MANILA, Philippines - Smart Communications and G-Xchange Inc. will join some of the world’s leading telecommunications firms that will share their expertise and experience on the business of mobile money transfer in the first Mobile Money Awards in Dubai this October.
The other leading mobile money players are Etisalat, Safaricom, Vodafone, and Orange-France Telecom.
Mobile money transfer utilizes mobile phones as an electronic wallet to bring cash not only to any user but also to the unbanked, unreachable and underprivileged.
“Mobile money is still in its relative infancy but the industry is evolving rapidly, both in terms of the technology being developed and the breadth of services on offer. The impact that mobile money is having on the lives of end users around the world is quite incredible,” said Steven Clarke, Mobile Money Transfer (MMT) Global director. “Until now there has not been any formal industry standard that recognizes the consummate MMT entrepreneur and service provider and we hope that the MMT Awards will do exactly that!”
Mobile money has been extremely valuable in emerging and developing nations. In the Philippines, it brought cash to places where there are no bank branches or to individuals without bank accounts. It has likewise reduced to cost of sending remittances of overseas Filipinos to beneficiaries in the Philippines.
The MMT Awards will be given to the industry’s top operators in the following categories: Best MMT launch of the year; Achievement in financial inclusion; Best bank led MMT program; Best operator led MMT program; Most inventive marketing campaign; and, Best IMT program.
There will also be a special award acknowledging outstanding individual contribution to mobile money development.
Kenya, Philippines and Tanzania are jointly viewed as the true early adopters of branchless banking.
Kenya alone accounts for over two million mobile money transactions per day. Tanzania now has over one million M-Pesa users. The beauty of M-Pesa is not only does it solve traditional payment problems for rural users but it also enables low cost micro-finance transactions. (Pesa is swahili for money).
Smart and Globe have emerged as telecom leaders in mobile.
Their SIM-based solutions are secure, pervasive and really easy to use.