International mobile money transfer outfit VoiceCash Group has started offering banking services after being granted a European licence.
The VoiceCash service, which is offered as a white-label system to mobile operators, banks and others, currently lets users transfer funds in real-time via their handsets using SMS and voice biometrics callback functionality.
Now the firm is aiming to broaden its services and reach, targeting the multi-billion dollar remittance market, through VoiceCash Bank, which is registered in Malta and supervised by the Maltese regulatory authorities.
Michael Krame, CEO, VoiceCash, says: "There are millions of people that have a mobile phone but don´t have a bank account. VoiceCash Bank is connecting individuals and domestic mobile payment initiatives via a mobile financial services roaming. VoiceCash Bank is the first of its kind, a pure mobile transaction bank."
One of the new services planned by VoiceCash Bank is a salary card aimed at migrant workers dependent on pre-paid cards in the Middle East. As many of these do not have bank accounts in their host countries, their wages have to be paid in cash or by some form of pre-paid card. The firm says its service will make it easier and cheaper to transfer money home with their mobile phones.
The new bank is headed by Josef Leckel, formerly director of operations for Western Union Financial Services in Central and Eastern Europe, who says: "VoiceCash Bank gives us the opportunity to be a single source of all financial services for mobile operators and its customers."