Smartel Money goes live

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Bereng Mpaki

SMARTEL Money is set to make history as the first ever locally developed mobile money issuer company in Lesotho when it launches operations next Tuesday.

Smartel Money or My Wallet TM   are financial technology products by Smartel Money Ltd. The company is a payments service provider allowing payments and money transfers to be made through the modern information technology platforms including the mobile and non-mobile platforms.

Mobile Money or electronic money is defined by the Mobile Money Guidelines issued in 2013 by the Central Bank of Lesotho (CBL) as a payment instrument that contains monetary value that is paid in advance by the user to the mobile money issuer.

The user of mobile money can make payments for goods and services to agents who accept the mobile money as payment.

“We aim to provide to individuals, institutions, organisations, multi-industry sectors and governments with the cutting edge, fresh and innovative financial management system in this ever changing world.

“We also aim to improve the quality of cloud computing and interaction between computers and people to achieve their specific task; Smartel Money customer base comprises retail banking, individuals, insurance agents, retail grocery, retail clothing, retail cell phone services, utility services, ” Smartel Money Managing Director, Nchai Nchai, said.

Mr Nchai further indicated that the first phase of their operations entails registering customers and setting up agency networks. Deposits are expected to follow within the coming weeks.

By providing mobile payment services, savings and credit, monetary transfers in a way which is more convenient and affordable than conventional transacting alternatives, Smartel Money hopes to further simplify financial transacting and increase financial inclusion in the country.

The company’s products include sPOS and smPOS.  These are acronyms for the Smartel Money Point of sales system and the Smartel Money Mobile point of sales systems respectively. These are the application systems that have access an access to the Smartel Money central engine for payments processing.

A customer can register through agents, participating outlets or online.

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