| Self-Banking! What does that mean? Does it really | | | | In addition to person to person transfers, mobile money |
| mean I can be my own bank, receiving and keeping | | | | and self banking enable you to do such things as fund |
| deposits for myself? Yes and No. Yes in that you will | | | | raising without being limited by time and space. Your |
| be able to keep and carry with you, your virtual vault | | | | transactions are instantaneous and can be done |
| receiving and making payments on demand anywhere | | | | anytime. There are no banking hours to observe. You |
| anytime as you go, using your mobile phone or | | | | can even link your mobile money account to your |
| Personal Digital Assistant PDA. And no, in the sense | | | | traditional bank account if you so choose. |
| that you will not need to set up a brick and mortar | | | | Are there any concerns about |
| Wall Street type bank, with a 9 to 5 crew to make | | | | mobilemoney|selfbanking? |
| and receive deposits on your behalf. | | | | Yes there are. The first and foremost concern is |
| But how is that possible? In one word, technology and | | | | safety. How safe are mobile banking and |
| in another word m-commerce. Thanks to all of the | | | | m-commerce? Pretty safe, I would say. What about |
| Social Entrepreneurs who made this convergence of | | | | phishing and identity theft? Well, those are very valid |
| technology and commerce possible, giving us the plat | | | | concerns, but self banking and mobile money accounts |
| forms through which we can buy and sell, send and | | | | are a pin base transaction and only those who know |
| receive money, and even access our conventional | | | | your pin can access your account and that is only you. |
| bank accounts if need be, all from the comfort of our | | | | Also, Mobile Network Operators (MNOs) are deploying |
| mobile device. | | | | digital security authentication and processing protocol |
| The future of banking has arrived. In the middle of all | | | | to protect user information and transaction details from |
| this are Mobile Network Operators (MNOs) and | | | | prying eyes. |
| financial institutions providing the framework holding | | | | As you can see, Self Banking, Mobile Money and |
| together the components part of the emerging | | | | M-Commerce are new technology cards that have |
| mobile-commerce order. | | | | been dealt and having been dealt, they will be played, |
| Unlike traditional brick and mortar banking, where you | | | | whether or not you accept it. How you play will |
| are tied to your bank, self banking and mobile money | | | | determine your level of benefits and success with the |
| are truly liberating, releasing you from the burden of | | | | new and emerging M-Commerce. The time is now. As |
| having to do your banking from a particular location. A | | | | with many other past technologies, the early adopters |
| good case in point are migrant workers in countries like | | | | are the ones that become authorities and make a |
| South Africa and other parts of the world, sending and | | | | fortune with the technology. Get on board the future |
| receiving money using their cell phones, from very rural | | | | train of self banking, mobile money and Mcommerce |
| areas far away from any brick and mortar bank. | | | | today. |