Definitions

EFTPOS Device: Literally stands for an “Electronic Funds Transfer Point of Sale” device. It allows cashless transactions using cards.

Financial Competency: The degree to which financial literacy is actually used to one’s advantage.

Financial Literacy: The ability to understand financial terms and concepts.

Inclusive Finance: Is the movement which strives to extend the reach of the formal financial sector to all those who desire to benefit from it.

Interoperable: The ability for electronic bank systems to communicate so that ATMs and EFTPOS systems can be used by all regardless of which bank they use.

Microcredit: Credit designed for low income clients, characterized by small loans in high volumes.

Microfinance: Describes the movement which strives to provide high quality financial services, including savings, insurance, and fund transfers to low income clients.

Microinsurance: Insurance designed for low income clients, characterized by low premiums and low pay-outs.

Mobile Banking (M-Banking): Is when banking services are provided over a mobile phone.

Mobile Money (M-Money): Is surrogate cash used to transact over a m-banking network.

Mobile Wallet (M-Walley): An electronic account dominated in a currency, held on a mobile phone that can be used to store, and transfer value.

Remittances: Funds sent from one place to another. The transfer can be either domestic or international, and is usually refers to funds send from a migrate worker back to their place of origin.

Smart Card: a card containing a microprocessor that enables the holder to perform financial transactions securely.

Unbanked: Describes a person or population that is not currently using services from a regulated financial institution. Generally these are low-income and/or rural people who do not have access to these services.

If you would like to look into more definitions we recommend you go to the following website: http://www.mobilemoneyexchange.org/wiki/definitions