Bharti Airtel has launched its Airtel Money service in Chad, which will allow its customers in the country to carry out financial transactions from their mobile phones
The mobile commerce product was the outcome of a collaboration between the telecommunications company, Airtel Chad, and African bank Ecobank Transnational Incorporated (ETI).
A valid form of identification will be necessary to register for the service and a personal password will be required in order to complete each transaction. The service will permit subscribers to transfer money from their phones safely and securely.
Airtel Chad chief executive officer Salia Gbane announced, "This service allows customers to send money to their relatives, pay essential bills, such as electricity and water, tuition fees, bookings, and even buy groceries without having to carry cash. The phone essentially becomes an electronic wallet.
"This partnership clearly demonstrates the revolutionary role that mobile communications can play in improving the living conditions of the communities that we serve," Gbane added.
According to Airtel Chad, the majority of the population in developing countries rely on expensive and unreliable channels of financial transactions, because formal financial services are only a viable option for a minority.
Consequently, the popularity of mobile money services, such as Airtel Money, is expected to grow considerably across the continent due to a predicted growing confidence in the service.
Recent studies have suggested that the total worth of all mobile money transfers in Africa will exceed US$200 billion by 2015.
