his product seeks to accommodate the 52% of the population that have been financially excluded from the banking system for various reasons. Airbank allows the unbanked - mainly, peri-urban, urban poor and rural communities - to have a saving system without the effort, mistrust or the cost of registering into the bank.
It does it at the convenience of their homes and with their mobile phones. It uses USSD Codes to help with the process. It allows primarily the unbanked to engage in financial performance using a main medium of Airtime. Needless all the times and money wasted to travel long distances to withdraw or deposit money when it can be transferred and received as airtime, instantly. Items and services are paid for using Airtime. Money can then be withdrawn or deposited at the nearest store.
The airtime money is safe and secure on the Airbank M-Wallet. Only the user can access it with their own number and secret PIN. Transaction fee is charged to a very minimum. All this is can be performed from the simplest kind of phone. It is completely secure and easy to use.
One can swap cash to airtime and vice versa. NO bank accounts, just one's phone and its loaded airtime. The features of Airbank include:
- Exchange: where money is exchanged from cash to airtime and vice versa.
- M-Wallet: where airtime/cash is saved for uses in the future.
- E-Service: where one can purchase for services such as electricity, water and DSTV.
- M-Agent: the closest and most convenient store where one can withdraw or deposit their money into their M-Wallet.