LUANDA – Inter-bank and Services (EMIS) company has announced plans to start performing the first instant currency transactions by the end of the current month (June).
“The system is in the experimental stage. We are doing our best so that the first instant cash transactions and credit transfers system takes place by the end of June,” EMIS manager Pedro D’Abreu has said, adding that the move is part of the National Plan for Financial Inclusion, underway in the country..
Speaking at the Forum on “Financial Inclusion for Development”, an Angolan Government initiative and United Nations Partners, he said the Mobile Transparency System (STMI), an interoperability platform, and the compensation chamber will integrate the bank and non -banking financial institutions.
Interoperability and the compensation chamber will allow all STMI members to be able to not only communicate with each other, but also to perform financial transactions, like what is currently happening with the ATM subsystem, the source added.
He said the STMI will allow the transfer of funds between service providers instantly, ie very fast.
The manager said that the initiative will allow EMIS, which emerged winner from the contest for the operation of STMI, launched by the National Bank of Angola (BNA), to see the emergence of more payment initiatives with bank decisions.
“This initiative will bring solutions to the providers who are participating in it,” he said, pointing out the access to ATM network to withdraw money of mobile portfolios, access the merchants’ points of networks, who can purchase this mobile payment system.
The source also referred to access to the service payment system and to the State, which is available at EMIS.
Due to the BNA initiative, EMIS guarantees to give an effective response to the need.
Among the challenges, according to Pedro d’bereu, as STMI operators, EMIS will have to “create” the regulation of this system, creating rules such as service operators go with each other, or rather, among themselves.
As for the costs, he said they will be low, as the STMI responds to the ongoing financial inclusion in Angola.
The National Plan for Financial Inclusion has as one of the main goals the increase in the access of the non -banking services to the financial inclusion.
One way to increase financial inclusion is the implementation of the Mobile and Instant Transfers System (STMI), commonly known as mobile payments or Mobile Money.
It is an ecosystem where, in addition to the regulator, the BNA will be part of the companies providing payment services and operators of compensation chambers.
Source: Angola Press News Agency