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Mobile money goes live in Iraq with ‘Zain Cash’


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16562.jpg?width=400&height=300&crop=auto

Central Bank building one independent bodies according to the Iraqi Constitution .. Photographed by Mahmoud Raouf

 

Author: AB, ASJ, HH 
Editor: AB, HH 2015/12/31 15:51 Number of Views: 204 

 

 

Long-Presse / Baghdad

Approved the Central Bank of Iraq, Thursday, on the launch of the electronic payment service via the Zain mobile phone in a move that is the first of its kind in Iraq, and with Zain pointed out that the service will enable the joint of conversion and handed the money inside Iraq and pay the bills and fees, he confirmed that the service will be subject to to the control of the Iraqi Central Bank.

Zain said in a statement received (range Press) copy of it, "Zain Iraq leader in the field of mobile communications and data transfer Announces Service (Zain Cash) on its network and cooperation with Iraq, a portfolio company (Iraq Wallet) specialized in the provision of electronic financial services after officially obtaining a license from the Central Bank of Iraq to provide electronic payment services. "

The statement added, "The service (Zain Cash) registered in the joint service will enable the conversion of the received funds inside Iraq and across Zain Iraq network," returned the service, "the first of its kind in Iraq."

The statement stressed that "this service is important and sophisticated would do to use the mobile phone as Stholh to purse a stretcher," pointing out that "service will allow subscribers to conduct financial transactions such as sending and receiving money within Iraq, or refilling of telephone lines and pay the bills in the Zain network in any time and in a manner easy and quick. "

The statement pointed out, that "service that was designed by a specialized team and partners local and international is part of the technological development that accompany the post-third generation in Iraq, to ​​meet the common need and give it the freedom and opportunity to facilitate daily transactions wherever they are," noting that "the service provided a large amount of easy money and maintain a safe manner similar to other markets. "

The statement continued, "The company has created and trained many of the teams in customer service and agents and outlets center and many selling points (Zain Cash's new service), which will reach more than 21,000 points, according to plan in order to meet its customers with the service requirements," stressing that "Date the service will be free by going to the nearest authorized service center or call (* 210 #) and follow the instructions or send your (recording) a message to the number 2100 ".

The statement, that "(Zain Cash Service) will enable subscribers to pay bills Kovatir electricity, pay traffic fines easily fees", noting that "those authorities in the final stages of the application of these systems and services will open up new horizons." 

The statement stressed that "the new service will also enable companies to pay and salary transfers safely and effectively in Iraq," pointing out that "the service was declared to companies contracting with Zain Iraq and entities, and will be subject to regulations and international protocols safe".

The statement pointed out that "the service will be subject to the control of the Iraqi Central Bank, which defined operational and administrative organizational those services frameworks With the goal of the Iraqi Central Bank in the year for these laws and regulations in line with international standards, and strive to promote confidence in the economy through the creation of a safe environment healthy and competitive system available for all and this was confirmed by the Central Bank of Iraq on several occasions. "

The statement stressed that "(Zain Cash) will be subject to all procedures for safe financial transactions in all countries of the world, and give full safety of users and the ease with full remittance and received anywhere in Iraq and moments numbered, under the supervision of a specialized team and the coach."

And mobile payment is a way of various means of payment by money transfer by mobile phone or mobile wallet in general, and operate under the financial regulation and performance from or through a mobile device rather than pay cash.

The service enables the use of a mobile phone to pay for a wide range of services, digital or hard goods. Being the adoption of mobile payment in all over the world in different ways since 2008, it has been the deployment of payment solutions by mobile phone in developing countries as a means to expand financial services to the community.

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E- government

E- banking

E- payment

Getting ready to go international.!!

Go Iraq

Go CBI

Go dinar

Go international

Go increase exchange rate

Go $1:1

Go 2016

with you on that

tomorrow works for me

got the whole day open fyi Iraq

 

i am available

 

davis

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E- government

E- banking

E- payment

Getting ready to go international.!!

