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nouhaila_zaki

M-Pesa - 2 views

  • One of the drives for Fintech innovations, like M-Pesa, is financial inclusion, which is mostly geared toward an underbanked or unbanked group of people.
    • nouhaila_zaki
       
      Financial inclusion is a main priority of M-Pesa.
  • M-Pesa is a virtual banking system that provides transaction services through a SIM card. Once the SIM has been inserted into the card slot of the mobile device, users can make payments and transfer money to vendors and family members with SMS messages. Users with no bank accounts can access the numerous M-Pesa outlets distributed across the country. The money that needs to be stored is given to the kiosk attendant, who transfers the amount in digital form to the user’s M-Pesa’s account. Cash collected from M-Pesa is deposited in bank accounts held by Safaricom. The bank accounts serve as regular checking accounts and are insured up to a maximum of 100,000 shillings (or $1000) by the Deposit Protection Fund. M-Pesa provides receipts as proof of transaction. For a transaction to take place, both parties have to exchange each other’s phone numbers because the phone numbers act as account numbers. After settlement, both parties receive an SMS notification with the full name of the counterparty and the amount of funds deposited or withdrawn from the user’s account. The mobile receipt, which is received within seconds, helps to promote transparency for all individuals involved in a transaction.
    • nouhaila_zaki
       
      This excerpt is important because it explains how this mobile banking service operates. 1. Payments are made through SMS messages. 2. Cash collected by M-Pesa is deposited in bank accounts held by Safaricom. 3. Phone numbers act as account numbers. 4. M-Pesa provides receipts as proof of transaction.
  • M-Pesa is a virtual banking system that provides transaction services through a SIM card. Once the SIM has been inserted into the card slot of the mobile device, users can make payments and transfer money to vendors and family members with SMS messages. Users with no bank accounts can access the numerous M-Pesa outlets distributed across the country. The money that needs to be stored is given to the kiosk attendant, who transfers the amount in digital form to the user’s M-Pesa’s account. Cash collected from M-Pesa is deposited in bank accounts held by Safaricom. The bank accounts serve as regular checking accounts and are insured up to a maximum of 100,000 shillings (or $1000) by the Deposit Protection Fund. M-Pesa provides receipts as proof of transaction. For a transaction to take place, both parties have to exchange each other’s phone numbers because the phone numbers act as account numbers. After settlement, both parties receive an SMS notification with the full name of the counterparty and the amount of funds deposited or withdrawn from the user’s account. The mobile receipt, which is received within seconds, helps to promote transparency for all individuals involved in a transaction.
    • ghtazi
       
      this article shows us how M-Pesa is a virtual system that provides transaction services through a SIM card. M-Pesa allows users to deposit, withdraw, transfer money, pay for goods and services (Lipa na M-Pesa), access credit and savings, all with a mobile device.
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  • A farmer has no bank account and wants to deposit his commodity sale proceeds of 1,000 shillings goes to an M-Pesa outlet and deposits the money with the kiosk agent or attendant. The agent, in turn, uses her phone to access the client’s account with the client’s registered phone number and credit the account for 1,000 shillings.
    • ghtazi
       
      M-Pesa target customers are anybody who has a phone.
  • M-Pesa is a mobile banking service that allows users to store and transfer money through their mobile phones. M-Pesa was introduced in Kenya as an alternative way for the population of the country to have access to financial services. Safaricom, the largest mobile phone operator in Kenya, launched M-Pesa in 2007. The service is a blend of two entities where M means mobile and Pesa means money or payment in the Swahili language.
  • Financial inclusion is an initiative that seeks to include residents who have no access to banks or who can’t afford the required minimum deposits in the digital banking era. In order for this initiative to succeed, different sectors must collaborate in sharing data with each other and build a meaningful digital platform.
    • kenzabenessalah
       
      I like how M-PESA gave opportunities for those who cannot afford to have bank accounts , an alternative to still have access to those services.
  • Through mobile payment services like M-Pesa, the standard of living in Kenya has improved greatly. Market traders, debt collectors, farmers, and cab drivers don’t need to carry around or transact in a large amount of cash. This means that the occurrence of theft, robbery, and fraud is reduced. Also, individuals and business owners don’t have to wait in long lines for hours to make their electricity and water bill payments because these can be made using M-Pesa.
    • samielbaqqali
       
      The mobile payment industry was revolutionized by M-Pesa. The value of this business in the financial industry is demonstrated by the fact that the term M-Pesa has a financial significance. I believe that by using digitalisation in a way that can benefit people and solve their problems, M-Pesa has gained its impact.
  • To combat fraud, Safaricom mandates that users of a Safaricom SIM card who want to register for M-Pesa have to do so with a valid government ID such as the Kenyan national identification card or a passport. This way, each transaction is marked with the identification of the party transferring, paying, depositing, or withdrawing money from an account.
    • ghtazi
       
      to combat fraud they use either a sim card, ID card, or passport. in this way every transaction made will be marked with identifications of the parties transferring money, paying or whatever action it was made.
  • To combat fraud, Safaricom mandates that users of a Safaricom SIM card who want to register for M-Pesa have to do so with a valid government ID such as the Kenyan national identification card or a passport. This way, each transaction is marked with the identification of the party transferring, paying, depositing, or withdrawing money from an account.
  • M-Pesa is one of the innovative tools that have been birthed from the collaboration of telecommunication and banking sectors in East Africa.M-Pesa began in Kenya and is being utilized in 10 countries, including India and Romania. Emergent technology in the financial sector, or Fintech, has made it possible for financial services and products, like M-Pesa, to be more accessible at small costs.M-Pesa makes it possible for unbanked people to pay for and receive goods and services using a mobile phone instead of utilizing a brick-and-mortar bank.
    • nourserghini
       
      this article explains that M-pesa is a virtual banking platform that gives the opportunity for unbanked or underbanked individuals to conduct transactions through a SIM card.
  • This cross-communication tactic used by M-Pesa is developing rapidly in sub-Saharan Africa, where the telecommunication and banking sectors are working together to create mobile banking services for those with limited access to traditional banking.
    • sawsanenn
       
