NTRA Allows Users to Transfer Money from Mobile Wallets to Companies

Today, sources related the mobile companies revealed that they obtained a license from the National Telecommunications Regulatory Authority (NTRA).

This license allows customers to transfer money between the various portfolios of companies and banks.

The sources explained that the new license was provided by both the agency and the central bank. Customers can transfer money between different electronic wallets and it is not required to be a customer of the same bank or mobile company.

The sources added that allowing money transfers between different companies and portfolios provides more flexibility and also contributes in supporting financial inclusion as well as the continuation of the money cycle within the official channels, stressing that this supports the integration of the informal economy into the official channels completely.

Electronic wallets allow their owner to conduct financial transactions online through the mobile phone, using the USSD or the smartphone applications and service delivery outlets, which saves the users time, expenses and effort while ensuring privacy, confidentiality and protection for them, all at any time and from anywhere through the mobile phone.

A report by the NTRA showed that the total number of electronic wallets for mobile companies reached about 14.4 million wallets last October, an increase of 17% over March, and the number of transactions executed during the month reached 9.9 million electronic transactions.

According to the report, the distribution of electronic wallets for mobile phones to companies came in order: Vodafone 65%, Orange 23%, Etisalat 11%, and We 1%.