The New Times reports MobiCash allows users to make all monetary transactions without the use of cash or any card but with fingerprints.
The system uses multi-factor authentication mechanism, including Near Sound Data Transfer (NSDT), a sound based mobile transaction technology, Near Field Communication (NFC), and Voice Biometric Technology (VBT).
Patrick Ngabonziza, the MobiCash chief executive officer, told The New Times the mobile service is flexible and allows customers to access their accounts through proximity agents using a fingerprint reader that identifies a person.
"All shops will be provided with fingerprint readers. This assures the easy usage of fingerprint-banking. When shopping, people will only need to leave their fingerprint to pay, without entering a code or giving a signature," he said.
Ngabonziza further said ICT systems and complete biometric national identification will facilitate faster flows of the product, adding users will use their ID number or phone number as their account.
"This is a mobile money platform that seeks to serve the rural poor through microfinance institutions and retail agents, including supermarkets and drug shops. You can easily load, transfer, pay, give or retrieve cash from your phone with very simple and user friendly Interactive Voice Response (IVR) based services or through the MobiCash website."
The product has already launched operations in Uganda, Burundi and South Africa and the company will soon open in Kenya and Tanzania.