New Mobile Money Service Flooz Debuts in Benin
Telecommunications firm Moov — the Benin subsidiary of Middle East-based mobile operator Etisalat — has launched a mobile wallet service for bankers and the undeserved in Benin. Developing Telecoms reported that Benin is the company’s eleventh market to receive the service.
In addition, Moov will brand the service with the name Flooz — a spin on “Flous,” a word for money in Benin, the report said. Through the app, users will be able transfer, deposit and withdraw money, pay for purchases, buy airtime and manage banking information.
“Flous has been designed to spread financial participation with no fuss. As soon as the customer signs up, he has access to an entire portfolio of services. The convenience and simplicity of the product has enabled it to win international awards and now it is achieving real success on the ground,” Khalifa Al Shamsi, Chief Digital Services Officer at Etisalat Group, said in the report.
Ben Cheick Haidara, Etisalat Benin managing director, noted that the service would greatly impact financial service accessibility for many in the country. He said that Flooz is considered an effort of social and economic development.
“As Flous comes online throughout our international operations millions of our customers can benefit from world-class financial services – many for the first time,” Al Shamsi continued.
“By bringing banking to the unbanked, we are investing in communities and giving them the tools to flourish and thrive. This is especially relevant for Benin as the market for financial services has yet to fully mature,” he said.
Leading mobile operator MTN, in conjunction with Western Union, launched a remittance mobile money service in 2010, paving the way for further mobile wallet development.