No account needed

The lack of widespread technological infrastructure has led to other innovations in the banking sector, too. For example, South African bank Absa has won several international awards for its CashSend service, which allows customers to transfer cash from their own account to anyone in the country, even if they don’t have a bank card or account. The sender uses Internet or mobile banking or an Absa ATM to create a six-digit access code, which they provide to the recipient. Once the transaction has been confirmed, the CashSend system will send a unique 10-digit PIN to the recipient’s cellphone. They simply enter this PIN into any Absa ATM to instantly receive the transferred cash.

A different approach to money transfer services is typified by the Tembo Card offered by CRDB Bank in Tanzania, which is designed to take the place of both cash and checks. It consists of a plastic card embedded with a microchip that can be programmed to facilitate different functions. A Tembo Card can operate as a credit or debit card or as an e-wallet, and users (who don’t need to have an account with CRDB) can top it up at ATMs, in the bank’s branches or at point-of-sale devices in shops. Using an electronic banking system in this way makes payments faster, safer and cheaper, helping to eliminate fraud and corruption.
 

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