The banking service fever is contaminating mobile phones

After Telma’s M Vola or Mobile Money, Orange launched its own electronic banking service. Orange Money has been publicly presented during the Madagascar’s international trade fair. Both corporations are straining to fill in the gaps. With Zain, money transfer service looks like postal order.  

Partnership with the public corporation Paositra Malagasy is besides enhancing the allegation. The single technical gadget is a message warning the user that someone somewhere has sent him money. Postal papers are making place for SMS text messages.  

Some voices would argue that Zain only modernized the postal system. Orange Madagascar is trying to emulate by signing Partnership with Paositra Malagasy. The French giant’s branch is, however, moving further ahead when proposing money transfer services. Agencies and Orange  selling points are turning into trading points for individuals.  

The BMOI Bank is Orange’s new project financial partner. The interest is the new Orange Money account as well as the cash credit at mobile phone range. It is presented as an alternative for whoever has no bank account.  

Attention, the electronic banking through mobile phone is not fully taking over from the classical banking service for so much. This service is dedicated to small size trade freely accepted by sellers. Wages and loans are excluded from the process.  

The new system has its advantages, namely the removal of paper money, which somehow finds it hard to get through in the Malagasy daily trade habits. The electronic banking through mobile phone is meant to make trading operations more secure by the use of a code. The operators grasped the danger undergone by long distance travelers with large amounts of cash in a simple bag.  

Telma’s M Vola supported by the BFV-SG bank is seemingly the best of all three contenders. Apart from the Telma Shops, the basic historical operator sets up a network of distributing machines in order to near customers further more. An M Vola account can be created with merely 100 ariary with a maximum 10 millions of ariary. The service is opened to unsubscribed recipients as well as to customers subscribed to competitors.  

Advertisements are failing, no, forgetting to report that the money transfer services through mobile phones is in no way free. However, they remain very much cheap compared with classical banking services. The M Vola service is deducting 3000 ariary per transfer of one million of ariary to a subscribed user, and 6000 ariary for the same service to a non subscribed user. The trade’s top amount is restricted to 5 millions of ariary, its maximum volume per month is 40 millions of ariary.