money transfer

Finalists announced in first mobile money transfer awards

Some of the biggest and most innovative names in mobile money transfer (MMT) are amongst the finalists for the first Mobile Money Awards at the industry's leading, annual event in Dubai, MMT Global, from 24 to 27 October.  Safaricom, Vodafone, Orange Money, Telenor & Tameer Bank and Western Union are just some of the leading companies that have been nominated in one of six categories for the awards.

MMT Awards
"We want to celebrate the success of mobile money and the impact that it is having on the lives of end users around the world," says Steven Clarke, MMT Global director.  "Following a vigorous review process of scores of entries, our team of judges, made up of industry experts, have selected the top four MMT programmes in each of our six categories."

1. Best MMT entrant of the year
Recognises an operator or financial institution that has launched a successful new MMT service in the past 12 months.
- Grameenphone’s m-ticketing programme for Bangladesh Railway
- Vodafone Money Transfer, Fiji
- Banglalink’s Mobile Wallet Service – Bangladesh
- Telenor & Tameer Bank – EasyPaisa

2. Achievement in financial inclusion
Recognises an MMT service provider who has made a real difference to the unbanked in their country of operation, bringing about tangible social and economic improvement. This award is open to operators, banks or microfinance institutions.
- Safaricom - M-PESA
- GCASH and RBAP
- EKO Financial Services
- Telenor & Tameer Bank – EasyPaisa

3. Best bank led MMT project
Recognises the best bank led customer-facing MMT model. The award will take into account subscription and adoption rates as well as the banks’ market entry strategy and how well the service has been received by customers.
- HSBC Brasil
- MCB Bank
- Yes Bank
- Permanent TSB

4. Best operator led MMT project
Recognises the best operator led MMT model. The award acknowledges subscription and usage rates, customer reach and ease of service for end users.
- Vodafone Money Transfer – Tanzania & South Africa
- Maxis Communications
- Orange Money
- Zoompass

5. Most inventive marketing campaign
Acknowledges the most innovative and appealing marketing campaign, whether they employ advertisements in the media, word of mouth, viral marketing or any other means, this award is all about how you got your target market to engage with your product!
- Safaricom – M-PESA
- Zoompass
- Oi Paggo
- Telenor & Tameer Bank – EasyPaisa

6. Best IMT programme
MMT is viewed as a fantastic vehicle for cross border remittances, yet few providers have successfully launched IMT services. Which to date have been the most successful in terms of product usability?
- Western Union
- GCASH
- aKos
- Banglalink

There will also be a special award acknowledging outstanding individual contribution to mobile money development.

Event website: www.mobile-money-transfer.com/global
Event dates and location: 24-27 Otober 2010, Intercontinental, Festival City, Dubai, UAE

Cash-out Refinancing Credit Traps

 

Once upon a time in the not too distant past, homeowners could snap their fingers and withdraw money from the unused equity in their properties via a cash-out refinance. Since the mortgage crisis, however, doing a cash-out finance has become more like a fairy tale -- both Fannie Mae and Freddie Mac have reported that the numbers for cash-out refinancings have recently hit record lows.

 

As home values plummeted and the job market shriveled, homeowners have been more likely eligible for foreclosure than a cash-out refinance, which requires borrowers to have reasonable home equity, abundant assets, and a steady job. If you’re one of the lucky few who is eligible, and want to take advantage of historically low interest rates, bravo. But don’t get caught in one of the following credit traps, which can derail your opportunity.

 

Avoid large purchases

 

Since June 1, 2010, Fannie Mae has been requiring banks to do a “recheck” on a potential borrower’s financial condition right before a loan can close. If there are significant changes, the bank can delay or even cancel the mortgage entirely. Therefore, it’s essential that you don’t make any large purchases, which may run up your credit card bills or deplete the assets in your bank account until after your mortgage closes. If you have a situation that requires immediate payment, like an emergency home repair, borrow money from a friend or relative instead of putting it on your credit card.

 

Be properly seasoned

 

Have you ever heard of a seasoning requirement? Most mortgage lenders have one. If you’ve tapped the equity in your home, it’s the period of time that you must wait before you can do it again. This includes a previous mortgage refinance, home equity loan, or home equity line of credit (HELOC). Each lender follows a different set of rules, but the seasoning period is generally six months to a year. If you’re lucky, you may find a lender that doesn’t have one, but in this tight mortgage market, you may need a little fairy dust to locate one.

 

Check your credit report

 

You’ve heard it before, and you’ll hear it again because it’s so important: Before applying for a cash-out refinance, contact the three leading credit agencies – Experian, Equifax, and Trans Union – and get a copy of your credit report. Review them for any incorrect information and have it corrected immediately. If you have a borderline score, a one-point difference can sometimes make a tremendous impact on the interest rate that you’ll receive, and you may even incur additional fees. You can check your credit report for free once every year from each of the three agencies by going to annualcreditreport.com. However, if you want to check your FICO score, you’ll need to pay.

 

If you’re lucky enough to qualify for a cash-out refinance, keep your credit clean. Then you can be assured that you won’t need the magic of a fairy godmother to make sure you’ll have a smooth closing.