Cable and Wireless Panama (CWP), a subsidiary of London-based Cable and Wireless Communications (CWC), reportedly has unveiled “Movilcash,” a new mobile money service that will allow customers to transfer money and make purchases from their mobile devices. This technology provides access to the customer’s money through the use of CWP’s +Movil cellular service plan and does not require customers to have a bank account. Panama’s national highway toll company, Empresa Nacional de Autopistas, has begun to accept toll payments from drivers through “Movilcash” [1].
As of March 2013, CWP reported revenue of USD 586 million. As of the same date, CWC reported total revenue of USD 1.9 billion and 3.4 million mobile customers in 14 Caribbean markets, Afghanistan, Monaco, Panama and the Seychelles [3].
By Benjamin Krupp, Research Associate
About Cable and Wireless Panama (CWP)
Cable and Wireless Panama (CWP), a subsidiary of UK-based Cable and Wireless Communications (CWC) that was founded in 1997, is a mobile, broadband and fixed-line service provider that serves approximately 1.8 million mobile customers in Panama. As of March 2013, CWP’s revenue of USD 586 million makes up 30-percent of the total CWC revenue. CWC also offers services in Afghanistan, Monaco, the Seychelles and 14 markets in the Caribbean.
Sources and Additional Resources
[1] Developing Telecoms: CWC Launches Panama’s First Mobile Money Service
[2] Total Telecom: CWC launches Panama’s first mobile money service
[3] Cable and Wireless Communications: Quick Facts
MicroCapital, May 13, 2014: Global Systems for Mobile Association Assists 9 Cellular Network Providers in Africa, Middle East With Mobile Money Interoperability
MicroCapital, May 9, 2014: Mobile Financial Services (MFS) Africa to Launch Mobile Money-based Mjara Loans
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/
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