Go Iraq

Go CBI

Go dinar

Go international

Go increase exchange rate

Go $1:1

Go 2016

Right on LB!!!!!!! may 2016 be prosperous for us all.

Wishing you and your loved ones a healthy and Happy New year my friend.

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Wow this Zain Cash electronic system is fantastic.

 

It sounds very similar to a system that is sweeping the African Continent. The system that brings much needed banking and finance to the most rural towns and counties whose populations are to small to support a traditional " Bank Branch."  Towns and countries that none the less still need said services. Allowing a goat farmer to buy a simple yet sturdy solar panel to power the single light in a hut so their children can do their homework at night after chores and dinner. To expand their heard or diversify into chickens or pigs. Tiny local store owners can, for  tiny fee, re-load money onto cash cards electronically allowing local commerce to thrive. Lives can be comparatively dramatically changed with such a system.COLLECTIVELY they are kicking the butts of traditional banks by making money big time with the relatively low overhead of such a system. All electronically. The big banks are at a loss. They cannot afford to place branches in these tiny towns, but they like the percentages of profit this single African and now Iraqi company are/will be making. Potential for conflict me thinks. Oh my not another excuse for stupidity to turn something nice into a hot mess. I want to say 60 Minutes did the show on this matter. Or a 60 Minute type show.

 

Buy Zain Cash stock after researching it.

 

This might not work in the states, but mark my words this will go a long way in raising these countries out of their third world status.

 

Woo hoo, I am gonna follow this topic.

 

Happy Happy New Year to everyone. Go RV.

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12/31/2015 17:34
53757.jpg?width=400&crop=auto
 

 

BAGHDAD / Obelisk: approved by the Central Bank of Iraq, Thursday, on the launch of the electronic payment service via the Zain mobile phone in a move that is the first of its kind in Iraq, and with Zain pointed out that the service will enable the joint of conversion and handed the money inside Iraq and pay the bills and fees, confirmed that the service will be subject to the control of the Iraqi Central Bank.

Zain said in a statement, said that "Zain Iraq's leading mobile telecommunications company and the transfer of data announces service (Zain Cash) on its network and cooperation with Iraq, a portfolio company (Iraq Wallet) specialized in the provision of electronic financial services after officially receiving a license from the Central Bank Iraq to provide electronic payment services. "

The statement added, "The service (Zain Cash) registered in the joint service will enable the conversion of the received funds inside Iraq and across Zain Iraq network," returned the service, "the first of its kind in Iraq."

The statement stressed that "this service is important and sophisticated would do to use the mobile phone as Stholh to purse a stretcher," pointing out that "service will allow subscribers to conduct financial transactions such as sending and receiving money within Iraq, or refilling of telephone lines and pay the bills in the Zain network in any time and in a manner easy and quick. "

The statement pointed out, that "service that was designed by a specialized team and partners local and international is part of the technological development that accompany the post-third generation in Iraq, to ​​meet the common need and give it the freedom and opportunity to facilitate daily transactions wherever they are," noting that "the service provided a large amount of easy money and maintain a safe manner similar to other markets. "

The statement continued, "The company has created and trained many of the teams in customer service and agents and outlets center and many selling points (Zain Cash's new service), which will reach more than 21,000 points, according to plan in order to meet its customers with the service requirements," stressing that "Date the service will be free by going to the nearest authorized service center or call (* 210 #) and follow the instructions or send your (recording) a message to the number 2100 ".

The statement, that "(Zain Cash Service) will enable subscribers to pay bills Kovatir electricity, pay traffic fines easily fees", noting that "those authorities in the final stages of the application of these systems and services will open up new horizons."

The statement stressed that "the new service will also enable companies to pay and salary transfers safely and effectively in Iraq," pointing out that "the service was declared to companies contracting with Zain Iraq and entities, and will be subject to regulations and international protocols safe".

