The Angolan Investment Bank (BAI) has introduced a new mobile payment service dubbed –Kwanza. The unveiling of this service was to enable Angolans to transfer money as well as buy goods service with ease from their phones.
The step that the bank has taken will ensure safety in handling money as BAI customers will have the luxury of sending money to friends and loved ones anywhere in the country and make payments on traders were registered on the Angolan Investment Bank server.
To register, customers will have to visit any BAI counter and their account will be activated through an Interactive Voice Server (IVR), apon confirmation the customers will receive instructions as to how to use the service through SMS.
The money transfer process and procedure will be managed by BAI agencies.The bank will be handling the security and compliance of all financial transactions. The bank is also looking into tapping into the the unbanked populations where it has roots and tap into it through the e-Kwanza platform. This is bound to increase the bank’s customer base as well as its revenues.
With e-Kwanza, BAI takes the lead on mobile operator in a market segment where they could increase their market share and income.