Angola: Launch of a new mobile payment service by the BAI

Dec 12, 2014

A new mobile payment service was launched on Wednesday (10 December) in Angola by the Angolan Investment Bank (BAI).

It allows customers to transfer funds and make payments for goods or services via mobile phone.

According to ANGOP, all transactions going through e-Kwanza BAI will be secured by a PIN code.

The launch comes just weeks after the Millennium Angola Bank launched a new similar service, called "Paga Fácil", which allows customers to access their accounts and perform transactions via the Internet and mobile phone.

With less than a quarter of the population using banking services, the need for innovative banking offerings that can reach unbanked populations is increasing.

About 75 percent of Angolan banks already have an internet banking service. The percentage of adults with access to formal banking services increased from 13.5 per cent in 2011 to 22 per cent in 2012 as the bank network expanded and publicity campaigns had an effect.ADNFCR-2976-ID-801765589-ADNFCR