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M - TRANSACTIONS FOR ENHANCING MDGs AT BOTTOM OF THE PYRAMID A Case Study for m-Banking in Kenya. Francis Wambalaba – School of B usiness Akosa Wambalaba – School of Arts/Sciences Philip Machoka - IST. Purpose of the Study.
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Francis Wambalaba – School of B
Akosa Wambalaba – School of Arts/Sciences
Philip Machoka - IST
Mobile banking and SMS banking are synonymous. SMS banking uses text messaging -- the iconic activity of cell phone use. SMS works in either a push mode or a pull mode.
In pull mode, the bank sends a one-way text message to alert a mobile subscriber of a certain account situation or to promote a new bank service.
In push mode, the mobile subscriber sends a text message with a predefined request code to specific number. The bank then responds with a reply SMS containing the specific information.
SMS banking has several advantages:
It works on virtually every cell phone, regardless of manufacturer, model or carrier.
It’s a familiar, ubiquitous technology.
Sending text messages is relatively cost-effective.
It accommodates two-way communication, allowing messages to be initiated by banks or by customers.
The disadvantages of SMS
limitations of text messaging. For example, messages can only be 160 characters in length.
Plus, there are no guarantees that a message will actually be delivered to its recipient.
Most troubling for banks is the inability of SMS to deliver a custom interface.
More advanced mobile banking solutions, overcome these challenges with WA P enabled phones.
With USSD technology don’t have to send an SMS or remember a long list of complicated codes.
banking can be done from anywhere at any time through an interactive browsing experience on the r phone. It can work on all mobile phone handsets.
It is safer than SMS-based banking services as it has an in-built USSD encryption and ‘no store just forward’ facility for performing secure transactions. This means that unlike an SMS-based service, there is no storage of data on your handset.
Also, the transactions are limited to a single registered mobile number and, when you sign up you create a unique PIN which ensures that you and only you can access you accounts.
This new technology means that you need not remember any transaction message formats.
85% of the population can access broadband
Thank you very much