Timor Leste’s First Mobile Money Pilot Launched to Expand Access to Financial Services
Friday, December 5, 2014
BNU, in partnership with Timor Telecom, and with support from the Inclusive Finance for the Under-Served Economy (INFUSE) Programme and MicroSave, launched Timor-Leste’s first mobile wallet product called BNU Mobile.
Nearly 60 percent of Timor-Leste’s population have no bank accounts and only have limited options for safely saving money.
BNU’s mobile wallet product can be used by people with or without a bank account. BNU also launched a pilot test of the mobile money services yesterday, that will be available in four districts, Dili, Baucau, Ermera and Lautem. BNU Mobile customers can make payments, transfer money, do mobile top-up, withdraw cash and buy goods through a mobile wallet linked to their bank accounts. The mobile wallet allows them to get account information and make transactions using their phone anytime, anywhere. They can also send money to unbanked customers with a Timor Telecom phone number.
Those without a bank account can use BNU Mobile to receive money from a BNU customer and cash out at a designated mobile money agent, or make a person-to-person funds transfer. Anyone who does not own a bank account and receives money from a BNU customer will have to register for a mobile wallet before making transactions.
Customers can use up to $300 in a single transaction per day, with a daily accumulated transfer limit of $400. The maximum balance that can be held on a mobile wallet is $1000.