Hmmm... interesting details. Thanks.

How is this different from a regular SWIFT money transfer? From what I understand, one doesn't need a bank account to receive the money, though it needs to be picked up at a bank (corrections anyone?).

I suppose the biggest beneficiary will be the recipient (no need to go to a bank to pick up the cash)? From a sender's standpoint, it appears nothing will be different (except possibly higher fees to cover the Zap portion of the transfer process?).


On Wed, Sep 23, 2009 at 9:38 AM, Joseph McDonald <mcdonaldoj@gmail.com> wrote:
>From what I gathered from the launch they have partnered with two international banks Standard Chartered and Citibank.

So your ZAP account actually acts as a bank account.

So its like transfereing money from one account holder to another.

So this is how it goes a guy in newyork wants to send money to a folk in kenya.This are the details he will fill in

TRANSCATION:SEND MONEY TO THE ACCOUNT

A/c Branch:Standard Chartered Bank-NEWYORK
A/c Number:01005-035500-00 (or whatever)
A/c Name:Kamau/otieno/muli or (whoever)
Swiftcode:SCBLKENXXXXX (or whatever)
Details:Zain Kenya cell number e.g (0733123456) or whatever.

As soon as funds will be cleared on account you receive a transcation confirmation.

e.g Ref.ID :80831113461

Your received 1,000 KSHS from JOHN SMITH.YOUR AVAILABLE BALANCE IS 5000 KSHS ( assuming you had 4000 in your phone before)


On Wed, Sep 23, 2009 at 4:26 PM, saidimu apale <saidimu@gmail.com> wrote:
Any word on launch dates? On how it actually works (from the consumer side and from Zap's side)? Or is this vaporware?

saidi

On Wed, Sep 23, 2009 at 8:28 AM, Joseph McDonald <mcdonaldoj@gmail.com> wrote:
Hi Guys

Am just from a product launch.

ZAP has been modified to enable people from overseas to send money direct from their bank account,to the mobile phone of a local receipient.

They say this will revolutionize money transfer as we know it in East Africa.



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