MNO’s speed to achieve their goal to standardise, automate, digitise, remove boundaries by brining cross order financial/remittances service in form of payments, cash, airtime, paperless and online. At the same time banks are still in their canteens with their coffee mugs without any sign of worry but in reality all African banks face tough challenges from MNO’s & Fintech players.
Mobile payments can be defined as any payment transactions, whether in close proximity or remote. Payments can happen through Internet, proximity technologies charge back or can be executed on mobile devices. Mobile payments market potential, as well as the different trends in business models and technologies that are shaping the global payments and mobile payments evolution are visible as opportunities to be taken up. Decision makers in banks and other financial or even out side traditional
Mobile Money Services essentially was for unbanked & under privileged customers.
Mobile Money suppose to improves life for the Lower segment of society by
Domestic Remittance from cities to villages
Availability of Agents to withdraw cash
Building Savings Culture
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…
Payments are becoming more and more intelligent then payee. The amount of payment services providers we have added to the payment market in last year and how many will add in the next 2 years are actually more than combined numbers of the last 100 years. Payment transformation is 10x faster of today compared to the last 5 decades. This article explores the different payment options and opportunities.
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. Study from google shows that globally, mobile money users transacted a total of USD 7.5 billion through 479.5 million transactions in the month of December 2014. If cash-ins and cash-outs are included, mobile money users performed 717.2 million transactions, total of USD 16.3 billion.