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Mobile money is a digital wallet service that lets customers store, send, and receive money using a mobile phone. It’s widely used across Africa and emerging markets as a substitute for traditional banking.

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Core features

  • Store Value: Safely hold money in a mobile wallet account.
  • Transfer Funds: Send and receive money instantly to peers or merchants.
  • Cash In/Out: Deposit or withdraw from agents, banks, or ATMs.
  • Pay Bills: Utilities, tuition, subscriptions, and more.

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Why it matters

  • Financial inclusion for the unbanked.
  • Faster, cheaper, and more reliable than traditional cash transactions.
  • Serves as the backbone of fintech services like Waftpay.
In Waftpay, mobile money is the primary payment rail for collections and payouts.