BANCOBU unveils mobile banking service
Consumers in Burundi are being offered the opportunity to manage their finances via their mobile phones.Consumers in Burundi are being offered the opportunity to manage their finances via their mobile phones.
The Burundi Commercial Bank (BANCOBU) has this week unveiled Mobicash in collaboration with telecommunications specialist ONATEL.
Prosper Nyankiye, spokesman for BANCOBU, believes this will enable mobile phone users across the nation to transfer and withdraw money at a time that suits them, Xinhua reports.
In addition, he stated that the service will allow people to pay bills via their handset in "total security", as well as "do business with traders".
This could potentially open up financial services to a much larger number of people in Burundi, as just 3.7 per cent of people in the country who are aged 18 or above engage with firms in the industry at the moment.
A BANCOBU official added that the launch of Mobicash will "revolutionise" how people in Burundi transfer money.
The service was unveiled on Tuesday 14th August.