      Mobile payment is progressively being used in emerging regions in which a large percentage of the population has little or no access to traditional banking such as Africa
  • Mobile money is increasingly being adopted in developing nations where a high percentage of the population has little or no access to traditional banking. Revolutionary services like Paga, MTN Mobile Money, Airtel Money, and Orange Money are disrupting the traditional payment systems used frequently by residents of emerging nations, by changing the economy from a cash society to a digital one.
    • nouhaila_zaki
       
      This excerpt is important because it reflects the increasing importance of mobile money i.e. as proposed by M-Pesa in developing countries.
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    M-Pesa revolutionized the mobile payment industry. The fact that the word M-Pesa got a financial meaning shows the importance of this company in the financial industry. I think that M-Pesa gained its influence by using digitalization in way that can help people and solve their problems.
mohammed_ab

Creating a Strategy for the New FinTech Ecosystem - Belatrix Software - 0 views

  • 1. Millennials squared – a parable of a digital wallet and beer moneyEarlier this year Sam Crowder stood up at a televised baseball game, and held a sign asking his Mum to send him “beer money”. He included his Venmo account information. Thousands of people sent him money, as his sign went viral. Beyond sharing this story as advice in case you ́re ever thirsty and leave your wallet at home, what it reflects is how the use of new technologies may start with digital natives, but then rapidly spread to other generations. It reflects the inter-generational adoption of, and use of, FinTech technologies.So, when looking at the potential of new services, it is important not just to consider the young people who will adopt it. But what will happen when they introduce the technology to their friends and family. Millennials are the earthquake that shakes companies, and adopt new tech and services at lightning speed. The rest of us are the tsunami of adoption that follows and lead to exponential growth.
  • 2. Facebook, Amazon, Google or Ant Financial will become the largest retail bank in the worldIt’s 2020 and to apply for a loan, instead of going to your local bank branch, you quickly ask Facebook for approval. This is far from fanciful thinking. Even as of today, PayPal is arguably one of the largest retail banks — it has more money in deposits than all but the largest 20 US banks, and offers services from payments, to loans and credit cards (albeit currently via partners). But we believe that one of the major tech companies, whether that is Facebook, Amazon, Google, or Ant Financial (the financial arm of Alibaba) will not only transform retail banking, but rapidly become the largest retail bank in the world.“Some bankers and analyststhink that Google, Facebook, Amazon or the like will not fully enter a highly regulated, low-margin business such as banking. I disagree. What is more, I think banks that are not prepared for such new competitors face certain death”Francisco González, CEO, BBVA
  • hese major tech companies have the platform and the scale to upend retail banking. They already have a digital wallet which underlies the services that enable users to buy and sell on their platforms, such as Google Wallet and Amazon Payments. Facebook Messenger Pay is already available in the US while it recently received an e-money license from the Central Bank of Ireland. This means European users will be able to store and transfer money, and make online purchases. The transition to becoming the largest retail bank in the world will be swift and brutal for traditional banks.
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  • 3. Regulators finally make the pivot to supporting the FinTech ecosystemBitX, a bitcoin startup in Singapore, was looking to enter the UK and European markets. Instead of having an arduous journey gaining the required licenses and approvals as it would have expected in the past, BitX was accepted into the regulatory sandbox of the UK’s Financial Conduct Authority. This enabled it to test its services and build its product with the backing of the regulator. This kind of thinking reflects how in the past few years we have seen regulators move from hindering innovation and new services, to proactively supporting and strengthening the FinTech ecosystem.It is a challenging line to take, particularly in the
  • world of finance – to help create the framework and environment for innovation, while also protecting consumers and businesses. However, increasingly we see regulators getting this blend right.For example, the European Union’s Directive on Payment Services (PSD2) will create an EU-wide single market for payments. This will drive new opportunities and innovation in the payment sector, because it will force financial institutions to provide secure access for a third-party service provider to a customer’s online account. Meanwhile, we have seen regulatory sandboxes emerge not just in the UK, but in locations from Singapore to Australia. The US Treasury meanwhile recently announced it will start issuing special purpose national bank charters to FinTech companies.In the future, expect to see the emergence of “RegTech”. This will enable real-time interaction and analysis between regulators and financial institutions. Indeed, thi
  • ch as in New York, London or Singapore. So, although the UK dominates the world of fintech (generating an estimated £6.6billion in FinTech related revenue), leading organizations are looking for inspiration among the innovative services, products and ideas being created from Guadalajara, to Laos, to Kenya.In many cases we can see that the unique financial environment of these locations is resulting in novel ideas. For example, Guadalajara based start-up Kueski uses a person’s digital footprint to assess their credit worthiness – a particular challenge in Mexico where credit is not available to large swathes of the population. In Latin America Tigo Cash is a mobile financial service which already handles more cash than many financial institutions in the region. We will see markets and services emerging which are currently not on anyone’s map, and become some of the most important financial organizations in the world.
    • samiatazi
       
      this article points out 4 expectations for the fate of FinTech and Financial services. However, I think that the most interesting one is the last one which states that The effect of FinTech advancement is frequently made and experienced outside the usual Hub of Finance, for example, New York, London or Singapore. Giant Companies are searching for inspiration among innovative and creative products, items and thoughts being made from Guadalajara, to Laos, to Kenya. I really like this part too, stating that We will see markets and administrations arising which are as of now not on anybody's guide, and become the absolute most significant Fintechs on the planet.
  • software platform between itself and the banks, so it can view and analyze information in real-time.4. Look beyond the hubs to find innovative ideasAcross Kenya, mobile money has become ubiquitous – being used by at least one person in 96% of Kenyan households. But what is the real impact of mobile money in such countries? One study estimated that M-PESA, the Kenyan mobile money system which enables money to be stored on a phone and be sent via text, has helped lift 2% of Kenyan households out of poverty.What this example demonstrates is that the impact of FinTech innovation is often created and experienced outside of the usual hubs of finance su
  • In the past few years we have seen the rapid evolution of FinTech from generating novel ideas which solve customer problems, to offering core financial services. We have seen the shift from digital startups, characterized by a lack of financial wherewithal and which operated on the edge of tightly regulated markets, to the emergence of mature financial digital organizations at the heart of the traditional financial world.We can describe the development and maturing of FinTech in 3 main waves:The early emergence of digital startups helping consumers. Originally FinTech solutions were the preserve of B2C markets which solved specific customer problems such as offering home loans faster and easier. They used new technologies such as mobile and cloud computing, and were characterized by a laser focus on the customer with all the hall-marks of a digital Silicon-Valley style start-up.Transition to B2B markets. Today FinTech plays a role at the core of B2B innovation in financial markets, and industry observers widely expect B2B FinTech revenues to dwarf those in consumer markets within the next couple of years. Organizations such as Currency Cloud (cross border B2B payments), Payoneer Escrow (escrow services), and Hummingbill (B2B invoice platform) all reflect a maturing industry.The creation of an ecosystem between FinTech and traditional players. FinTech organizations are realizing that the required go-to-market investment, economies of scale, and regulatory needs, means it makes sense to partner with traditional financial institutions. On the other side, established players recognize the value, innovation and potential of FinTech in a world which is increasingly mobile-first. These financial institutions are also adopting many of the methods that FinTechs use so successfully, from a focus on the customer, to using Agile software development, to holding hackathons, and forming accelerators and innovation programs.
    • sawsanenn
       
