Ingenico (Euronext: FR0000125346 ‐ ING), leading worldwide provider of payment solutions, today announced the launching of a Money Transfer solution in partnership with eMoney Solutions, specialized in the implementation of Vertical market's solutions, allowing under and unbanked population to access to financial services.
This solution was born from both companies' commitment to bridge the gap between their cutting edge electronic transaction technology, and the great difficulty that most individuals in Africa face on a daily basis to carry out simple money transfers.
Ingenico provided its wireless iWL220/250 terminal, a pocket-sized payment device with GPRS network capability to deliver faultless 24/7 communications and slash operational costs, to the Post Offices and Post Office-approved merchants throughout seven African countries: Benin, the Ivory Coast, Burkina Faso, Cameroon, the Congo, Niger, Guinea... and was an instant success. This solution will be deployed in more African countries in the coming months.
Hervé Tairou, Director of eMoney, stated "We are thrilled to have partnered with Ingenico to make this money transfer service available to workers in Africa, who have until now lacked an affordable, secure and fast means to send part of their earnings to families back home."
The transaction model is simple, fast and flexible. It is based on immediate compensation: the agent enters the beneficiary's name which generates a secret transaction code, sent by SMS to activate the transaction. The merchant may accept cash remittances which are credited to his own account, then immediately debited as soon as the transaction is activated. The funds are made instantly available in any approved transfer point. The end-users thereby access easily to fast "anywhere, anytime" money solutions and also benefits of reduced commission rates with no obligation to credit their own account.
For the Post Offices and merchants, this future-proof solution represents an added revenue-generating, as well as a cost effective and also a fast and reliable service to provide to its customers.