New “E-Cash” service provided by Cambodian ABA Bank
enables people to send From the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More to unbanked relatives via their mobile phones. The recipient receives a security code and additional parameters by message and simply has to enter the information in any of the 140 ATMs installed across the country to retrieve the Money in physical form such as banknotes and coins. More. This initiative is part of the bank’s self-service strategy and aims to help unbanked people living in rural areas access money at any time. Since its launch last year, already 2,000 E-Cash withdrawals have been done, representing a total of $370,000.
ABA Bank’s cards and e-services Chief Officer Sanzhar Abdullayev stated that there was a strong need for creating a convenient and secure channel to transfer cash in rural zones as many Cambodian people work away and need to send money regularly to their relatives.
The bank was founded in 1996 and is owned by National Bank of Canada since July 2014.
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