The Republic of Botswana’s First National Bank has launched a mobile wallet for its customers in the African country, a spokesperson for the bank tells PaymentsSource.
The service launched in December in a limited rollout but has since expanded to include all customers signed up for mobile banking and who have a savings account with the bank, he says.
The service enables users to transfer funds to other mobile-phone users within the country through ATM access only, the spokesperson says, noting funds cannot be sent between and into accounts directly, just into the mobile wallet.
Users dial a dedicated number to access a text message-based menu, where they would select “send money” to transfer funds. They then would choose the receiver’s mobile number, enter the amount and confirm the transaction. The bank then sends the recipient a text message confirming the transaction.
The recipient must dial the same dedicated phone number to access the mobile wallet, create a five-digit PIN for the wallet, and select the option to receive an ATM PIN, the spokesperson explains. The bank then sends the receiver a text message with the ATM PIN.
When at a First National ATM, the recipient selects the Wallet services option on the machine, then enters his mobile-phone number and the ATM PIN to withdraw the amount of cash he wants from the mobile wallet.
A customer may send no more than 1,000 Pula (US$152 or 105 euros) to the mobile wallet per day, the spokesperson says.
To load the mobile wallet, users may only transfer funds from their savings account, and they may not use credit cards to load the value, he says. The service is free, though mobile-operator charges may apply.
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