Mahindra Comviva powers Iraq’s first mobile money service

Asiacell has launched Iraq’s first mobile money service, branded as AsiaHawala.

Powered by mobile financial and mobility solutions provider Mahindra Comviva, AsiaHawala offers consumers with a mobile stored valued account for conducting a wide range of financial transactions quickly and efficiently. It provides customers a full range of integrated financial services on mobile like P2P transfer, bill payments, merchant payments, salary payment and recharge service.

Currently, AsiaHawala uses USSD – a channel available across all types of mobile devices - but will soon add new access channels. The service is available to 10.6 million Asiacell customers, covering almost 28% of the total Iraqi population.

To open an AsiaHawala account, customers must visit AsiaHawala agents and register for the service. Consumers can then deposit cash into their account and use it for all their daily transactions in the form of electronic money. Furthermore, consumers can easily withdraw money from their account any time by visiting any of the network’s agents.

Zring Faruk, CEO of AsiaHawala, commented: "AsiaHawala is focused on improving people’s lives and positively contribute towards the economy by accelerating financial inclusion and economic development. We also trust that our customers across the country will find it easy, fast and a more convenient means of making financial transaction, transferring funds internally and internationally in later stages.”

Srinivas Nidugondi, Senior Vice President & Head of Mobile Financial Solutions at Mahindra Comviva, said: “As mobile phones become more functional, mobile money will clearly emerge as the financial solution for the unbanked. With only 11% of Iraqi adults holding bank accounts, AsiaHawala will help to accelerate the financial inclusion in Iraq providing simple, convenient and affordable means to make financial transactions.”

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