Tangazoletu Limited recently launched one of its products ‘Spot Cash’ at the Hotel Starbucks in Karatina town of Central province, Kenya.
Speaking during the event, the company’s Technical Director Chris Gathingu, clearly explained that members of SACCOs (Savings and Credit Cooperatives) and Microfinance institutions will now be able to withdraw and deposit their money from and to their savings account respectively.
This will be achieved simply by sending a Short Message Service (SMS) message to the SACCO requesting for the transaction. Once the withdrawal request has been received, the money shall then be transfared to the member’s MPesa account and the member shall then walk to a nearby M-Pesa store to redeem their money into cash.
Spot Cash is a modern state-of-the-art SMS-based system that enables withdrawal of money from a customer’s savings account and loading it straight into their Mpesa Mobile Money account:
- Branchless banking
- Time and location independence in banking
- Value added service
- Convenience and time-saving to customers
- Customer satisfaction
- Easy and convenient “long distance” banking
SPOTCASH bears a simple procedure that will see an account holder request for some money from their savings account through sending of an SMS and have it withdrawn and added into his / her M-Pesa account. The member can then walk to any convenient retailer and withdraw their money into cash.