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In a global industry of 219 mobile money service providers in 84 countries touching over 200 million people, it was the first time two competing mobile operators have united to provide seamless and convenient solution for the benefit of customers and the economy.
“Globally we haven’t seen such a cooperation to date as everyone competes. Dialog and Etisalat have set an example to the world by putting competition secondary and fostering financial inclusion as primary. This is lacking on a global scale,” the industry’s international group GSM Association’s Mobile Money Expert Gerald Rasugu said yesterday in Colombo.
“The world will be looking at this new path taken by Sri Lanka’s Dialog and Etisalat and replicate it in their home markets,” said Rasugu, who hailed the Central Bank’s progressive move in fostering financial inclusion by lifting barriers.
The first-of-its-kind move will see a combined subscriber base of 12.7 million (or over 60% of country’s population) between Dialog and Etisalat enjoying seamless and convenient mobile money service that lets them deposit, send or receive money and pay utility bills, insurance premia and other transactions.
This is across 16,000 eZ Cash merchants via their mobile handsets.
“This is great achievement in the interest of customers and the economy. In effect nearly 13 million Sri Lankans can transact electronically,” said Dialog Axiata Group CEO and Director Dr. Hans Wijayasuriya at the media launch of the joint initiative. He thanked Etisalat for having confidence in the eZy Cash platform which was launched in 2012 by Dialog. To date Dialog has invested over $ 3 million in the eZ Cash system.
He said at no extra cost to subscribers all mobile operators were invited to join the pioneering mobile money platform which was approved under the Central Bank payments and settlements system. Talks between Dialog and Etisalat had originated last year. Dialog said the system can be expanded to accommodate all. The only two other mobile operators at large are Airtel and Hutch as Mobitel has launched its own version – mCash.
Dr. Wijayasuriya also hailed the Central Bank and Telecommunications Regulatory Commission for espousing mobile commerce via progressive a policy environment which is world class. He also commended the pioneering spirit of HNB, the custodian bank, and Deutsche Bank, the trustee bank, as well as KPMG which profiles customers for eZ Cash.
With around 1.3 million subscribers the mobile money platform in 2013 had handled Rs. 6 billion worth of transactions and this year it has swelled to Rs. 700 million per month. It covers over 16,000 merchants and 2,000 partners.
For Etisalat or any other operator, joining eZ Cash provides savings on capital and operational expenditure and reach as well as financial benefits from transactional fees.
Etisalat Lanka’s Acting CEO Wail Salman however said more than the cost, saving in time and the overall benefits to its customers were the main reasons for joining the eZ Cash system. Etisalat has over four million subscribers.
“At Etisalat we believe in empowering the consumer, and a platform like eZ Cash fulfils that promise. This is a very momentous occasion for the industry and to all Sri Lankan mobile users,” said Salman.
“This initiative is proof of our relentless commitment to Sri Lanka and our customers,” he added.
