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nouhaila_zaki

M-Pesa - 2 views

www.investopedia.com/...mpesa.asp

M-Pesa Financial inclusion Kenya

shared by nouhaila_zaki on 07 Feb 21 - No Cached
  • 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
      nouhaila_zaki on 07 Feb 21
       
      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both parties receive an SMS notification with the full name of the counterparty and the amount of funds deposited or withdrawn from the user’s account.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
      nouhaila_zaki on 07 Feb 21
       
      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
      ghtazi on 08 Feb 21
       
      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.
  • ...9 more annotations...
  • 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
      ghtazi on 08 Feb 21
       
      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
      kenzabenessalah on 12 Feb 21
       
      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
      samielbaqqali on 12 Feb 21
       
      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
      ghtazi on 13 Feb 21
       
      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
      nourserghini on 13 Feb 21
       
      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
      sawsanenn on 13 Feb 21
       
      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
      nouhaila_zaki on 13 Feb 21
       
      This excerpt is important because it reflects the increasing importance of mobile money i.e. as proposed by M-Pesa in developing countries.
  • hichamachir on 12 Feb 21
     
    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.
sawsanenn

M-PESA | Innovations for Poverty Action - 1 views

www.poverty-action.org/...m-pesa

Financial inclusion Africa FinTech Service

shared by sawsanenn on 12 Feb 21 - No Cached
  • M-Pesa (M for mobile, pesa is Swahili for money) is a mobile-phone based money transfer and microfinancing service, launched in 2007 by Vodafone for Safaricom and Vodacom, the largest mobile network operators in Kenya and Tanzania. It has since expanded to Afghanistan, South Africa, India and in 2014 to Eastern Europe. M-Pesa allows users with a national ID card or passport to deposit, withdraw, and transfer money easily with a mobile device.
    • kenzabenessalah
      kenzabenessalah on 12 Feb 21
       
      Instead of going through the hassle of depositing or transferring money face to face, people can do that through a mobile device.
  • M-Pesa allows users with a national ID card or passport to deposit, withdraw, and transfer money easily with a mobile device.
    • ghtazi
      ghtazi on 13 Feb 21
       
      M-Pesa allows users that have a national ID card or passport to use their mobile phones either to transfer money, deposit, or withdraw easily and safely.
  • M-Pesa (M for mobile, pesa is Swahili for money) is a mobile-phone based money transfer and microfinancing service, launched in 2007 by Vodafone for Safaricom and Vodacom, the largest mobile network operators in Kenya and Tanzania. It has since expanded to Afghanistan, South Africa, India and in 2014 to Eastern Europe. M-Pesa allows users with a national ID card or passport to deposit, withdraw, and transfer money easily with a mobile device.
    • sawsanenn
      sawsanenn on 13 Feb 21
       
      M-Pesa extended its business in different countries and in the different continent which allowed her to attract more customers and grew its business
ghtazi

Mukuru international money transfers review | Finder South Africa - 0 views

www.finder.com/...mukuru-money-transfers

Deposit Payment Methods

shared by ghtazi on 13 Feb 21 - No Cached
  • Mukuru specialises in single transfers to friends and family, whether over the phone, through the app, online, bank transfers or through one of its branches. You can’t set up a recurring transfer through Mukuru and it doesn’t specialise in business transfers.You can make transfers to any of the following, depending on the country you’re sending to:Bank account. The money will be deposited directly into the bank account you choose. You’ll need to know the SWIFT code as well. This option is currently available for all supported countries.Cash pick-up location. You can send money to a cash pick-up location for your recipient to collect. If you choose this option, the person picking it up will need a valid photo ID on hand and the reference number. You’ll only be able to use this for transfers to Zimbabwe, Malawi, Namibia and Zambia.Mobile wallet. Send to your recipient’s smartphone wallet. This option is helpful if your recipient doesn’t have a bank account and isn’t near a cash pick-up location. You can use it in Zimbabwe, Malawi and Mozambique.Top-up card collection. This is used when you want to send money directly to your recipient’s card. You’ll need their card number and address. This is currently only available in Zimbabwe.
    • hibaerrai
      hibaerrai on 13 Feb 21
       
      Mukuru proposes numerous services, however I believe that they should step up and propose new different services. Banks propose similar services. They should take advantage of new technologies and online platform to expand more.
  • The supported payment methods vary depending on where you are in the world but from South Africa, you’ll have a few options: make a cash deposit at one of Mukuru’s partner branches, online or telephone banking, bank transfer or through a Mukuru Money prepaid debit card, which all customers in South Africa qualify for. South Africa is the only country in Africa that allows bank transfers with Mukuru.
    • ghtazi
      ghtazi on 13 Feb 21
       