      This excerpt is important because it shows the three waves that each fintech companies go through. Currently, most companies are still in b2b markets which an new innovative role in the financial markets; howver, not all companies are doing the same thing. Some of them still need a real bank ( Not virtual) to make transactions and don't trust softwares.
  • ch as in New York, London or Singapore. So, although the UK dominates the world of fintech (generating an estimated £6.6billion in FinTech related revenue), leading organizations are looking for inspiration among the innovative services, products and ideas being created from Guadalajara, to Laos, to Kenya.In many cases we can see that the unique financial environment of these locations is resulting in novel ideas. For example, Guadalajara based start-up Kueski uses a person’s digital footprint to assess their credit worthiness – a particular challenge in Mexico where credit is not available to large swathes of the population. In Latin America Tigo Cash is a mobile financial service which already handles more cash than many financial institutions in the region. We will see markets and services emerging which are currently not on anyone’s map, and become some of the most important financial organizations in the world.
    • ghtazi
       
      What this example shows is that beyond the usual finance hubs, such as in New York, London, or Singapore, the influence of FinTech innovation is also generated and experienced.
  • It’s 2020 and to apply for a loan, instead of going to your local bank branch, you quickly ask Facebook for approval. This is far from fanciful thinking. Even as of today, PayPal is arguably one of the largest retail banks — it has more money in deposits than all but the largest 20 US banks, and offers services from payments, to loans and credit cards (albeit currently via partners). But we believe that one of the major tech companies, whether that is Facebook, Amazon, Google, or Ant Financial (the financial arm of Alibaba) will not only transform retail banking, but rapidly become the largest retail bank in the world.
  •  
    This article explains how the big e-commerce giant Amazon and the dominant social media platforms will become the largest retail banks in the future. I think that M-Pesa could benefit from strategic alliances or partnerships with these big giants.
mehdibella

Credit scoring the unbanked - alternative solutions used in global markets | Penser - 0 views

  • JUMO builds its credit profiles using behavioral data gathered from mobile wallets, cell phones and transaction data.
  • JUMO is a transaction and predictive technology platform that partners with mobile network operators and banks to offer customers microloans and access to savings and insurance products. They are currently active in six markets – Ghana, Tanzania, Kenya, Uganda, Zambia and Pakistan – with plans to soon launch in India, Bangladesh, Côte d’Ivoire and Nigeria. JUMO has helped disburse over $1.6 billion in funding to small and micro enterprises, and has helped connect over 15 million people to credit and savings services.
    • hindelquarrouti
       
      Jumo is currently operating in different countries in Africa. It has been successful in funding small and micro enterprises, providing credit and saving services. Also, it collects behavioural data from transaction or even cell phones, this is very interesting as it contributes in creating financial identity.
  • JUMO builds its credit profiles using behavioral data gathered from mobile wallets, cell phones and transaction data.
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  • JUMO works with a number of mobile network operators and financial service providers, including Airtel, MTN, Telenor, Ecobank, Barclays Africa among others.
    • mehdibella
       
      They are currently active in six markets (Ghana, Tanzania, Kenya, Uganda, Zambia and Pakistan) with plans to soon launch in India, Bangladesh, Côte d'Ivoire and Nigeria.
  • This creates a financial identity and credit rating for low-income individuals and enterprises, who can then access savings, loan and insurance products through a mobile interface.
    • mehdibella
       
      JUMO has helped disburse over $1.6 billion in funding to small and micro enterprises, and has helped connect over 15 million people to credit and savings services.
  • JUMO is a transaction and predictive technology platform that partners with mobile network operators and banks to offer customers microloans and access to savings and insurance products. They are currently active in six markets – Ghana, Tanzania, Kenya, Uganda, Zambia and Pakistan – with plans to soon launch in India, Bangladesh, Côte d’Ivoire and Nigeria. JUMO has helped disburse over $1.6 billion in funding to small and micro enterprises, and has helped connect over 15 million people to credit and savings services.
  • JUMO builds its credit profiles using behavioral data gathered from mobile wallets, cell phones and transaction data. This creates a financial identity and credit rating for low-income individuals and enterprises, who can then access savings, loan and insurance products through a mobile interface. JUMO works with a number of mobile network operators and financial service providers, including Airtel, MTN, Telenor, Ecobank, Barclays Africa among others.
  •  
    It makes a monetary identity and a financial assessment for low-pay people and organizations, who would then be able to get to reserve funds, credits through mobile phone.
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    JUMO is a very interesting company that offers many important services like micoloans and insurance products. I believe that this company is doing a great business because of its variety of important services.
  •  
    Jumo is currently operating in different countries in Africa. It has been successful in funding small and micro enterprises, providing credit and saving services. Also, it collects behavioural data from transaction or even cell phones, this is very interesting as it contributes in creating financial identity.
  •  
    This article explains the procedures and technology used by JUMO in order to create a credit rating for its customers. This credit rating allows the company to know the amount of loan they can give to someone.
kenza_abdelhaq

Private equity investment in leading mobile payments platform | responsAbility - 0 views

  • Fawry is the leading mobile payments platform in Egypt. Through a network of 65,000 agents, mostly small shop owners, Fawry allows 20 million customers to perform a variety of transactions such as utility bills payments, airtime top-ups or merchant transactions. Over the years, Fawry has created a platform connecting all clients’ channels of payments including bank accounts, credit cards and mobile wallets with any of the 23 banks connected to its platform. Fawry’s success has been to build acceptance and usage from clients as well as banks and merchants.
    • kenza_abdelhaq
       
