Traditional methods of sending money require the recipient to have a bank account or to queue in a bank branch. Cash by Code cardless technology provides a solution to this problem, allowing people to send money to their families, friends, partners and suppliers via the ATM network.

Cash by Code is easy to use. The sender initiates the transaction, using whichever channels his bank supports (such as mobile or internet banking, or ATMs). The system will send one code to him, and a second code to the recipient’s phone. The sender tells the recipient the first code and the recipient then types in both codes, together with his mobile phone number, at any participating ATM. The ATM dispenses the cash; nothing else is needed.

As a security precaution, the codes are only valid for a set period of time. After this period has lapsed, the recipient will be unable to withdraw the funds and the money will be reimbursed to the sender’s account. The money can of course be sent again.

The Cash by Code service extends the reach of financial services, using pre-existing financial infrastructure. Commenting on the launch Murat Ozulku, Chief Executive Officer of EMP Africa, said: “EMP is focused on bringing financial technology to the unbanked and the underbanked people of Africa and the Middle East. This latest offering is not only easy to use; it is secure and operates in real-time.”