Mozambican financial institution Carteira Móvel has launched the country’s first phone-banking service known as mKesh.
It allows customers to send, deposit and receive money via their mobile phones and is expected to increase financial activity in the country, where there are few bank branches outside the cities. It will allow customers living in remote regions to make bank transactions over their mobile phones.
The new Mozambique mobile banking system is similar to M-Kesho in Kenya, which started operating in 2010 to allow deposits, withdrawals and payments over mobile phones. It was developed out of the 2007 M-Pesa, a mobile phone based money transfer system used initially only for payment of mobile phone bills.
Carteira Móvel is 70 per cent-owned by state mobile telecom company Moçambique Celular (mCel) and 30 per cent-owned by the state's stake-holding company Instituto de Gestão das Participações do Estado (IGEPE).
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