      Fawry's services, operations, and network include small shop owners, a variety of transactions, and a platform connecting clients and more than 20 banks.
  • Speaking on behalf of Fawry, Ashraf Sabry, CEO, said: “Our efficient payment platform and network will enable us to provide financial services for sections of the population that have so far been underserved – at costs that will allow the model to be commercially sustainable. At the same, we aim to further spread cashless transaction in Egypt, thereby serving customers as well as commerce.”
    • kenza_abdelhaq
       
      Fawry is targeting customers as well as commerce while focusing on providing financial services to the underserved. The company focuses on financial inclusion while maintaining a certain level of costs to have a commercially sustainable model.
  •  
    "Fawry is the leading mobile payments platform in Egypt. Through a network of 65,000 agents, mostly small shop owners, Fawry allows 20 million customers to perform a variety of transactions such as utility bills payments, airtime top-ups or merchant transactions. Over the years, Fawry has created a platform connecting all clients' channels of payments including bank accounts, credit cards and mobile wallets with any of the 23 banks connected to its platform. Fawry's success has been to build acceptance and usage from clients as well as banks and merchants."
mohammed_ab

Electronic Transactions Reshape Egypt's Economy - 3 views

  • The rise of online banking around the world has helped other economies solve these very challenges. Cash, for example, is hard to transport. Coins and bills are prone to theft, and their use makes dodging taxes easier for those so inclined. For individuals who must pay in person, getting across a gridlocked city like Cairo is logistically difficult. Together, these problems can constrain an economy. In Egypt, where 94 percent of all transactions were cash as recently as 2014, such a system stymies economic growth.
  • Fawry is part of a new wave of technology companies ushering Egypt into the digital age. Many of these firms are helping transform industries like banking, health care, and transport, and in the process creating good jobs for young Egyptians, more than 30 percent of whom are unemployed.
  • Sabry, a former salesperson at IBM Egypt, launched Fawry because he knew these issues kept Egypt’s economy from achieving its promise. The early years were lean as the company worked to convince tech-wary Egyptians that Fawry’s systems were secure—and that their money wouldn’t disappear into an electronic void.
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  • “Time is of the essence, and Fawry saves me a lot of it,” says Shawky, who owns three electronics stores in the Egyptian capital.
    • kenzabenessalah
       
      Fawry is available for its customers day and night which attracts a large range of people.
  • It was something that Cairo-based shop owner Nader Shawky had come to dread: paying his phone bill. Every month, he trekked to the offices of his mobile provider where he and dozens of others stood in line—sometimes for up to two hours—to settle their bills. It was, he admits, a maddening process.
    • samielbaqqali
       
      By providing online banking financial administrations that allow you to cover your bills, transfer cash, and access a record of your checking account transactions from your internet browser, Fawry makes the life of its clients less difficult. Banking from anywhere, at any time of day or night, makes it a little easier to do anything you do about your finances.
  • Fawry, a fast-growing Cairo-based company that specializes in electronic payments, makes it possible for Shawky to take care of his accounts online.
  • Fawry’s growth has had a profound effect on Egypt’s economy, says Akef el Maghrabi, the vice chairman of Banque Misr, one of Egypt’s biggest banks and an early Fawry partner. “When you eliminate or reduce the reliance on cash, then you fight corruption, you provide convenience, you lower costs, and you grow the economy. [Electronic payments] do a lot of good for the country.”
    • ayachehbouni
       
      With a system that relies mainly on cash transactions, the economy faces too many challenges that stops its growth and development. For instance, cash is hard to transport, coins and bills can easily be stolen, and their use makes dodging taxes and corruption easier.
  • IFC invested $6 million in Fawry in 2013 and helped guide founder Ashraf Sabry and his team as they built their business. Now the 12-year-old company handles 2.5 million transactions a day. In 2018 Fawry processed 40 billion Egyptian pounds (about $2.5 billion) in electronic payments. Earlier in 2019, Fawry became Egypt’s largest financial technology firm to list on the national stock exchange. It now employs 1,600 people.
    • samielbaqqali
       
      By providing online banking financial administrations that allow you to cover your bills, transfer cash, and access a record of your checking account transactions from your internet browser, Fawry makes the life of its clients less difficult. Banking from anywhere, at any time of day or night, makes it a little easier to do anything you do about your finances.
  • As the Fawry network grew, shop owners who installed the system saw significant benefits, too. Fawry’s terminals drew new customers into stores, providing the consumer traffic that is the lifeblood of small shops. Mahmoud El Rawy, a grocery store owner and father of three, can attest to that. His shop struggled until he installed a Fawry payment terminal. “Fawry has had a big impact on my business,” says El Rawy, who now owns three supermarkets. “It helped bring me more customers and it’s why many come to me now.”
  •  
    Fawry is making the life of its customers less difficult by offering online banking financial administrations that empower you to cover your bills, move cash, and access a record of your checking account transactions from your internet browser. Banking from anywhere, at any time of the day or night, makes all what you do with your finances somewhat simpler.
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    Fintech is providing a very fast business and customer are really satisfied with it. I think that fast service is the main objective of Fintechs.
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    Fawri is helping Egyptians in handling their bills online rather than spending hours on this kind of processes if done traditionally.
  •  
    It's interesting to see that Fawry has a positive impact on its customers but also its business partners like small show owners.
ayoubb

An Appraisal of Potential Risks of Fintech Adoption in the Nigerian Financial Services ... - 0 views

  • The probability that a customer would incur financial losses in financial transactions conducted using Fintech is referred to as financial risk particularly when these losses would have been avoided if the same transactions had been conducted on a conventional platform (Keong et al., 2020; Razzaque et al., 2020). Financial risk can also be incurred by the financial service provider thereby distorting the operating budget of the firm. An example of a financial loss according to Khalil and Alam (2020) is when the process of launching a Fintech service has taken a longer time than planned thereby translating to an increase in the total cost of implementation. The prevalence of financial risk has heightened due to the nature of digital technology employed by Fintech, which could lead to recurrence in financial losses driven by electronic fraud (e-fraud) (Keong et al., 2020). These authors also listed other causes or drivers of financial risk as factors related to budgetary exchange framework, currency misrepresentation, and additional exchange fees that accompany the preferred value. 
    • ayoubb
       