The statement pointed out that "the service will be subject to the control of the Iraqi Central Bank, which defined operational and administrative organizational those services frameworks With the goal of the Iraqi Central Bank in the year for these laws and regulations in line with international standards, and strive to promote confidence in the economy through the creation of a safe environment healthy and competitive system available for all and this was confirmed by the Central Bank of Iraq on several occasions. "

The statement stressed that "(Zain Cash) will be subject to all procedures for safe financial transactions in all countries of the world, and give full safety of users and the ease with full remittance and received anywhere in Iraq and moments numbered, under the supervision of a specialized team and the coach."

And mobile payment is a way of various means of payment by money transfer by mobile phone or mobile wallet in general, and operate under the financial regulation and performance from or through a mobile device rather than pay cash.

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  • 1 month later...
Zain-Cash.jpg

Mobile money goes live in Iraq with ‘Zain Cash’

eServGlobal is pleased to announce the commercial launch of mobile money services with Zain Iraq. The service was soft-launched in January and has already attracted strong interest.

The service is called ‘Zain Cash’ and is offered by Iraq Wallet, which is an authorised company from the Central Bank of Iraq (CBI).

Through Zain Cash, customers can have a mobile wallet linked to their SIM card, enabling customers to make financial transactions easily and at any time (Cash-In/ Cash-out, transfer money from wallet to another, recharge for prepaid account & bill payment for postpaid account).

Scott Gegenheimer, CEO, Zain Group, said, “We are embracing the opportunity to launch new services that improve the livelihoods of the communities we serve, and through eServGlobal’s solution, we will be able to offer life-enhancing mobile services and cement our position as a market leader in the mobile-money arena across our region.”

John Conoley, Exective Chairman, eServGlobal, said, “We are proud to be working with this innovation Operator Group as they roll out market-leading solutions across rapidly evolving markets. We look forward to continued collaboration with the Zain Group to launch mobile financial services across their operations.”

eServGlobal has a framework agreement with the Zain Group to provide an end-to-end mobile money and EVD (electronic voucher distribution for prepaid rechage) solutions across Zain Group’s operations.

Mobile money, mobile financial services, mobile recharge and distribution are key elements in the Zain Group strategy. Through innovative product design and marketing strategies, Zain aims to maximise the benefit of mobile money, electronic recharge and distribution, giving customers new alternatives to financial transactions and account recharge. Zain Group coverage extends to more than 45.6 million customers spanning Kuwait, Bahrain, Iraq, Jordan, Lebanon, Saudi Arabia, South Sudan and Sudan. Notably, in several of Zain’s markets, over 90% of the population does not have access to banking facilities.

Zain’s mobile commerce services have a transformational effect on unbanked populations as they open financial systems to formally excluded population segments. This kind of change is crucial in emerging markets where financial inclusion is key to economic development.

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Thanks, Yota, for bringing this and all the other great articles over!

:tiphat:
 
The article states, "Zain Group coverage extends to more than 45.6 million customers spanning Kuwait, Bahrain, Iraq, Jordan, Lebanon, Saudi Arabia, South Sudan and Sudan. Notably, in several of Zain’s markets, over 90% of the population does not have access to banking facilities.

Zain’s mobile commerce services have a transformational effect on unbanked populations as they open financial systems to formally excluded population segments. This kind of change is crucial in emerging markets where financial inclusion is key to economic development."

 

I kinda wonder if this is some kinda silver bullet to get the banking and financial transactions into the 21st century at the consumer level jump started for folks previously in the stone age.  Maybe the Iraqis will pull all their hard cash out of their mattresses (or wherever their stashes are) and get the amount loaded onto their SIM card for their mobile wallet?  This could be a significant way in which the CBI plans on getting most of the IQD notes off the street.  The SIM card mobile wallet would be much more convenient and safe than carrying around a load of IQD notes.  The CBI could say something like, "Convenient, Fast, and especially Secure is the most advanced way to control your finances and to make your purchases."

 

With all the other Zain customer countries noted in the article, it also kinda makes me wonder if the Zain eServGlobal is a stepping stone to transacting in foreign currencies when transacting in foreign countries.  Maybe hinting at making easier to revalue the IQD?  Here's hoping the IQD will revalue soon!

 

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