02 September 2015

Bank of Namibia authorises mobile-only bank

03 September 2010  |  5821 views  |  0 iPhone on top of Keyboard

The central Bank of Namibia has authorised the establishment of a new mobile-only bank to be operated by local m-payments outfit MobiCash.

The new MobiCash bank is being targetted at the rural unbanked population. Users of the service will have to open an account and deposit a cash balance at a network of local agents and stores. The cash account is registered on the user's phone and can be used to make person-to-person, utility and merchant payments.

In granting the license, the Bank of Namibia says the extensive costs of establishing branch networks obstructs the penetration and reach of conventional banks into remote areas.

"In view of these challenges, the Bank of Namibia regards this initiative as a truly innovative solution towards promoting financial inclusion to cover the unbanked and under banked population in Namibia," says the bank in a statement.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

05 July, 2010
28 June, 2010
18 May, 2010
30 April, 2010
29 March, 2010
16 February, 2010
16 February, 2010
30 July, 2009
24 April, 2009
08 April, 2009

Related company news

 

Top topics

Most viewed Most shared
Third of Brits expect day-to-day mobile pa...
7237 views comments | 36 tweets | 14 linkedin
SunGard system glitch causes havoc for BNY...
7182 views comments | 14 tweets | 12 linkedin
Kenya's NIC Bank links to Twitter and What...
6288 views comments | 27 tweets | 17 linkedin
Payments UK sets out vision for 'world cla...
6234 views comments | 17 tweets | 10 linkedin
HSBC glitch leaves thousands of customers...
5810 views comments | 13 tweets | 7 linkedin

Featured job

Max £55k
London

Find your next job