      Financial Risk of adopting Fintech in Africa
aymanelmamoun

Multi-bank and multi-bank mobile money service HelloCash launches in Ethiopia - 0 views

  • BelCash Technology Solution PLC has partnered with two banks to launch HelloCash mobile money services in Ethiopia. Launched in partnership with Lion International Bank and Somali Micro Finance, the service will provide financial services to all Ethiopians
    • sawsanenn
       
      This strategy will make financial services available to more Ethiopians, particularly national party, in order to push financial inclusion in the country. This will maximize capital expenditure for banks but also boost media recognition.
  • BelCash Technology Solution PLC has partnered with two banks to launch HelloCash mobile money services in Ethiopia. Launched in partnership with Lion International Bank and Somali Micro Finance, the service will provide financial services to all Ethiopians. It will enable existing and potential customers of Lion International Bank and Somali Micro Finance to carry out transactions in four key areas of financial transactions: Deposit, Withdraw, Transfer and make payments.
    • ghtazi
       
      Belcash has partnered with two banks. The service, launched in collaboration with Lion International Bank and Somali Micro Finance, will provide all Ethiopians with financial services. It will allow Lion International Bank and Somali Micro Finance's current and potential customers to carry out transactions in four main areas of financial transactions: deposit, withdrawal, transfer, and payment.
  • Key standouts of HelloCash include its interoperability and shared infrastructure features. The system is designed for multiple banks and MFIs to be interconnected and offer mobile money services to their respective customers. This allows partnering financial institutions to share each other’s agent and branch networks to serve each other’s customers.
    • aymanelmamoun
       
      Shared infrastructure features is a crucial key for the Ethiopian company.
ghtazi

Mukuru Adds Sign-Up Feature to WhatsApp - IT News Africa - Up to date technology news, ... - 1 views

  • By signing up for Mukuru via WhatsApp, users will be able to bypass the onerous task of submitting Know-Your-Customer (KYC) documents to an agent or Mukuru branch in person. Instead, they can submit documents directly to Mukuru’s verifications team. Mukuru will then provide timely feedback via WhatsApp as to whether a prospective customer’s ID documents have been effectively verified or not (and if the customer needs to take further steps). “Our customers already use WhatsApp extensively to create money transfer transactions (comprising more than 30% of our total monthly transaction volume in SA) so we are naturally extending self sign-up services on this channel,” says Jury. “This capability removes key barriers for our customers and increases accessibility to important financial services in South Africa and across our network. By harnessing our technology expertise and ability to innovate around customer pain points, we are boosting financial inclusion by allowing customers to submit their own KYC documents and gain access to higher limits.”
    • nouhaila_zaki
       
      This excerpt is important because it reflects the importance of WhatsApp in the operations of Mukuru. 1- Whatsapp allows cheap KYC 2- Whatsapp is an extension of customer habits 3- Whatsappremoves barries to access financial services.
  • “Our customers have been asking for a Mukuru App, and we have made sure to develop and present a solution that empowers our customers to send money back home to their families in an even safer and more convenient way. Mukuru has always given its customers the ability to transact when and wherever they need to through our existing USSD and WhatsApp offerings – the Mukuru App adds a richer experience and more control for a customer to manage their profile,”
    • sawsanenn
       
      It is a good idea to use one of the most used social media application which is WhatsApp, it will be more easy for customers to make a payment or receive it. It is a good approach to make the transactions accessible and easy for everybody.
  • “Our customers have been asking for a Mukuru App, and we have made sure to develop and present a solution that empowers our customers to send money back home to their families in an even safer and more convenient way. Mukuru has always given its customers the ability to transact when and wherever they need to through our existing USSD and WhatsApp offerings – the Mukuru App adds a richer experience and more control for a customer to manage their profile,”
    • ghtazi
       
      the introduction of Mukuru to social media is a great move since we live in an era where social media controls everything. it will also touch the z generation and will extend their target customers.
mohammed_ab

#40Days40FinTechs: JUMO is offering social impact financial products to the unbanked. |... - 1 views

  • The HiPipo chief executive officer Innocent Kawooya expressed his excitement about JUMO’s financial inclusion efforts, saying that its products are taking a lead in democratising lending and borrowing.“We are excited to interact with JUMO, a company that is enhancing financial inclusion in over 10 countries and serving more than 16 million customers.”
  • Reimagining finance in emerging markets by extending financial services to the underserved and the excluded has been JUMO’s goal since inception.
  • Reimagining finance in emerging markets by extending financial services to the underserved and the excluded has been JUMO’s goal since inception. This explains why it chose to specialize in social impact financial products where small businesses that are financially excluded can access loans and savings products.
  • ...1 more annotation...
  • During the same period, they have disbursed over $1 billion and record over 51 million interactions with customers monthly.  Over 120 million people have been connected to financial choices while the cost of transaction has been reduced significantly.
  •  
    JUMO's great job made other companies to be proud of making a partnership with them. This is a good example of a successful company.
  •  
    I like the service Jumo offers. The company provides loans to small businesses and SMEs that have difficulties accessing financial services. It's amazing to see the number of transactions they have made during one year.
kenzabenessalah

Belcash | Tracxn - 0 views

  • pdated: January 16, 2021Most viewed in 2019​Belcash is a mobile-based financial solution platform provider to financial institutions. The HelloCash solution enables existing and potential customers of the financial institutions to carry out transactions in four key areas of financial transactions: deposits, withdrawals, transfers and payments. It allows customers of partnering banks to visit any agent or branch to utilise financial services, regardless of which bank the customer belongs to.
    • kenzabenessalah
       
      This excerpt is important because it identifies the company's flexibility. It allows customers to visit any other branch even though they may not necessarily belong to it. Not all payment services allow this type of transaction.
sawsanenn

