E-BILILIQO: E-Cash Via Mobile

[AbdiWahab252]

Since Somalia has a weak Central bank, who is keeping track of the mobile money ? Who is reviewing their security and guarantee policies ? A great vulnerability if the system gets hacked.

[The_Patriot]

Since Somalia has a weak Central bank, who is keeping track of the mobile money ? Who is reviewing their security and guarantee policies ? A great vulnerability if the system gets hacked.

its high time to call in our eastern EU brethrens.

[InaSamaale]

Good question. In fact I'm wondering how it works altogether.
Say the person in question wants to withdraw all their money ? Is that possible?

[The_Patriot]

Good question. In fact I'm wondering how it works altogether.
Say the person in question wants to withdraw all their money ? Is that possible?

I works like the Kenya Safaricom Mpesa.

In April 2007, following a student software development project from Kenya,[3] Safaricom launched a new mobile phone based payment and money transfer service, known as M-Pesa.[4] The service allows users to deposit money into an account stored on their cell phones, to send balances using SMS technology to other users (including sellers of goods and services), and to redeem deposits for regular money. Users are charged a small fee for sending and withdrawing money using the service.[5] M-Pesa has spread quickly, and has become the most successful mobile phone based financial service in the developing world.[4] By 2012, a stock of about 17 million M-Pesa accounts had been registered in Kenya.[1]
The initial work of developing the product was given to a product and technology development company[6] known as Sagentia. Development and second line support responsibilities were transferred to IBM in September of 2009, to where most of the original Sagentia team transferred.

[Titanium]

I think there's going to be a crash. I would be more concerned of the employees of the company that operates and manage the mobile e-cash system than any potential hacker. What if they manipulate the system and put money that doesn't exist into their own mobile accounts? I am sure it goes on. We can't be naive

[InaSamaale]

Good question. In fact I'm wondering how it works altogether.
Say the person in question wants to withdraw all their money ? Is that possible?

I works like the Kenya Safaricom Mpesa.

In April 2007, following a student software development project from Kenya,[3] Safaricom launched a new mobile phone based payment and money transfer service, known as M-Pesa.[4] The service allows users to deposit money into an account stored on their cell phones, to send balances using SMS technology to other users (including sellers of goods and services), and to redeem deposits for regular money. Users are charged a small fee for sending and withdrawing money using the service.[5] M-Pesa has spread quickly, and has become the most successful mobile phone based financial service in the developing world.[4] By 2012, a stock of about 17 million M-Pesa accounts had been registered in Kenya.[1]
The initial work of developing the product was given to a product and technology development company[6] known as Sagentia. Development and second line support responsibilities were transferred to IBM in September of 2009, to where most of the original Sagentia team transferred.

Thanks. That is quite an efficient system for locals. The only other downside is that when beggars come asking for money down the street even those that want to give money cannot since there rarely is a physical exchange of money.
When I was in Somalia it was annoying though since I wasn't staying long enough to open an account for myself trying to find change after eating out at restaurants was a real pain.

[Titanium]

Since Somalia has a weak Central bank, who is keeping track of the mobile money ? Who is reviewing their security and guarantee policies ? A great vulnerability if the system gets hacked.

Electronic money is not legal tender. The Central Bank have no obligation to track it. I guess the only ones "tracking" it is the company.