An alternative way to send and receive money in remittance companies of somali
Keywords:MMT, P2P, MMU, MNOs, ERD, EFT.
Electronic money transfer is a regulated payment service performed from an electronic device, which enables users, have access to their money anywhere and at any time without need for a bank account. Real money is converted into electronic money (e-money) and put into electronic devices so that financial transactions such as the transfer of funds from one subscriber to another can be carried-out through an electronic device. The concept of mobile money was established to ensure financial services are made available to the unbanked population. By enabling digital payments, electronic money transfer reduces dependency on cash whilst providing a platform for customers to access a much broader range of financial services. In Somalia most of remittance companies are nearing to collapse because of monopolization of telecommunication companies those made E-money services such as EVC-PLUS of HORMUD Company and E-DAHAB of SOMTEL Companies; the two companies are eliminating the remittance companies those don’t have telecommunications; For this reason, the study is about to discover an alternative way to transfer money in order to survive the existence of small remittance companies. In order to success for this study, the researcher has done to an experiment by combining different technologies such as PHP, MySQL and android app; and the experiment gained to send and receive money without need telecommunication service since it full filed Electronic money transfer.
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