMS, and are capped at a maximum value stipulated in the legislation in force for Money laundering Prevention and respective Know Your Customer (KYC) requirements. M-PESA account is very secure, PIN-protected, and supported with a 24/7 service, by offering speed and convenience to make remote payments and cash retrieval at any time.
In his statement, the Chief Executive Officer of Vodafone Albania – the mother company of Vodafone M-Pesa shpk – Mr. Dietlof Mare said:
“As a leader in the electronic communications sector, I am very pleased to launch another first service in Albanian market, Vodafone M-PESA, a secure electronic wallet that enables all customers to deposit money and do payments through any kind of mobile phones at any time and any place and at affordable rates. From now on, thanks to M-PESA Service, people living in Albania and especially in rural areas, with or even without bank account will be able to have access to financial services only by using their mobile phones. Our strategic goal is to capitalize on Vodafone Albania large mobile telephony services penetration in the country that once again assures and strengthens the role of technology in facilitating economic and financial development of the country”.
Benefits for customers:
- Security – M-PESA account is an electronic wallet, very secure and PIN-protected
- Convenience: potential to make remote payment, easier cash retrieval or sending in rural (avoiding trip to urban and dependence of third parties, less dependence on working hours of banks or post offices)
- Speed: instant access to own money when transferred and paid in mobile wallet, instant access to money at Agents.
- Accessibility- there is no need for the M-Pesa customer to have a computer or a sophisticated handset to use any handset can handle the M-Pesa Service. It is sufficient to have a mobile phone, which is not necessarily a smart phone.
- Affordability: cheaper solution compared with existing methods of transfer.
For further information:
About Vodafone Albania
Vodafone Albania Sh.A. is part of Vodafone Group Plc, a global telecommunications leader that operates in more than 30 countries in the world and is partner with other networks in over 40 countries. Vodafone Albania introduced its services in Albanian market in August 2001 through one of the fastest global network rollouts, building on the experience of Vodafone networks all over the world. Vodafone Albania is the first operator that introduced the 3G technology in Albania in January 2011. Currently Vodafone covers 99% of population with its 3G network and soon will start offering 4G technology to all Vodafone customers.
About Vodafone M-PESA
Electronic Money Institution Vodafone M-Pesa shpk is the company established by Vodafone Albania Sh.A., which owns 100% of the shares of the company. Vodafone M-Pesa sh.p.k. is registered with the National Registration Center on 27 March 2013, having the unique identification number (NUIS) L31527001N. The company is licensed from the Bank of Albania as an Electronic Money Institution as per the license No. 31 dated 25.03.2015. Vodafone M-Pesa services are officially launched in the Albanian market on 5 May 2015.