Mozambique launches electronic banking system via mobile phone

5 September 2011

Maputo, Mozambique, 5 Sept – The mKesh service, run by Carteira Móvel, Mozambique’s new financial institution, aims to be another tool to increase the use of banking services in the Mozambican economy, said the deputy governor of the Bank of Mozambique, António Pinto de Abreu.

Speaking at the ceremony to launch the company, the deputy governor said that Carteira Móvel (Mobile Wallet) also aimed to make the use of tools for electronic payment, as an alternative to cash, available to the masses.

mKesh is the first mobile financial services solution in Mozambique, which makes it possible to send, deposit and receive money, in an easy and safe way, by using a mobile phone.

Carteira Móvel is 70 percent-owned by state mobile telecom Moçambique Celular (mCel) and 30 percent by state holding company Instituto de Gestão das Participações do Estado (Igepe).

António Pinto de Abreu also said that, “with this venture, our expectation is that financial intermediation will be expanded to the farthest outposts, thus ensuring the inclusion of more Mozambicans in the formal economy and in the financial system.” (macauhub)