Maldives to have phone banking

Wednesday, May 9th, 2007

Bank customers in the Maldives will soon be able to make withdrawals, payments, and transfers using mobile phones, Finance Minister Gasim Ibrahim has said.
At a press conference in the Finance Ministry Monday, Gasim said work on the mobile phone banking system is nearly complete now. “Cash withdrawals from one’s bank account, transfers and payment of bills will soon be possible using mobile phones. Work on the system is now in progress and nearly complete,” Gasim said.
Gasim said the system is part of the ongoing work to provide citizens with convenient banking services. He said currently only about 40% of the population use banking services. The establishment of Islamic banking this year will attract more customers, he said. Since the Maldives is a 100% Islamic Country, there is demand from many citizens for such services, Gasim said.

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