Mobile Money

Software provider CR2 has urged the Banking sector to open itself for cooperation with the telecommunications companies or outrightly compete with them in the mobile money space.

CR2, an Irish vendor, stated that with recent tech developments, it is no longer fashionable to shut them out of the services.

Advertise With Us

The solution provider just won the award of ‘Excellence in Channel Banking Software Solutions’ at the Nigeria edition of New Age Banking Summit 2018.

Chief commercial officer of CR2, Kieran Kilcullen, said that in Ethiopia, a financial institution, Dashen Bank launched a mobile wallet, Amole, which offers mobile subscribers digital payment capability and access to aggregated digital products and services from retailers, the entertainment industry, airtime dealers, bill payment points, Airlines, social media players and third-party service providers.

Kilcullen said that such competition cum cooperation with telcos has helped the bank trigger the growth of e-commerce in Ethiopia and promote financial inclusion across the country by ensuring a majority of the population in the country are roped into the financial inclusion net using technology.

He promised that his company will encourage the transfer of technology between his company and software companies in Nigeria to ensure that the local software developers also survive in the market.

“We do not have the policy of dropping the box from the helicopter in any environment we are playing. We align with the locals in terms of research and development to help them do away with legacy systems and practices,” he said.