M-Pesa revenues recover after charges reinstated - Business Daily - 0 views

  • Average monthly M-Pesa transactions, including Safaricom, was $24.2 billion (Sh2.6 trillion) and represented a growth of 57.8 per cent.
  • Revenues from the global mobile financial service M-Pesa have recovered following the reinstatement of fees on person-to-person transactions on the platform.
  • Vodacom says revenue from the international M-Pesa business, excluding Kenya, rose 10 per cent to Sh8.5 billion in the quarter ended December compared to Sh7.7 billion a year earlier.
  • ...2 more annotations...
  • Kenya and other African countries suspended charges on certain transactions on M-Pesa to offer financial relief to their citizens besides seeking to reduce use of cash to curb the spread of the Covid-19 pandemic.
    • ghtazi
       
      it is very vigilant on the part of Kenya and other African countries to reduce some fees on M-Pesa in order to reduce the use of cash and to prevent the spread of the COVID 19 virus.
  • Kenya and other markets also allowed M-Pesa charges to resume in January, brightening the outlook for the financial platform’s revenue growth.
    • sawsanenn
       
      because of the pandemic, M-Pesa had to remove fees on a person to person transaction which reduce revenues last year. However, starting this year the government reallowed the fintech company to reinstate the fees so they can regain the revenues that they ve lost last year
  •  
    We can see from this article that M-Pesa has been growing exponentially and will keep this growth for the future as more and more people will rely on mobile money transfers.
  •  
    Because of the appearance of covid-19 Kenya among other African countries eliminated charges on some specific transaction on M-pesa with the hope of helping their citizens. This did not stop M-pesa from recording a 10% increase in revenues in the last quarter of 202O.
omarlahmidi

Belcash to Launch Online Commerce Platforms - 4 views

  • Hellomarket will be the platform used for local transactions, enabling buyers to order, deliver and pay for goods through electronic banking services. Belcash has signed an agreement with DHL Express, a Germany company, for logistics services.
  • For buyers abroad, Belcash introduced Helloshop, a platform that allows domestic products to be ordered through the firm’s portal and the payment to be processed through Mastercard Payment Gateway Services.
  • “This will make foreign currency flow through the proper channels to local banks,” said Zewdu Assefa, deputy CEO of Belcash Ethiopia. “The seller receives the Birr equivalent of the amount earned in foreign currency.”
    • kenzabenessalah
       
      BelCash introduced a platform called Helloshop that allowed payments to be processed through Mastercard. The importance of this statement is that the seller would receive the same amount as to that in foreign currency.
  • ...5 more annotations...
  • Belcash Ethiopia, a subsidiary of Netherlands-based Belcash Technology Solutions, was established in 2011. It currently is working with Lion International Bank, Cooperative Bank of Oromia, Wegagen Bank and Somali Micro Finance Institution to launch a pilot project this week.
  • Currently, 40 women from the group have received training by Belcash on how to grow brands and package products. They were also given awareness training on digital platforms.
    • sawsanenn
       
      Lack of an e-payment system, and regressive policies and regulations for financial inclusion, are the main reasons for the lack of financial technology's growth in Ethiopia. It good to see that Belcash is raising this issue by offering different solutions.
  • An expert on ICT at the Addis Abeba University for more than one and half decades appreciates that such a platform has been realised as it creates more market exposure for micro-enterprises.“In parallel to the platform, people in micro-enterprises should be trained to utilise different websites and other e-system alternatives to develop their businesses and enter markets on their own,” said Mesfin Fikre (PhD).Lack of an e-payment system, together with regressive policies and regulations for financial inclusion, are the main reasons for the lack of financial technology’s growth in Ethiopia, according to Zewdu.
    • nourserghini
       
      This article shows that Belcash's platform is providing more exposure to micro-entreprises in different sectors in effort to encourage the e-payment system in Ethiopia, which is still evolving compared to others in the continent.
  • For buyers abroad, Belcash introduced Helloshop, a platform that allows domestic products to be ordered through the firm’s portal and the payment to be processed through Mastercard Payment Gateway Services
    • ghtazi
       
      Belcash introduces a new platform named Helloshop that allows customers to put domestic products to be ordered via the company's platform and processed through Mastercard Payment Gateway Services for payment.
  • Hellomarket will be the platform used for local transactions, enabling buyers to order, deliver and pay for goods through electronic banking services. Belcash has signed an agreement with DHL Express, a Germany company, for logistics services.
    • omarlahmidi
       
      Belcash offer customers an online plateform to make customer's life easier
  •  
    Two e-commerce platforms enabled the online commercial transactions sere set by Belcash in Ethiopia. They enable transactions locally and from outside the country.
  •  
    Belcash plan of launch Two e-commerce platforms, which will enable online commerce locally as well as allow buyers outside the country to transact in goods available domestically, are set to be launched by Belcash Ethiopia
mehdibella

Carbon , Nigerian fintech startup processed $240M payments transactions in 2020 - Techg... - 0 views

  • In 2012, two brothers, Chijioke Dozie and Ngozi Dozie, founded Carbon, a Nigerian digital bank start-up. Carbon began as a digital lending company, but now the company provides a variety of services, from payments to savings to investments. According to Dozie, “Our annual report will be released in the second quarter after our financial audit is complete, to gain customer trust, Chijioke Dozie, the CEO, told ProWellTech in 2019 that the company will make Carbon’s financials public.” If you note, before we published the 2019 fiscal year update, we released a year under review in January 2020.Gross profits, profit or loss before and after tax, liabilities and equity, total assets, etc. are included in Carbon’s annual report. Carbon’s year of analysis reveals processed payments, client base, disbursed loans, and investments made on the platform. The business with about 659,000 customers processed N96.54 billion (~$241.35 million) according to Carbon’s year of analysis for fiscal year 2020, which is up 89 percent compared to the same period a year earlier. N25.51 billion (~$63 million) was the disbursement volume for its lending arm, an improvement of 9.1 percent from the 2019 financial year. Investments worth N13.02 billion (~32.55 million) were made on the site, up by 365 percent from FY 2019.The factors that affected these numbers last year, according to the company, included the launch of an iOS app that pushed clients Acquisition, introducing its feature for low-income customers with USSD banking services; and a social chat feature to allow faster transactions. Besides that, Carbon obtained a microfinance bank license in an attempt to become a digital bank. The license implies, according to Dozie, that Carbon’s customers are given additional protection by the Nigerian Deposit Insurance Corporation through depositor insurance. The standard Carbon wallet is now a full-fledged bank account, Dozie says, and clients will transact on the platform like any bank would.
    • samiatazi
       
