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May 11, 2015updated 04 Apr 2017 4:03pm

Vodafone launches its mobile money service M-Pesa in Albania

Vodafone has launched its mobile money service M-PESA in Albania with an initial investment of more than EUR3m.

By Verdict Staff

Vodafone has launched its mobile money service M-PESA in Albania with an initial investment of more than EUR3m.

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The service, which targets aims to target the unbanked and under-banked population, is based on a system of payments and store of value system accessible through mobile phones.

With this service, customers need not require a bank account or any direct relationship with a bank to gain access to money transfer and payment services.

The service will ensure that all transactions are authorised and recorded using SMS and are capped at a maximum value stipulated in the legislation in force for money laundering prevention and Know Your Customer (KYC) requirements.

The M-Pesa account is a PIN-protected secure electronic wallet that offers a 24/7 service, by delivering the speed and convenience to make remote payments and cash retrieval at any time.

Vodafone M-PESA features benefits such as instant access to own money at Agents and when transferred and paid in mobile wallet, cheaper solution as well as accessibility.

Also, customers can register for the new service at all 145 shops and outlets in Albania for free of charge.

Vodafone Albania CEO Dietlof Mare said: "From now on, thanks to M-PESA Service, people living in Albania and especially in rural areas, with or even without bank account will be able to have access to financial services only by using their mobile phones.

"Our strategic goal is to capitalize on Vodafone Albania large mobile telephony services penetration in the country that once again assures and strengthens the role of technology in facilitating economic and financial development of the country."

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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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