07 Jan 24
Mobile money is a financial service, provided by the Mobile Network Operators (Orange Botswana, Mascom Wireless, BTC) and supported by a network of authorised agents, that enables individuals to conduct financial transactions using their mobile phones.
With mobile money, users gain access to financial services such as:
saving money
sending and receiving money
making payments, such as swiping in shops and online payments
paying for airtime, internet/data bundles and BPC prepaid electricity
withdrawing cash at ATM's
paying utility bills (e.g Water utilities, Insurance companies)
Mobile Money, an ideal solution to modern financial problems
Why Everyone is Switching to Mobile Money: The Exploding Trend Explained !
Mobile money has been undergoing rapid growth, driven by improved access to technology and boosted by the Covid-19 pandemic, which forced people to turn to digital services as a safer transaction method than using cash. It has brought about a positive change to the economic life of Botswana residents who are now using it for a range of financial transactions, such as paying for goods in shops and sending money to loved ones.
The notable increase in the number of mobile money users prompted the Bank of Botswana to commence the regulation of mobile money services in 2020, through the implementation of the Electronic Payments Services Regulation.
Mobile money is now a popular alternative to bank accounts for many people around the country. Here are some of the reasons why:
Easy to get started: Registering an account and starting to use mobile money is an easy process with minimal requirements.
Simple and reliable to use: Mobile money is simple and easy to use all while providing a reliable and secure user experience.
Provides convenience: Mobile money allows people to make financial transactions using their mobile devices from anywhere at any time. This eliminates the need to carry cash or visit a physical bank.
Accessible to more people: Mobile money services are available to people in areas where access to traditional banking services is limited, such as in rural areas. To use mobile money, an internet connection is not required, in fact, all that is needed is a mobile device with the ability to receive a phone signal.
It is a great product!: Perhaps the main reason behind the popularity of mobile money is that it is a great product that simplifies your life. It provides a straightforward and effective solution to many modern financial problems. Tasks that once required hours of travel and waiting in long queues can now be accomplished from the comfort of your own home within a few seconds. It allows for instant transferring and receiving of funds, payment of goods and services, and even provides options for savings and loans – all accomplished using your mobile phone.
Overall, these factors have contributed to the growing popularity of mobile money.
According to data released by the Botswana Communications Regulatory Authority (BOCRA), mobile money subscriptions have seen a steady rise. As of March 2023, the number of subscriptions stood at 1.69 million, a substantial increase from 1.66 million in March 2022, and significantly more than the 1.15 million subscriptions recorded in March 2019. Furthermore, the value of transactions made through mobile money during the year leading up to March 2023 reached P26.5 billion. This figure represents a nearly 30% increase compared to the previous corresponding period, as more consumers registered for the services.
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Choosing the Right Mobile Money Service for You
If you don't have a mobile money account or are new to these services, you may find yourself wondering about the options available to you. You might ask: "Which one should I use?"; "Do these services differ significantly from each other?"; "Is one noticeably better than the others?". We provide answers to these questions in the following section:
Mobile Money Services Available
Orange Money
provided by:
Orange Botswana
MyZaka
provided by:
Mascom
Smega
provided by:
BTC
The mobile money services available in Botswana namely Orange Money by Orange Botswana, MyZaka by Mascom, and Smega by BTC, are mostly similar in their basic operations and the features they provide.
Typically, individuals opt for the service provided by their existing mobile network operator. For instance, Orange sim card users would register for Orange Money, Mascom users for MyZaka, and BTC users for Smega. Given most phones can currently support two sim cards, it's possible to register and utilize two mobile money services simultaneously.
Beyond that, there are a few factors you might consider when selecting a mobile money service. These include:
Reputation: It's crucial to research and find a mobile money service with a commendable reputation for reliability, security, and excellent customer support. Sourcing the opinions and recommendations of friends and relatives can also be of great help.
Coverage: Ensure the service in consideration boasts extensive network coverage and is easily accessible in the areas you frequent.
Features: Look at the variety of available features - things like the ability to link a Visa Card, various cash withdrawal options, and the ease of making payments at different merchants can make a difference.
Fees and Charges: Make a comparison of transaction fees, withdrawal charges, and any other costs linked to the service.
User Reviews: Seek out reviews or personal recommendations from individuals who have experience using various mobile money services. Their insights could be particularly valuable when making a decision.
In conclusion, – Orange Money, MyZaka, and Smega – offer similar core services, but each service has its own unique advantages. Thus, it's important to consider factors such as the service's reputation, geographical coverage, available features, transaction fees, and user reviews before making a decision.
By devoting time to extensively research and compare these services, you can be assured that you select the best one suited to meet your specific needs and lifestyle. This will provide you with a secure, efficient, and adaptable platform to conduct all your mobile money transactions.