Wednesday, January 16, 2008

I-Cash products hit market

Intercontinental Bank Plc, on Monday in Lagos unveiled two new electronic-based banking products into the nation’s market, namely the I-Cash International and I-Cash Mobile.

Unveiling the products at the company corporate headquarters, the acting chief executive of the bank, Alhaji Sheriff Yussuf said that the launch came handy as the continent heads to Ghana for the MTN African Nations Cup due in few days time.

He also said that Intercontinental Bank plans to take this product beyond the West African region down to the United Kingdom and United States as well as Middle East.

According to him, the essence of the dual products is to facilitate easy transfer of money both internationally and locally.

The I-Cash international, Alhaji Yussuf said is a safe and convenient way of transferring money for customers and non-customers alike, using the bank’s branches scattered all over the world.

He stressed that presently, this product is available in Nigeria and Ghana offices because they think it’s urgently needed in these countries due to the forthcoming soccer fiesta slated for Accra.

“It would be extended to other parts of the world as soon as we open our offices in those countries,” he said, adding that plans have reached advanced stages for opening of offices in major commercial centres of the world, including UK, US, Asia, Middle East and some other key financial centres on the continent.

For the I-Cash mobile, he said that it would serve the needs of people within Nigeria who desire the fastest means of transferring funds to their loved ones, folks, friends and business partners.

“I-Cash mobile is an electronic funds transfer medium to be operated through the use of mobile phones between the transferor and beneficiary who can collect the money from any of the over 250 branches of Intercontinental Bank nationwide,” he said.

Alhaji Yussuf equally disclosed that the I-Cash Mobile is facilitated in collaboration with e-Tranzact switching platform, which is a robust e-banking podium and is available to customers of the bank and non-customers respectively.

While guaranteeing the security of the platform, he said that charges on I-Cash mobile is minimal.

Also speaking, Head, Foreign Business Development at Intercontinental Bank Plc, Mr. Anthony Obayemi while formerly presenting I-cash at the launch, said that transfer on I-Cash mobile, for instance, takes an average of 10 to 30 minutes to be concluded.

The Personal Identification Number (PIN) used in transferring fund within this medium, he said, is only known to the sender, which means the receiver does not have reason to worry.

He added that for anyone to use this service he or she must register with the bank, especially for those who are not customers in a simple format of Know Your Customer (KYC).

He explained that there are two ways to transfer funds to a third party through mobile phones that are General Packet Radio Service (GPRS) enabled.

Interested public could download the transfer module by typing D space ICB and send to 4045 for those using MTN, 30030 for Glo and 38060 for Celtel subscribers in that order.

As said by him, Short Messaging Service (SMS) could equally be used by creating a message reading for instance, “MT- space – beneficiary phone number – space – amount – space – access code – space – PIN, then send.”

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