TITLE:
The Application of Mobile Money and Mobile Banking to Digital Transformation: State of Play in Burundi and within the Countries of the East African Community
AUTHORS:
Apollinaire Bigirimana, Jérémie Ndikumagenge, Sami Tabbane
KEYWORDS:
Mobile Financial Service (MFS), Mobile Money, Mobile Banking, Mobile Terminal, E-Transaction, Burundi, East African Community (EAC)
JOURNAL NAME:
Open Journal of Business and Management,
Vol.12 No.3,
May
21,
2024
ABSTRACT: Mobile Financial Services (MFS) are seen as a new reliable means used by banks, microfinance institutions, telecommunications operators and users to carry out financial transactions in the deposit, withdrawal and electronic transfer of Money. Electronic transactions are a positive consequence of the deployment and coverage of mobile and Internet networks using mobile technologies and the mobile terminal in carrying out and completing of transactions by linking the mobile financial services users, Agent and Super-Agent connected to mobile money (Mm) or mobile banking (Mb) platforms to offer the services. This article looks at the current state of operation and use of mobile financial services, in particular mobile money and mobile banking, using figures to indicate the key indicators relating to the development of this service and the level of penetration among the population in Burundi and the countries of the East African Community (EAC). This article will show the progressive existence of online transactions, e-transaction (e-payment) for payment, declarations and migration services. In conclusion, mobile financial services in EAC countries are a new source of growth in monetary terms and offer advantages in terms of speed of action, security and reliability of transactions. The MFS is an important indicator of the role played by the use of Information and Communication Technologies (ICT) using mobile telephony and the Internet for the digital transformation of banks and other growth sectors in the development of countries in the sub-region.