What is mobile money?
Mobile money is an efficient cash management system. It is fast, convenient, and grants you access to your bank account anytime, anywhere no matter where you are. Instead of using, cash, debit - or credit cards, mobile money is used to make a range of transactions. These transactions include; payments, transferring of money into different banking accounts, EFT’s and in some cases, purchases. Transactions are made via a mobile device with a mobile number. The mobile number serves as the ‘account number’ of the mobile money.
Is mobile money safe?
When banking on your mobile, it is important to know that there are a few things to be aware of when it comes to security. There are scammers who pose as banks and ask for private banking details in order to access your account. Any request made via SMS asking for an account number, PIN number or even ID number is most of the time fraudulent requests. Your mobile money provider already has all your details and will never ask for any personal banking details via SMS or cellphone.
Dangers of mobile money
4 Dangers of mobile money and how to avoid them:
- The risk is automatically increased when you lose your phone - most mobile money users do not password protect their phones, and even if you do password protect your phone, you are still at risk due to auto-saving. For optimal security, always select the ‘no’ option when asked to save any password or information.
- Wireless networks are hackers’ playground - to make this as simple as possible, try not to make use of public wireless networks. These are the places hackers hang out.
- Old, unused phones can save information - this can happen without you even knowing. Always delete apps and internet history before selling or throwing away your phone.
- Applications can be deceiving - just because an app is in your play store does not mean it has been approved by Google or apple or any other network.
Mobile money vs internet banking
While the purpose of both facilities are the same, the functions differ quite a bit. Mobile banking can be operated with SMS through a simple GPRS signal and works through a registered mobile number. Internet banking can only be used via the internet. However, both is used to transfer funds, upload airtime and make payments.
How to apply for mobile banking
All banks have different ways of becoming a mobile money user, but all banks have made it quick, easy and convenient. Some banks do not even require you to go into the bank to register. If you already have a debit card/account with a bank, almost all the time the ATM grants the option of registering right there.
Mobile money FAQ’s and answers
Is the mobile money account number and PIN the same as my SIM card?
Not necessarily. A lot of banks create unique account numbers for your mobile money transactions. Your PIN number is yours to choose and yours to keep safe.
Can I do mobile money transfers via internet?
Yes, transactions through mobile banking can be made via the internet and can sometimes be quicker and safer when using the internet.
What can I do now that I have mobile money?
- Manage your money safely without having to go to the bank.
- Send and receive money
- Buy prepaid airtime for yourself or other users.
- Transfer money to different accounts within your main bank account.