The mobile money product is set to allow local users to carry out several banking services, such as cash withdrawals, deposits and transfers via their mobile phones. The newly-introduced service does not require users to own a traditional bank account.
How it works
Registration for TchoTcho Mobile implies entering a valid Government-issued ID, such as a national ID card, passport or driver’s licence, as required by the Central Bank of Haiti.
Although opening an account is free of charge, users still have to make an initial deposit worth USD 2.5. In terms of transactions, there is a daily limit of USD 500 and customers will not be able to transact more than USD 250 at one time.
Additionally, other local companies are already using the mobile money service to pay weekly and monthly wages to their employees. For instance, NGO World Vision is currently paying around 130 of its staff via TchoTcho Mobile and the company is planning to use the service to perform cash-for-work payments.
During the first three months, the program is expected to serve up to 20,000 local users.
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