Redknee: our mobile money closes the gap between earner and recipient

Details: Category: Mobile Finance; 27 January 2009; 7501 views

Did you know that 40% of the world's population does not have a bank account, and yet more than 60% have access to a mobile phone? Redknee and its operator customers would like to brief delegates to Mobile World Congress 2009 on how mobile money services are bridging the crucial gap, and how these services will change the industry and the way people bank in 2009...

Did you know that 40% of the world's population does not have a bank account, and yet more than 60% have access to a mobile phone? Redknee and its operator customers would like to brief delegates to Mobile World Congress 2009 on how mobile money services are bridging the crucial gap, and how these services will change the industry and the way people bank in 2009.

The problem of "unbanked" populations may seem like a challenge for emerging and developing markets, in fact it is more wide spread than that. The US, for example, has a large unbanked population, mainly as a result of its migrant worker population. With over US$278 billion in transfers being sent over traditional means from industrialised countries to the world's emerging markets in 2007 alone, the potential for growth in mobile remittance services in mature markets cannot be overlooked. In developing continents such as Africa mobile money services are the only touchpoint between populations and their centres of banking and commerce.

Redknee can draw on its experience from projects such as the Kama Kawaida service that sees six networks operators over five nations join forces and enable a borderless network for their roaming networks to the deployment of mobile money services in East Africa that has seen the development of mobile money ecosystems where vendors, operators, financial institutions and regulatory bodies work together to enable financial services for their residents.

Redknee's mobile money strategy evolved out of its vision to monetise the value of airtime, while personalising the subscriber experience to meet mainstream, niche and individual market segment requirements. Redknee's revenue generating solutions provide advanced converged billing, rating, charging and policy for voice, messaging and new generation data services to over 70 network operators in over 50 countries.

Senior Redknee executives and a selection of their customers, including MTN, BTC, Safaricom, Vodacom and Uganda Telecom, will be available for consultation during MWC. Redknee's stand, Hall 1, 1E37, Fira de Barcelona, Montjuic will host hourly briefings on Monday 17th February, Tuesday 18th February and Wednesday 19th February, from 9am-5pm each day.