• Thu. Dec 1st, 2022

MICROCAPITAL BRIEF: Evocabank of Armenia launches money transfers via mobile phone number

ByCindy J. Daddario

Jun 15, 2022

Evocabank, an Armenian bank, recently partnered with Armenian Card (ArCa), a network of 15 Armenian and international banks, to launch a service that allows Evocabank bank customers to send money transfers using mobile numbers of the recipients, without needing their bank details. The service is part of Evocabank’s mobile application, EvocaTouch. Transfers are free when sending funds from one Evocabank customer to another, although there is a fee if the recipient’s account is with another bank.

Established in 1990, Evocabank is a commercial bank that offers loans and deposits in a “mobile-first format”. As of December 2021, the bank had 369 employees operating 14 branches and total assets of around 245 billion AMD (551 million USD). The bank is 96% owned by Mrs. Mareta Gevorkyan, with the remaining shares held by 12 other people.

Established in 2000 by the Central Bank of Armenia and a group of commercial banks, ArCa manages the national payment system ArCa as well as the technology connecting the country’s banking system to international payment card networks such as American Express, Diners Club International (DCI), Japan Credit Bureau (JCB), MasterCard, Mir and Visa.

By Sheen Gupta, Research Associate

Sources and additional resources

Evocabank press release
https://www.evoca.am/en/news/products/contact-number-transfer/

Evocabank homepage
https://www.evoca.am/

EvocaTouch Apple App Store List
https://apps.apple.com/in/app/evocatouch/id970309076

EvocaTouch Google Play Store Listing
https://play.google.com/store/apps/details?id=am.prometeybank.mobilebank&hl=en_IN&gl=US

Arca homepage
https://www.arca.am/

Previous article by MicroCapital on Evocabank
https://www.microcapital.org/microcapital-brief-symbiotics-invests-7-5m-in-evocabank-of-armenia-for-msmes/

Did you know that MicroCapital publishes the MicroCapital Monitor every month? Learn more at https://www.microcapital.org/products-page/.

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