TranzWare from Compass Plus is underpinning ABA Bank’s E-Cash ATM withdrawal service for its mobile banking customers.

This allows the Cambodian FI’s customers to transfer money to people that do not have bank accounts by sending them a security code along with additional security parameters, which the recipient enters into any of the bank’s network of 140 ATMs. The funds are then available immediately for withdrawal. Since the launch of the service, 2,000 withdrawals have been made, and more than $370,000 has been sent by ABA customers.

“Being able to send money easily and conveniently to areas where the penetration of banking services is extremely low is crucial in Cambodia, as many people work away and need to send money regularly to relatives. Therefore, there was a strong need for creating an easy and secure channel to transfer money to unbanked people in rural areas. E-Cash is secure and convenient, and has proved to be a very popular service,” says Sanzhar Abdullayev, Chief Card’s and E-Services Officer at ABA Bank. “We are looking forward to continuing to grow our portfolio and offering our customers products and services that make their lives easier through our long-term partnership with Compass Plus.”

By Scott Thompson

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by Scott Thompson
Scott is Senior Editor at IBS Intelligence. You can follow him on Twitter and contact him at: Scott.Thompson@ibsintelligence.com
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