Financial Inclusion

Transforming lives with Mobile Money

Abstract : Altering the way financial transactions are performed by making mobile money the primary way people to transfer money and pay for goods and services-from sweets to school fees. Mobile money  is powered by people for people and their day to day financial transaction needs which in turns facilitate any country growth and strength. FinTech’s are leading the show with all latest technologies and use cases to make it easy on other hands banks are still confused and asking them self what is it. Latest technologies which are no longer science fiction or study material for phd students i.e. Artificial Intelligence. Artificial intelligence and its subdomains like machine learning, neural networks, deep learning and data-science are the biggest tools taking this to another level. Customer experience is getting richer and richer day by day.

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Watch the full Video at -:      Transforming lives with Mobile Money

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Introduction: According to the secondary market research agency yStats, mobile payment is the growth leader of the online and the total payments market, with further growth expected following the launches of varying mobile payment solutions. (For further details refer to last Article which was focused on this “Rush Hour Mobile Payments“. An ING Group survey has discovered that throughout the UK and Europe consumers are using mobile to pay and make transfers more frequently, and cash may lose out which is already a good news for all those players who are waiting for their share of this hot cake “Mobile Payments” under enabler as Mobile Money.

Main Story : Technology is a friend/ helper not as tester or rocket science; MFS product use and accessibility needs to be simple for people to make them comfortable and pull out maximum benefits especially for unbanked who have not seen the real MFS. Today’s consumer expects a seamless mobile payment experience; failing to meet those expectations can be devastating to a brand, idea, innovation and eventually the payments industry.

Africa is the land/Home of Mobile Money and Mobile is most frequently used and widely acceptable technological device then any other. Financial services are a key need for most people due to almost less negligible banking penetration and it makes sense to enable Mobile devices with set of financial tools and features as mobile handset penetration is more then 10 to 15 times higher then banking. Finance sector can take advantages of Mobile devices to penetrate all classes of society so the birth of Mobile Money

Watch the full Video at -:      Transforming lives with Mobile Money

Mobile money mainly is for financial inclusion where services can be given to those who are unbanked and shy away from banking halls due to very stringent KYC requirements. This specific category want to access money with little ease but availability as per their needs matter the most. Second most important factor is the fee charged for transaction as mobile money is transaction based business not deposit based like I have given same example many times in past. Banks make money when money is left and forgotten in account by customer but in mobile money business the service provider makes money when its transacted. Countries like India where people have seen their grand grand father, to grand father to father and self that they go to bank and do all business for free but now if any one ask for small fee for their cash handling people raise their eye brows. Its changing though and will change fully in some time.

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Acceptability of Mobile Money under Mobile Financial Services was the biggest break through. Role of Mobile Money Agent is crucial and very critical for success of service. Who can be an agent , how agent distribution needs to be plotted on city/country map is also very very critical. The success of the mobile money system will really rely on a co-ordinated effort by all to deliver a system that speaks to the needs of the people and where no one is excluded, because we are approaching a future where everything will be interconnected and where a smartphone will simplify people’s lives in ways unimaginable.


Conclusion  Opportunities are countless; one who seizes them first gets the upper hand. Thanks to regulation and central bank support through the Ministry of Innovation. Financial inclusion or Finclusion is getting driven the way it it should be.Simply ensuring that all consumers have access to a basic banking services or operative wallet/account will give a huge success for Finclusion. Electronic systems offer promising automatic auditing ability to governmental institutions. Critics, therefore expect resistance from government in establishing financial confidentiality. The U.S. government has already unsuccessfully attempted to force a privacy-intruding “Clipper chip” onto the industry. In France cryptography is completely forbidden by the law. Obviously this is currently an area of heated debate.

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