Digital payments and remittances services TimesofMoney has launched its mobile money product ‘Movit’ in Ethiopia, in partnership with Ethiopia’s United Bank S.C. The product will allow branchless banking for United Bank S.C’s customers, enable them usage of its ‘agent banking facilities’ and let them create and use virtual wallets.
The agent service introduced by United Bank, called Hi-bir Agent Banking Service, will let the bank’s customers transact at any gas station, supermarket, small shop etc., through United Bank agents, according to this Ethiopian Herald report. This service, which was also developed by TimesofMoney, will help make transactions easier for customers, while providing a commission to the agent.
Movit basically provides a secure account through which users can send money and make payments from their mobile phones. This is integrated into various customizable mobile payment solutions TimesofMoney builds for banks, telcos and other financial institutions. The platform supports mobile wallet features, merchant/government payments, agent panels and international remittances. These features are provided as modules, that can be integrated as per client requirements.
Movit also claims to factor in various global and local AML, KYC and other compliance requirements to provide these services. The platform is also device and channel agnostic: it will work on smartphones, feature phones, desktops, applications, mobile web etc., without compatibility problems. Its not clear however, how many of these features United Bank is currently employing.
Other than Movit, TimesofMoney offers ‘payce’, a remittance service, ‘billmart’, a bill payment platform to process online and recurring payments for service providers, and ‘linkUP’, a platform that helps banks offer payment gateway services to online merchants and ecommerce portals. TimesofMoney also offers various merchant solutions like direcpay, an ecommerce gateway, and related services like direcpay insights and direcpay shield. It also offers consumer solutions for money transfers into India and money transfers to international locations from India, as well as various services for NRIs.
TimesOfMoney used to be a wholly owned subsidiary of BCCL, but was later acquired by Network International in November 2012 for an undisclosed amount. BCCL had said then that it would continue to remain a minority shareholder in the company, with board representation. As of now, TimesOfMoney partners with various banks including Bank of India, HDFC, IDBI, ING Vysya, Deutsche Bank, DTB and Federal Bank for its services.