      Depending on where you are in the world, the supported payment methods differ, but you will have a few choices from South Africa: make a cash deposit at one of Mukuru's partner branches, online or telephone banking, bank transfer, or via a prepaid debit card for Mukuru Money, which all South African customers apply for. The only country in Africa that makes Mukuru bank transfers is South Africa.
ghtazi

Top 5 Banking And Fintech Trends For 2021 - 0 views

www.forbes.com/...ng-and-fintech-trends-for-2021

fintech Strategies Payroll

shared by ghtazi on 17 Feb 21 - No Cached
  • WhiteSight defines four categories in the payroll fintech space: 1) Salary On-demand. Fintechs in this category partner with corporations, HR software providers, and payroll systems to enable flexible access to earned wages. 2) Salary Advance. Fintechs in this category provide short-term credit to employees based on their salary and avoid the exorbitant rates charged by payday lenders. 3) Early Direct Deposit. This feature, largely provided by challenger banks, enables account holders to receive paychecks up to two days in advance from standard payday. 4) Crypto Payroll. This is the newest category which enables firms to make wage payments through multiple crypto-currencies.
    • sawsanenn
      sawsanenn on 17 Feb 21
       
      This excerpt is important because it shows the new trends that might be developed in 2021 by fintechs companies.In my opinion, payroll fintech is really a battle to move up the deposits and payments value chain; However, Allowing firms to make wage payments with crypto-currencies might a good idea for the future since their values increase constantly.
  • 1) Salary On-demand. Fintechs in this category partner with corporations, HR software providers, and payroll systems to enable flexible access to earned wages. 2) Salary Advance. Fintechs in this category provide short-term credit to employees based on their salary and avoid the exorbitant rates charged by payday lenders. 3) Early Direct Deposit. This feature, largely provided by challenger banks, enables account holders to receive paychecks up to two days in advance from standard payday. 4) Crypto Payroll. This is the newest category which enables firms to make wage payments through multiple crypto-currencies.
    • ghtazi
      ghtazi on 27 Feb 21
       
      could be some great options for Invest Mobile
omarlahmidi

Ethiopia launches mobile money schemes to extend banking reach | Reuters - 0 views

www.reuters.com/...-banking-idUSL6N0VE44020150204

Belcash Africa MobilePayment

shared by omarlahmidi on 13 Feb 21 - No Cached
  • BelCash’s helloCash service could have 2-3 million users this year and 10 million by 2017 or 2018, the firm’s chief executive Vince Diop said, adding that BelCash would receive a fee for each transaction made.
    • sawsanenn
      sawsanenn on 13 Feb 21
       
      this excerpt is important because it shows how effective belcash is. and how an African country is willing to ensure financial inclusion and increase deposits by using financial technology.
  • BelCash’s helloCash service could have 2-3 million users this year and 10 million by 2017 or 2018, the firm’s chief executive Vince Diop said, adding that BelCash would receive a fee for each transaction made.
    • ghtazi
      ghtazi on 13 Feb 21
       
      in this excerpt, we can see that the service can have 10 million users by 2017 or 2018. we can aslo see the belcash would receive a fee for each transaction made.
  • Netherlands-based BelCash is offering a technology called helloCash, while MOSS ICT, mainly owned by an Ireland-based firm, is rolling out M-Birr in the nation of 96 million people.In both cases, Ethiopian banks and institutions will offer the service to customers and hold the cash deposited, in line with government policy that bars foreign firms or banks from investing in the financial sector or the telecoms industry.
    • nourserghini
      nourserghini on 13 Feb 21
       
      This article discusses the case of Belcash and M-Birr as two fintechs offering similar services which can lead us to say that M-Birr is a competitor of Belcash in Ethiopia.
  • ...2 more annotations...
  • Bankers say Ethiopia has no more than 1,500 ATM cash machines, while there was just over 2,200 bank branches as of June, or one for every 40,000 people, the central bank says. Only one in 10 people have a bank account.In addition to branches, which are expensive to set up, banks plan to authorise thousands of agents, such as shops or merchants, in line with new regulations. Such agents will be able to take deposits and hand out cash via the mobile system.
    • aymanelmamoun
      aymanelmamoun on 13 Feb 21
       
      Cashless mobile payment application replace ATMs so that unbanked people can join. Only one out of 10 people is banked.
  • Ethiopian banks and microfinance firms are launching mobile money services, helping reach swathes of the population that now have little access to branches or services, the mobile technology providers and banks said.
    • omarlahmidi
      omarlahmidi on 14 Feb 21
       