      Carbon's analysis year offers statistics on processed purchases, user base, loans paid out and network expenditures. The corporation has processed 96,54 billion (241,35 million dollars) last year with around 659,000 customers. N25.51 billion represented a 9.1 percent increase over the 2019 budgetary year for the disbursement of the lending arm. Carbon was invested in N13.02 billion ($32.55 million), up 365% from FY 2019.
  • Carbon , Nigerian fintech startup processed $240M payments transactions in 2020 - Techgist Africa | Africa Leading Tech
sawsanenn

Paga Definition - 0 views

  • In order to prevent fraudulent transactions, Paga has put certain measures in place to protect its users. A user logging into an unrecognized device, for example, will have to answer a couple of security questions before proceeding. Again, every transaction using Paga has to be finalized with a personal PIN known only to the user.
    • ghtazi
       
      Paga has placed such steps in place to protect its users in order to discourage fraudulent transactions. For example, a user logging into an unrecognized computer would have to answer a few safety questions before continuing. Again, with a personal PIN is known only to the user, any transaction using Paga must be finalized.
  • With Paga, customers are able to deposit and save money, purchase prepaid phone credit, pay utility and cable bills, and make payments to retailers. The partnership between Paga and Western Union also has the added benefit where Western Money transfers sent to users can be deposited into their Paga accounts.
    • nouhaila_zaki
       
      This excerpt is important because it discusses Paga's offerings fist, before moving to how Paga's partnerships, here with Western Union, helped the fintech improve its offerings.
  • Paga was introduced in Nigeria to take advantage of the cash buildup in the system and to create a means whereby financial services are available to all. Although the banking sector in Nigeria is not easily accessible to everyone, the telecommunications industry has been more successful in reaching a large portion of the country’s population. The collaboration of both the banking and telecom sector has given rise to mobile banking platforms like Paga, where a user can perform basic financial transactions with the use of a cellphone. Paga works through a mobile phone application or online through the company’s website.
    • nouhaila_zaki
       
      This excerpt is important because it narrates the context in which Paga emerged. The combination of a large unbanked/underbanked population and high accessibility to telecommunications contributed to the establishment and subsequent success of Paga n Nigeria.
  • ...1 more annotation...
  • A number of other mobile wallet and payment service platforms are increasingly being implemented in emerging nations that have a high percentage of unbanked groups. M-Pesa, MTN Mobile Money, Airtel Money, and Orange Money are examples of mobile banking applications that are being employed to include all people in the growing digital financial sphere.
    • sawsanenn
       
      this excerpt talks about companies that strated to offer the same services as paga which made them competitors to paga
mehdi-ezzaoui

Ethio-Pay Celeb - 0 views

Ethio-Pay Celebrates Official Launch, Finally   Consumer pressure urged the last bank to join the integration line   The belated national e-payment switch, Ethio-Pay, serving the integr...

Ethippay

started by mehdi-ezzaoui on 12 Feb 21 no follow-up yet
mehdi-ezzaoui

Ethio-Pay Celeb - 0 views

Ethio-Pay Celebrates Official Launch, Finally   Consumer pressure urged the last bank to join the integration line   The belated national e-payment switch, Ethio-Pay, serving the integr...

Ethiopay

started by mehdi-ezzaoui on 12 Feb 21 no follow-up yet
mbellakbail69

Fawry | IBM - 3 views

  • Fawry now supports millions of transactions daily for consumers and business through more than 90,000 locations (including groceries, pharmacies, stationaries and post offices), as well as through multiple alternative channels, including online, ATMs, and mobile wallets. The company’s client base and service offerings continue to expand, leading to rapid data growth. Abbas comments: "Our data has doubled in just the last eight months, and we expect it to grow even faster in the years to come.”
  • The technology offers data compression and deduplication features that enable Fawry to boost utilization of storage resources. Abbas adds: “IBM FlashSystem A9000R offers much greater performance than our previous storage platform, meaning that we get both optimized data economics and short response times. We were able to achieve a seamless migration to the new platform with zero downtime.”
  • Each day, Fawry processes 2 million financial transactions, giving Egyptians an easy, secure payment alternative to the complex, time-consuming procedures that are the norm. To help grow customer satisfaction and speed the roll-out of new services, Fawry deployed IBM® Storage, IBM Db2® and Oracle database on IBM Power Systems™ solutions.
  • ...6 more annotations...
  • With a population of over 100 million people, Egypt is a land of opportunity for consumer services providers. In a country where payment procedures are often slow, fragmented and complex, Fawry identified a gap in the market for a simple, secure omnichannel payment gateway.
    • nouhaila_zaki
       
      This excerpt is important because it introduces the need that Fawry was created to tackle and the market gap that it saw as an opportunity to prosper. It is very important to understand the core problem around which Fawry services were designed, in order to be able to design and develop strategies that are faithful to this same goal.
  • Fawry now supports millions of transactions daily for consumers and business through more than 90,000 locations (including groceries, pharmacies, stationaries and post offices), as well as through multiple alternative channels, including online, ATMs, and mobile wallets. The company’s client base and service offerings continue to expand, leading to rapid data growth. Abbas comments: "Our data has doubled in just the last eight months, and we expect it to grow even faster in the years to come.”
    • samielbaqqali
       
      Fawry strives to make the life of their customer simpler. They have an e-commerce solution that links sellers to buyers that provide different methods of payment.
  • Fawry Putting Egypt on the global digital payments map
  • The company’s success is built on delivering consistently fast, dependable services alongside continual innovation. Seeing an opportunity to do more with its data, Fawry evaluated its technology infrastructure to ensure it was ready for the next phase in its evolution.
    • kenza_abdelhaq
       
      Fawry focuses on fast and dependable services based on innovation. The company also works on making better use of the data collected to make informed decisions; while keeping in mind the importance of a good technology infrastructure ready for the implementation of any new phase.
  • Haytham Abbas, Infrastructure Director at Fawry, picks up the story: “When we launched in 2008, the average household had to deal with around 13 separate utility and service providers. Since they typically had to set up payments with each service provider separately, often by visiting a branch, this was a lot of hassle. We created an omnichannel digital payment network to make life easier for consumers and the businesses that serve them.”
  • Fawry has a long history with IBM, having chosen IBM solutions to underpin its business again and again over the last decade. The company relies on both IBM Db2 and Oracle database software running on IBM Power Systems to support its bespoke electronic financial platform, processing 2 million transactions per day. “Together, IBM Db2, Oracle database and IBM Power Systems solutions give us the ability to process huge transaction volumes,” comments Abbas. “They provide a powerful foundation for our business, and have scaled seamlessly as we’ve grown.”
    • mbellakbail69
       
