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Business News of Tuesday, 16 March 2010

Source: GNA

Zain Ghana introduces Zap mobile money service

Accra, March 16, GNA - Zain Ghana, a mobile telecommunication provider in Middle East and Africa, has introduced Zap service to enable subscribers and corporate institutions to send and receive money nation-wide.

Zap is a mobile banking and payment platform that enables Zain subscribers in "Zap-enabled countries" to use their mobile phone to withdraw cash or pay for goods and services, school fees electricity and water bills and bills of other utilities.

The award winning service has helped to improve business transactions in some African countries, including Tanzania, Kenya, Uganda, Malawi, Niger and Sierra Leone.

Launching the service in Accra on Tuesday, Mr. Philip Sowah, Country Manager of Zain Ghana said, a survey indicated that 80 per cent of Ghana's work force was not saving at the bank and was keeping at unsafe places at home.

He said such individuals also undertook cash-based transactions that posed security threat adding "It is as a result of this that this service is being introduced to provide a convenient mode of formal banking transactions."

Mr. Sowah said that subscribers who registered with the service, would have an account on their mobile phone as well as a stored account on the Zain system with the state-of-the-art security application.

He said the service would assist business organisations send money to their clients in remote areas in the country.

"We at Zain aim at creating a cashless society where Zap service would be used to make direct purchases instead of actual exchange of money and improve the living standards of our subscribers.

"The positive economic and social effects on the community we serve would be abundant with the introduction of this service", Mr. Sowah said. He explained that the service would be managed through Zain accredited agents and banks including United Bank of Africa, Standard Chartered Bank and Ecobank.

Mr. Sowah said the company would soon improve on the service to enable individuals in other countries to send and receive money from their relatives in Ghana.

"We have started with the regulations and other policy development and after clearance the service would commence," he said.