Firm bids for mobile money licence
AJOINT venture local company, Smartel Money Limited, has applied for a licence to provide mobile money payment services with the Central Bank of Lesotho (CBL).
Smartel Money Limited Managing Director, Nchai Nchai, recently told the Business Journal that the company was registered last year and seeks to provide mobile money payment, savings, credit and transfer services.
Mr Nchai said if the CBL were to grant them an operating licence, their products would be available on a mobile app, mobile portal, website, and SMS dialling regardless of the network provider.
He said the Maseru industrial area-based firm had already been given a green light by the Lesotho Communications Authority which regulates information technology services.
“When you look at the internet banking services available at the moment, it is very expensive to just log in and check one’s balance,” said Mr Nchai.
“Also, most of the mobile money services are not user friendly. So our aim is to simplify life for our clients with different products.
“We aim to provide our services to individuals, institutions, organisations, multi-industry sectors and governments with a cutting edge, fresh and innovative financial management system in this ever changing world.”
Among the services they intend to provide are My Wallet, for money transfers between in- dividuals or customers to businesses. Another, called Enterprise Resource Planning (ERP) caters for businesses that transact large volumes of cash.
The Smartel Money Point of Sale system would be operated on a desktop or laptop computer.
He said their target customers would consist of banked and unbanked people and societies, the insurance and retail sectors as well as utility services providers.
For its part, the CBL said it was still reviewing Smartel Money Limited’s license application.
“Kindly be informed that the CBL is aware that Smartel has applied for a license to issue mobile money, and their application is still under consideration,” said the CBL’s Public Relations Manager Ephraim Moremoholo.
CBl public relations Manager ephraim Moremoholo.