Pontus Marine

Wednesday, November 5, 2014

Somaliland is ahead of much of Europe in transferring money via mobiles

  Somaliland is way ahead of much of Europe when it comes to transferring money via mobiles. Telesom of Somaliland  launched the Zaad  mobile money transfer system back in 2009. The system has been embraced by developing countries where few people have access to a bank account but many have a mobile phone.

Currently , transferring money with in Somaliland is mainly done via ZAAD mobile transfers provided that both ends have mobile phones. The majority of people in the country also purchase through ZAAD services. In addition to transfers and purchasing , ZAAD also offers  saving services to its clients .

Rachel Springall, spokeswoman for comparison website Moneyfacts, said: "Whilst this feature strives to be a secure service, customers need to ensure that they input the correct mobile number on outset and that they are careful when making transfers so as not to select the wrong amount.

"It will be interesting to see how other lenders react to this release, especially since the launch of mobile banking as a whole has met many customers day-to-day banking needs."
(Map : Countries as Named in Their Own Languages
- Credit of Mental Floss)



Cashless society?

Author of the brands and marketing blog Communities Dominate Brands, Tomi Ahonen says we are quickly moving towards a society that no longer has a need for money, and Turkey could be the first country to get there.

He wrote: "Visa said in 2011 that the future of payments is mobile. Yes, we've had cheques and plastic money in credit cards and bank debit cards, and contactless payments like Oyster and Octopus cards, and e-money like Paypal. But none of those killed cash."

He added: "Kenya, Somaliland, Estonia, South Korea and many other countries are in the race to be the first to eliminate cash and replace it with mobile money…. But the first country to give a definite date was Turkey, who said in 2011 that by 2025 Turkey will end the manufacturing of cash. Wow. After thousands of years of cash, we will live to see the end of cash, and Turkey may well become the first cash-less country in the world."
(Medeshi)
This article was published by Medeshi on June 3 2012 
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