      Belcash could make a lot of profit in Ethiopia. It offers a technology called helloCash, that will help customers and offer them a better service.
hindelquarrouti

WorldRemit review 2021: Complaints, fees, rates | finder.com - 2 views

www.finder.com/-international-money-transfers

worldremit Benefits fintech

shared by hindelquarrouti on 11 Feb 21 - No Cached
  • What to watch out forMaximum daily limits. Transaction limits depend on how you are sending the money, while a total 24-hour cap of $9,000 applies to all transactions being sent by you out of the US.Changing fees. Depending on where you are sending to, how you are paying and how you are transferring money, your fees may vary. Although a base fee of $3.99 is applied to most transfers, keep an eye on this category when actually completing your transfer to make sure it doesn’t change.No hedging options. WorldRemit only offers one-off transfers, unlike some of its competitors that offer additional tools to help you save money. Hedging tools are most often used to lock in an exchange rate, helping you save money on future transfers if the market shifts against your position.Inconsistent markups. Exchange rates vary through WorldRemit and depend not only on the currency you are sending to but also on the destination country. Expect mid-market markups anywhere from 1-4%.
  • Easy-to-use website. Signing up and sending money can be done in as little as a few minutes, and support can be accessed through phone, email, live chat and FAQs.Worldwide network. Customers in more than 50 countries can send funds to over 150 countries using a variety of methods, including bank transfers, cash pickup at thousands of locations, door-to-door delivery, delivery to services like Alipay and more.Flexible payment options. Pay with a credit or debit card, from your bank account, through Apple or Google Pay and even with prepaid cards.Fast transfers. Cash pickups, WorldRemit Wallet transfers and airtime top-ups are typically available instantly after sending, while mobile money and bank deposits may take one or more business days to process.
    • samielbaqqali
      samielbaqqali on 12 Feb 21
       
      The boundaries of WorldRemit services are discussed in this article. Every service has its limits, so the company has to focus on this aspect to strengthen its services by asking the service users for feedback.
  • Cash pickups, WorldRemit Wallet transfers and airtime top-ups are typically available instantly after sending, while mobile money and bank deposits may take one or more business days to process.
  • ...2 more annotations...
  • WorldRemit transfers can be sent from over 50 countries and received in over 150 countries.
  • WorldRemit uses many methods to protect your transaction and is authorized and regulated by many government agencies.
  • hichamachir on 11 Feb 21
     
    This article talks about the limits of WorldRemit services. I think that every service got its limits so the company has to work on this aspect in order to improve its services by asking about feedback for the service users.
  • hindelquarrouti on 13 Feb 21
     
    Besides aiming for financial inclusion, Worldremit offers a lot of benefit to its client since it is easy to use, as well as, it is a worldwide network with flexible payment options and fast transfers that are not available in traditional banking. This has created a competitive advantage for the company
mehdi-ezzaoui

MTN reports 23% rise in FinTech revenue to launch cash deposits and withdrawals | Naira... - 2 views

nairametrics.com/...-cash-deposits-and-withdrawals

MTN Fintech Service

shared by mehdi-ezzaoui on 12 Feb 21 - No Cached
  • MTN Nigeria, the largest mobile telecommunication firm in the country has reported a 23% rise in its FinTech revenue. This was confirmed by the company CEO, Ferdi Moolman in the company’s notes to the results
  • MTN also revealed plans to widen its FinTech service offering “from basic transfer service and airtime/data sales to a more extensive bouquet, including cash deposit and withdrawal services, bill payments and facilitating -e-commerce” it concluded.
  • MTN has also recorded an increase in data revenue which it ascribed to “greater population coverage, a revamp of our data portfolio and initiatives to drive 4G device penetration”
  • ...1 more annotation...
  • MTN’s foray into the FinTech space has often been viewed as a game-changer in a very competitive and dynamic FinTech space. With its huge balance sheet and brand power, the company has a large cash pile that it can throw into space.
  • mohammed_ab on 12 Feb 21
     
    MTN one of the largest telecommunication in the world has been investing a lot in fintech in African countries with their MoMo service. The company witnessed a rise in Fintech revenues which will enable the company to offer more fintech solutions.
  • chaimaa-rachid on 13 Feb 21
     
    From this article we can see that MTN has grown and continues to grow as more and more people will rely on them.
  • mehdi-ezzaoui on 13 Feb 21
     
    MTN's foray into the FinTech space has often been viewed as a game-changer in a very competitive and dynamic FinTech space.
omarlahmidi

