Phone operator Moov develops its mobile banking services and transfer by allowing its subscribers to send money now (maximum 500,000 CFA francs) in Benin, Côte d'Ivoire and Niger.
This service called 'Flooz' was already available since September 2013, but only for payments made in Togo.
'Flooz', contraction of the term 'flouze' which means money, loot money functions as a virtual wallet. Users via their mobile phone can deposit money, pay for their purchases, make transfers, withdraw cash and check their balances online.
Mobile banking is growing very fast in Africa due to the very low rate of banking but also the spectacular number of subscribers to mobile telephony.
This is a key growth driver for operators and Moov as others have understood.
The penetration rates already achieved and increased competition lead to a slowdown in growth rates. Moov Togo seeks to build customer loyalty gained, particularly by diversifying the services provided as permitted by the constantly improving technology.Payment by mobile phone is an ideal growth drivers.
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