      To ensure that it selected the best offerings on the market for its latest refresh, the company's IT team undertook a thorough evaluation of storage and server options from multiple vendors.
  •  
    Fawry aims to make their client's life easier. They have an e-commerce solution that connects sellers with buyers offering various payment methods.
  • ...1 more comment...
  •  
    The success of the compnay relies on its partnerships. Fawry's partnership with IBM is brilliant because IBM can offer Fawry some advanced technology that can help improve the business.
  •  
    Fawri is a secure alternative to the traditional procedures. It is user friendly and Egiptians are benefiting from it.
  •  
    "The company's success is built on delivering consistently fast, dependable services alongside continual innovation. Seeing an opportunity to do more with its data, Fawry evaluated its technology infrastructure to ensure it was ready for the next phase in its evolution."
mehdibella

Nigerian digital bank Carbon hit $240M in payments processed last year, up 89% from 201... - 0 views

  • Also, in its quest to become a digital bank, Carbon acquired a microfinance bank license. According to Dozie, the license means that Carbon’s customers are afforded additional protection through depositors’ insurance via the NDIC. The Nigerian Deposit Insurance Corporation, a federal insurance agency, protects depositors and guarantees the settlement of insured funds when a financial institution can no longer repay their deposits. With that in place, Dozie says the typical Carbon wallet is now a full-fledged bank account, and customers can perform transactions on the platform as they would with any bank.Like Carbon, other startups on the continent have followed suit by releasing year-on-year metrics. In recent memory, most of these startups play in the fintech and crypto-exchange space. But Carbon remains unique amongst this crop of companies as it releases both transaction stats and real insights into its financial performance.Whereas transaction stats tend to highlight a seemingly explosive year-on-year growth of a company, a comprehensive view of financials will likely show a mixed performance. For instance, Carbon generated $17.5 million in revenue for FY2019, up 68% from 2018. For that same period, it recorded a 23% decrease in its profit after tax numbers, a 222% rise in total liabilities and 107% increase in assets finishing the year off with a 6% increase in total equity.It’ll be interesting to see what these numbers look like for 2020. But that’s not the only event to keep an eye on. In addition to its $10 million Series A from SA-based Net1 UEPS Technologies and a $5million debt financing in 2019 from Lendable, Dozie says the digital bank, which also has a presence in Kenya, is ramping efforts to raise a Series B round soon to consolidate its position on the continent.
    • samiatazi
       
      Carbon is given a licence to the microfinance banks and the depositor's insurance offers consumers extra cover. The firm's sales for 2019 were $17.5 million, up 68% in 2018. For the same period, profit after tax numbers declined by 23 percent, overall liabilities grew by 222 percent and assets increased by 107 percent. Carbon is mounting effort to upgrade its position on the continent in the near future in a Series B round.
  • Nigerian digital bank Carbon hit $240M in payments processed last year, up 89% from 2019
  • In 2018, Carbon, a Nigerian fintech startup, made its financials public for the first time. Although typical for foreign private startups, it’s almost an anomaly in Africa. There have been rare cases in the past, for instance, when Rocket Internet had to include Jumia’s financials in its yearly reports after going public. At the time, the German investment outfit was a founding shareholder in the African-based unicorn.
  • ...1 more annotation...
  • A $15.8 million VC-backed company, Carbon was founded by Chijioke Dozie and Ngozi Dozie in 2012. The brothers started the company in a niche digital lending market, but now, the company offers a plethora of services from savings to payments and investments.
kenzabenessalah

Cassava fintech - Crunchbase Company Profile & Funding - 0 views

  • Cassava is a specialised Pan-African Fintech company that delivers innovative digital transaction solutions across the mobile ecosystem. They endeavor to operate wherever money changes hands, with an ambition to drive financial inclusion, digital payments and lead the adoption of e-Commerce in Africa. Cassava is constantly looking for ways tointroduce solutions that bring developmental impact to a diverse range of African communities, thereby improving their quality of life. These solutions are delivered through our strategic partners such as mobile operators, whom we support in attaining their immediate and long-term strategic goals.
    • kenzabenessalah
       
      It's inspiring how Cassava is doing the maximum to improve the quality of life in African communities. Introducing these financial services is already a big step.
  •  
    "Cassava is a specialised Pan-African Fintech company that delivers innovative digital transaction solutions across the mobile ecosystem. They endeavor to operate wherever money changes hands, with an ambition to drive financial inclusion, digital payments and lead the adoption of e-Commerce in Africa. Cassava is constantly looking for ways tointroduce solutions that bring developmental impact to a diverse range of African communities, thereby improving their quality of life. These solutions are delivered through our strat"
nouhaila_zaki

CEO Interview: Egypt's first unicorn Fawry aims to lead in financial inclusion | ZAWYA ... - 0 views

  • Aversion to electronic financial service remains one of the challenges facing fintech in Egypt, an attitude that COVID-19 has helped mitigate, according to Sabry. Mobile wallet transactions, one of Fawry’s main services, witnessed “phenomenal growth” as soon as a partial lockdown was imposed. The company’s mobile app reached a record high of more than a million downloads between March and June.
    • nouhaila_zaki
       
      This excerpt is important because it discusses how the pandemic has helped Fawry with its growth by suppressing the challenges it usually faced.
  • More than two-thirds of Egypt’s adult population do not have a bank account, and even those who do rarely have full access to financial services. At the other extreme, mobile phone penetration in the country is estimated at over 95 percent, and the number of mobile internet users has reached more than 42 million. For Ashraf Sabry, CEO of e-payment unicorn Fawry, this is a huge business opportunity.
    • nouhaila_zaki
       
      This excerpt is important because it explains the circumstances that contributed to Fawry's success, being the large unbanked population in Egypt coupled with the fast mobile phone penetration in the country.
  •  
    "Aversion to electronic financial service remains one of the challenges facing fintech in Egypt, an attitude that COVID-19 has helped mitigate, according to Sabry. Mobile wallet transactions, one of Fawry's main services, witnessed "phenomenal growth" as soon as a partial lockdown was imposed. The company's mobile app reached a record high of more than a million downloads between March and June."
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