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Investment bank Banco Angolano de Investimentos (BAI) has launched e-Kwanza, a mobile money service that will allow users to make transfers and payments for goods and services across Angola

According to BAI, the mobile money service will allow customers to transfer money to family and friends anywhere in the country and make payments easily, quickly and securely.

Customers can register free at the BAI counter and activate their account via an Interactive Voice Server (IVR). The users will recieve confirmation that they have been registered through an SMS alert from the bank, added BAI.

A spokesperson from BAI said, “All physical currency processing in electronic money, and vice versa, will be guaranteed by the BAI agencies.

“BAI will handle the security and compliance of all financial transactions. In a country like Angola where the mobile banking rate is low, BAI decided to peck in the mobile market to expand its customer base and increase revenues.”

The investment bank noted that the banking sector in Angola has taken the lead in the mobile money service segment, rather than development being driven by the mobile network operators themselves.

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