Mahindra Comviva, the global leader in mobile financial and mobility solutions, today announced that its mobiquity® Money has powered AsiaHawala, Iraq’s first mobile money service. AsiaHawala offers consumers with a mobile stored valued account for conducting a wide range of financial transactions quickly and efficiently.
It provides customers a full range of integrated financial services on mobile like P2P Transfer, bill payments, merchant payments, salary payment and recharge service.
Currently, AsiaHawala is using USSD that is available across all types of mobile devices and will soon be adding new access channels.
AsiaHawala is available to 10.6 million Asiacell customers which covers almost 28% of the total Iraqi population. To open an AsiaHawala account, Asiacell customers need to visit AsiaHawala agents and register for the service. Consumers can then deposit cash into AsiaHawala account and use it for all their daily transactions in the form of electronic money.
Further, consumers can easily withdraw money from their account any time by visiting any AsiaHawala agents.
Zring Faruk, CEO, AsiaHawala comments: “We are delighted to launch the first mobile money services in partnership with Mahindra Comviva that aims to transform the way people in Iraq transact and make payments. AsiaHawala is focused on improving people’s lives and positively contribute towards the economy by accelerating financial inclusion and economic development. We also trust that our customers across the country will find it easy, fast and a more convenient means of making financial transaction, transferring funds internally and internationally in later stages.”
Speaking at the launch, Srinivas Nidugondi, Senior Vice President & Head of Mobile Financial Solutions at Mahindra Comviva says: “As mobile phones become more functional, mobile money will clearly emerge as the financial solution for the unbanked. With only 11% of Iraqi adults holding bank accounts, AsiaHawala will help to accelerate the financial inclusion in Iraq providing simple, convenient and affordable means to make financial transactions. AsiaHawala powered by our mobiquity® Money is equipped to provide seamless and secure financial services on mobile.”
mobiquity® Money delivers a host of mobile money services that transforms the way consumers save, borrow, transfer and spend money. It is designed to seamlessly integrate consumer touch points with a wide ecosystem of banks, billers, merchants and third-party payment systems, creating a convergence powered by interoperability.
Apart from delivering convenience to consumers, the solution enables financial service providers to acquire new customers, create long-term loyalty with existing ones, and seize new revenue opportunities to increase their footprint in the market. mobiquity® Money empowers financial service providers to be agile in their markets, with complete focus on the customers. mobiquity® Money has clocked 65 deployments in more than 45 countries. It powers three of the top 10 deployments globally and processes 200 million transactions every month amounting to $4 billion.