Money transfer : innovative products

30/03/2011
Money transfer : innovative products

Western Union, Moneygram and others have thrived for years in the market of international money transfer. Today, new players have introduced innovative products in the market such as sending money via mobile phones and prepaid cards.
This is particularly the case of Carrefour Informatique et Bureautique (CIB) who has launched "Chrono cash", a simple system which involves buying a prepaid card, such as one used for re-charging a cellular phone,  then connecting it to the number of the beneficiary who can instantly receive the money .
Another advantage is that the fee for this service is extremely competitive.
The only problem being that this service is currently available only in Togo, but the developers plan on interconnecting this system with Ivory Coast, Benin, Burkina Faso and Congo soon.

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