Free, Phone-Based Transfers Now in Moldova
The MIA Instant Payment System, developed by the National Bank of Moldova (BNM), was launched for the first time in the Republic of Moldova at an event organised in partnership with the USAID Moldova Institutional and Structural Reforms Program.
The system is available at financial institutions in the country and allows consumers and businesses to transfer money in less than 15 seconds without paying fees, regardless of which bank they use. Using only a phone number, the system provides citizens with a fast, secure, and efficient way to make transactions.
“I am confident that MIA will soon become a technology accessible to every citizen and business owner. MIA will streamline financial transactions, stimulate economic growth, and promote better financial management. So, today Moldova takes a significant step towards a modern financial world, and the National Bank of Moldova is reinforcing the country's position among nations that adopt advanced technologies to support economic development and to provide citizens with easier access to financial services,” said BNM Governor Anca Dragu.
According to the BNM, instant payments offer the possibility of transferring funds in Moldovan lei between accounts in just a few seconds, being available non-stop, 24 hours a day, 7 days a week. The service is accessible through mobile banking applications and online banking. The necessary and sufficient identifier to initiate a transfer will be the phone number registered in the database of the bank or payment company.
Transfers of up to 10,000 lei per month are free, while for larger amounts, the fees charged will not exceed 5 lei for a transfer.
Ten banks and four payment companies have integrated the technology needed to provide the instant payment service. Customers are encouraged to contact their bank to find out how they can benefit from this service and to familiarise themselves with how to use it.
Translation by Iurie Tataru
