DiGiREMIT – Money Transfer by Mobile Phone
Country: Malaysia
Topic: Enable and Social
Last updated:
In 2007 DiGi, the Telenor mobile operator in Malaysia, and Citibank jointly launched DiGiREMIT, a mobile banking service that enables people to transfer money from Malaysia to Bangladesh, Indonesia and the Philippines, by SMS.
The aim of DiGiREMIT is to simplify and secure the transfer of money via mobile phone from anywhere and at anytime to the widest distribution networks in the three recipient countries. This enables DiGi customers, particularly migrant workers, to improve their financial security.
The mobile phone as a financial tool
“DiGi is ready to lead the change for people to use their mobile phones as a financial tool with value propositions that are hard to ignore,” said Albern Murty, Head of Product Management at DiGi.
Beneficial for migrant workers
“The easy accessibility of the service will bring new opportunities to those with insufficient access to regular banking services. This applies in particular to migrant workers who now have an opportunity to improve their financial security. This will mean added safety for the appointed beneficiaries and will also benefit the economy of their home countries,” said Noel Saminathan, Director of Citi’s Global Transaction Services.
High levels of remittances from migrant workers
Migrant worker remittances are often a large source of national income for recipient countries. According to Citibank research, Malaysia is a major source of migrant income in the Association of Southeast Asian Nations (ASEAN) with total migrant remittances estimated at more than RM 5 billion a year.
“DiGi’s strategic alliance with Citibank guarantees the security of remittance transfers. Our customers will have peace of mind knowing that their money is 100 per cent safe,” said Murty.