St. Mary's University Institutional Repository: FACTORS AFFECTING AGENT BANKING DEPOSIT... - 0 views

www.repository.smuc.edu.et/...4439

Belcash Africa E-Payments

shared by omarlahmidi on 14 Feb 21 - No Cached
  • Agent banking has increasingly gained importance in developing countries over the last two decades. However, the extent to which agent banking can be used as a tool to mobilize deposit in the banking sector remains largely unknown and the true benefits of the agent banking model to customers, the banks and the bank agents also remains largely unstudied. The main objective of the study was to assess factors affecting agent banking deposit mobilization in case of lion international bank s.c. The study was conducted among 1,300 recorded agents with a respondent sample of 306 agents.
    • omarlahmidi
      omarlahmidi on 14 Feb 21
       
      Belcash: a company that supplies technology system which used to provide the hello cash mobile and agent banking service.
tahaemsd

mpesa_d_1540.pdf - 0 views

fintech development africa technology

shared by tahaemsd on 12 Feb 21 - No Cached
  • n April 2007, following a donor‐funded pilot project, Safaricom launched a new mobile phone‐based payment and money transfer service, known as M‐PESA. 10 The service allows users to deposit money into an account stored on their cell phones, to send balances using SMS technology to other users (including sellers of goods and services), and to redeem deposits for regular money. Charges, deducted from users’ accounts, are levied when e‐float is sent, and when cash is withdrawn.
    • tahaemsd
      tahaemsd on 12 Feb 21
       
      M‐PESA has spread quickly, and has become the most successful mobile phone‐based financial service in the developing world.
nourserghini

Mobile currency in Kenya: the M-Pesa | Centre For Public Impact (CPI) - 0 views

www.centreforpublicimpact.org/...m-currency-in-kenya

Mpesa Payments Kenya pricing

shared by nourserghini on 12 Feb 21 - No Cached
  • M-Pesa “grew at a blistering pace following its inception in 2007.” [1] In less than two years from its launch, M-Pesa had become the leading money transfer method in the country, with over 50 percent of people sending money via M-Pesa and over 65 percent receiving funds through the system in 2009. By 2015 there were 19.9 million active M-Pesa users, up 18 percent from 2013/14. It is said that 43 percent of Kenya's GDP flowed through M-Pesa, with over 237 million person-to-person transactions.
    • kenzabenessalah
      kenzabenessalah on 12 Feb 21
       
      M-PESA grew tremendously as a company that over 50% of people began using it.
  • M-Pesa is an SMS-based system that enables users to deposit, send and withdraw funds using their mobile phone. Customers do not need to have a bank account and can transact at any of the country's 40,000 agent outlets. Registration and deposits are free and pricing for most other transactions is based on a tiered structure to allow even the lowest-income users to use the system. Transaction values are typically small, ranging from US$5 to US$30.
    • nourserghini
      nourserghini on 13 Feb 21
       
      This part shows that the range value of transactions are from 5 to 30 dollars. Pricing is also based on a structure to allow all income users to benefit from the service.
ghtazi

Mukuru - ECP Investments - 0 views

www.ecpinvestments.com/...mukuru

Mukuru Funds Expenses

shared by ghtazi on 13 Feb 21 - No Cached
  • Mukuru is uniquely focused on serving low- and middle-income migrants who typically send money home to their families to cover basic living expenses and who otherwise rely on informal and inconsistent channels such as buses, taxis, friends, and family. Through Mukuru, customers can send money through more reliable channels via bank transfer, cash deposit, credit/debit card or via a Mukuru Money Card and/or mobile money wallet. Friends and family members of these customers can then receive the money through the same methods (cash collection, bank transfer, cash to card, or mobile money wallet).
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This excerpt is important because it reflects some important aspects of the company's operations and business model. 1- The customer segment: low and middle-income migrants in Africa. 2- What problem Mukuru helps to solve: it provides migrants who send money to their families through informal channels with a formal and regulated platform.
  • Mukuru is uniquely focused on serving low- and middle-income migrants who typically send money home to their families to cover basic living expenses and who otherwise rely on informal and inconsistent channels such as buses, taxis, friends, and family. Through Mukuru, customers can send money through more reliable channels via bank transfer, cash deposit, credit/debit card or via a Mukuru Money Card and/or mobile money wallet. Friends and family members of these customers can then receive the money through the same methods (cash collection, bank transfer, cash to card, or mobile money wallet).
    • sawsanenn
      sawsanenn on 13 Feb 21
       
