The Burundi Commercial Bank (BANCOBU in French), a privately owned bank, and the state-owned Burundi Telecommunications Company (ONATEL in French), have launched Mobicash, a mobile banking service that allows customers to transfer funds, withdraw money and pay bills through their mobile phones. Mobicash will compete with Ecocash, which is operated by Econet Wireless of Burundi and the Burundian Post Office.
While 28 percent of Burundians own a mobile device, an estimated 4 percent have access to financial services. Prosper Nyankiye, an official at BANCOBU reportedly said that, “With the launch of Mobicash, the rate of access to financial services will increase up to ten times in a very short time.”
According to its 2010 annual report, BANCOBU holds total assets of BIF 131.6 billion (USD 92.5 million). As of 2010, ONATEL had approximately 2.1 million customers.
By Brett Cohen, Research Associate
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About The Burundi Commercial Bank (BANCOBU)
The Burundi Commercial Bank (BANCOBU) was founded in 1961. According to its 2010 annual report, BANCOBU holds total assets of BIF 131.6 billion (USD 92.5 million).
Sources and Additional Resources
Mobilemoneyafrica.com story, “Burundi launches Mobicash mobile money banking to increase access to financial services”
http://mobilemoneyafrica.com/burundi-launches-mobicash-mobile-money-bank…
MicroCapital.org story, March 9, 2011: “MICROCAPITAL BRIEF: Sierra Leone-based Microfinance Institution (MFI) Hope Micro Partners with Kopo Kopo and Splash Mobile Money”, https://www.microcapital.org/microcapital-brief-sierra-leone-based-microf…
MicroCapital.org story, May 11, 2010: “MICROCAPITAL BRIEF: Shaka Mobile and TransferTo Launch Service Facilitating Cross-Border Mobile Money Transfers”, https://www.microcapital.org/microcapital-brief-shaka-mobile-and-transfer…
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