Mobile Money

is a technology that allows people to receive, store and spend money using a mobile phone. It is sometimes referred to as a ‘mobile wallet’ or by the name of a specific service such as mPaisa, E-topup, and many more. Each Mobile Money user has a unique account number – normally the same as their phone number. Using a special Mobile Money menu or app on their phone, users can transfer funds to another person or to pay a business such as a shop or restaurant. Users can also withdraw cash from their Mobile Money account at agent locations in their home country. Mobile Money is a popular alternative to both cash and banks because it is easy to use, secure and can be used wherever there is a mobile network.

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