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financial inclusions in the Marshall Islands go online.....posted 27Jan17

With the recent mobile financial services launched in the Marshall Islands, citizens will now be able to access banking services online over their basic mobile phone without having to travel to the bank. In addition to mobile banking, online transaction services are also made possible that include mobile purchases for utility services such as for electricity, water and internet.

"The mobile financial service is provided by the Bank of Marshall Islands (BOMI) and the National Telecommunications Authority (NTA) and is part of the Financial Inclusion plan for the country", said Mr Patrick Chen who is the Chief Executive Officer of the Bank of Marshall Islands and also a Board Director of the NTA. "Services are now provided over 2G and will be expanded to 4G when NTA upgrades its network", he added.

Current financial services available on mobile include:-
  • Buy “Cash Power” minutes from the local electrical utility company
  • Buy ISP handheld minutes
  • Pay the local water utility company
  • Make a BOMI loan paymentPay any BOMI depositor or vendor
  • A BOMI mobile banking customer can also query his deposit balance, view deposit transactions, and request a small, closed end loan called a “quick loan.”
An update from the office of BOMI stated that in the near future BOMI mobile banking customers will be able to send and receive MoneyGram consumer wire transfers and effect international transactions especially with expatriate Marshallese residing in the United States.

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