AMB, BABB prepare to launch new financial service in Yemen.
Al-Amal Microfinance Bank and UK-based Babb Remit signed a partnership agreement to provide digital financial services aimed at increasing financial inclusion in Yemen. Sophisticated technology will be used in service delivery.Babb is a registered company in the UK run by young Yemeni people. Since it was established in 2016, Babb has worked on developing BABB Platform for financial services. Characterized by a high level of protection, safety and flexibility, the platform enables people anywhere in the world to make use of its multiple advantages, thereby realizing their vision of contributing to boosting financial inclusion worldwide. It currently serves more than 127,000 users in more than 130 countries worldwide.AMB is the first microfinance bank in the Arab Region. Since it was established in 2009, AMB has served poorest communities and SME entrepreneurs through a variety of banking and electronic services, including loans, saving, transfers and E-Money. Via 17 branch offices and more than 3,000 points of sale countrywide, AMB has been able to serve more than 300,000 borrowers and savers, as well as reach more than 4,000,000 households through distribution of humanitarian cash assistance provided by local and international organizations and some UN agencies in Yemen.During the agreement-signing ceremony, AMB Chief Executive Officer Mr. Mohammed Saleh Al-Lai confirmed that both parties seek to provide Babb-enabled E-Money in Yemen in line with their common vision on increasing financial inclusion in Yemeni society. In doing so, “we create and develop digital financial services. We make use of technology for efficient financial service delivery to Yemeni nationals in and outside the country,” Mr. Al-Lai said.On his part, Babb Executive Director in Yemen Mr. Mohammed Noman expected the new service to make quantum leap in the provision of cellphone-enabled financial services in Yemen. The service involves distinctive features for transfer and management of funds in and outside Yemen. “There is an ambitious plan to diversify service areas, including online payment and electronic transfer, as well as other utilities, which will be proclaimed in the future,” Mr. Numan noted.According to Mr. Noman, the service uses blockchain, which is an up-to-date technology. This technology was recently introduced into multiple areas worldwide, primarily digital financial services.The service rollout was largely supported by the Central Bank of Yemen (CBY), represented by Payment System Department, which took part in reviewing the proposal, presenting suggestions and recommendations targeted at adapting the service to Yemeni legislation and conserving customer rights. Meanwhile, the department is keen on making use of technical innovation elements associated with the service. This collaboration culminated with an agreement to a pilot phase of the service via AMB under CBY supervision following completion of tests and developments that make the service tailored to Yemeni Market needs and compliant with Yemeni laws and regulations.
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