“All Albanian unbanked mobile users will use and benefit from Vodafone Albania mobile payment solution being able to send money to their friends and family, pay bills, buy airtime, in a safe, fast, affordable way, anywhere, any place in Albania,” Vodafone says
TIRANA, April 20 – Leading Vodafone Albania operator says it has finally obtained its long-awaited electronic money service licence from Albania’s central bank and will soon launch its M-Pesa mobile payment service.
“All Albanian unbanked mobile users will use and benefit from Vodafone Albania mobile payment solution being able to send money to their friends and family, pay bills, buy airtime, in a safe, fast, affordable way, anywhere, any place in Albania,” the company said in a statement.
Dietlof Mare, Vodafone Albania’s CEO, says the company’s challenge after two and a half years of continuous work in adopting and structuring the platform is to make M-Pesa work for Albania.
“People will now be able to store and send money from anywhere in the world to loved ones, people in need wherever they might find themselves in the country in a safe and affordable way. We strive to use technology and innovation to change lives and to make the world a better place. M-Pesa is one of those unique solutions that is making that difference in the world. Our challenge now is to make it work for Albania,” he said.
The M-Pesa service specifically targets Albania’s unbanked population by offering a cost efficient opportunity, also allow customers to access financial services close to where they live and work and by addressing two major hurdles to financial inclusion such as lack of proximity and high costs. The launch of the service is also expected to have a positive impact on employment and informality and the country’s GDP.
“The service will lower the informality level in the Albanian financial system and economy and also reduce use of informal channels to send money.”
With an investment of about 3 million euros, Vodafone M-Pesa will be available to every mobile user in Albania regardless of the mobile device or mobile network they use. This mobile payments system developed by Vodafone is compatible with any mobile device enabling customers to have an electronic money account on their phones through which they will be able to store, transfer and receive money from national and international networks, pay accounts and buy airtime, wherever they are at the most affordable rates not linked to any minimum denomination, faster, cheaper and safer than any existing methods in the Albanian market.
Vodafone Albania is the second in Europe to offer such service, following Romania in April 2014, placing Albania among the countries that have launched M-PESA extensively and successfully, reaching more than 17 million customers spread over 4 continents.
In the M-Pesa service, customers register for the service at an authorised agent, often this is a small mobile phone store or retailer, and then deposit cash in exchange for electronic money which they can send to their family or friends. “Once they have registered, all transactions are completed securely by entering a PIN number and both parties receive an SMS confirming the amount that has been transferred. The recipient, who does not have to use the same network, receives the electronic money in real-time and then redeems it for cash by visiting another agent.”
Vodafone Albania, part of UK-based Vodafone Group is the leading mobile operator in Albania with a market share of around 50 percent in terms of subscribers and income. Vodafone, which has been present in Albania since 2011, was the first operator to introduce the 3G service offering faster mobile internet and has also recently obtained a licence to launch 4G service.