      This article shows us the customers that Mukuru is targetting which are low and middle-income migrants and help them to send or receive money to or from their families or surroundings by offering easy services that everybody can understand and proceed it even the illiterate people.
  • Founded in 2004, Mukuru has established a powerful brand affinity with customers built on trust, reliability, and local engagement. The company has grown to operate over 90 remittance corridors, enabling more than 5 million individuals to receive funds to cover living expenses, school fees, medical expenses, and utility bills. Mukuru is supported by world-class regulatory and compliance systems, highly scalable technology architecture, and a comprehensive sales and distribution network.
    • ghtazi
      ghtazi on 13 Feb 21
       
      Mukuru was founded in 2004, and since then the company has built a trustful, reliable with its customers. the company enables more than 5 million individuals to receive funds to cover everyday expenses.
mehdibella

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

techcrunch.com/...ssed-last-year-up-89-from-2019

Bank Transfer Money Telecom Fintech Strategy

shared by mehdibella on 13 Feb 21 - No Cached
  • 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
      samiatazi on 13 Feb 21
       
      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.
  • 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.
  • Nigerian digital bank Carbon hit $240M in payments processed last year, up 89% from 2019
  • ...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.
aymanelmamoun

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

www.africanbusinesscentral.com/...hellocash-launches-in-ethiopia

E-Payment Africa FinTech

shared by aymanelmamoun on 13 Feb 21 - No Cached
  • 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
      sawsanenn on 13 Feb 21
       
      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
      ghtazi on 13 Feb 21
       
      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
      aymanelmamoun on 13 Feb 21
       
      Shared infrastructure features is a crucial key for the Ethiopian company.
mohammed_ab

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

www.belatrixsf.com/...creating-strategy-fintech

Fintech Strategy M-Pesa Alliances

shared by mohammed_ab on 13 Feb 21 - No Cached
  • 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.
  • ...7 more annotations...
  • 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
      samiatazi on 13 Feb 21
       
      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
      sawsanenn on 13 Feb 21
       
      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
      ghtazi on 13 Feb 21
       
      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.
  • mohammed_ab on 13 Feb 21
     
    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.
samielbaqqali

Ghana's banks may find themselves undercut by MTN's mobile money - 1 views

www.theafricareport.com/...-undercut-by-mtns-mobile-money

MTN Fintech Africa

shared by samielbaqqali on 12 Feb 21 - No Cached
  • According to the World Bank, Ghana is the fastest-growing mobile-money market in Africa. Mobile operators MTN, AirtelTigo and Vodafone currently lead the industry. Banks are pushing digital banking in Ghana, but with less success, according to a report from Tellimer in September. Banks such as Ecobank, Fidelity, Zenith and Standard Chartered can use Ghana’s improving digital infrastructure to widen inclusion, Tellimer says. But the firms points to downside for banks through possible loss of deposits and lower margins on digital products due to the competition. Mobile money may lead to the “cannibalisation” of some banking products, Tellimer says. “Banks will have to fight for transactions and deposits.”
  • MTN is the dominant player with about 90% of mobile money transactions.
  • It will take other players a “lot of marketing and effort or very innovative strategies” to compete with MTN,
  • ...2 more annotations...
  • Mobile operators MTN, AirtelTigo and Vodafone currently lead the industry.
  • A few years ago, Adovor says, he would have had to endure the traffic driving across Accra to pay cash. “Mobile money is facilitating business and that will increase as more and more people use digital platforms,” he says. Backed by a supportive regulatory environment, mobile money has become the preferred payment method for Ghana’s small businesses.
    • samielbaqqali
      samielbaqqali on 13 Feb 21
       
      The mobile payment industry is rapidly rising. In Ghana, MTN is one of the leaders in this market. Banks may seem old-fashioned, however, but they still have the financial resources to embrace the new technology and develop their digital services, so I would like to think that this is something that MTN needs to be cautious about.
  • hichamachir on 12 Feb 21
     
    The mobile payment industry is growing fast. MTN is one of the leaders in this market in Ghana. However, banks might seem old fashioned but they still have the financial capital to adopt the latest technologies and improve their digital services, so I would like to say that MTN needs to be careful of this point.
  • hindelquarrouti on 13 Feb 21
     
    MTN clearly gained customers' trust and become the most dominant player in the fastest growing mobile money market in Africa. This has definitely raised the barriers to entry for other competitors or traditional banking in the sector.
nourserghini

How little known Abacus is enabling Kenyans to Micro-invest in Securities on the Nairob... - 0 views

medium.com/...airobi-securities-e59f67346da9

Abacus Investech Mobile App Website Trading

shared by nourserghini on 08 Feb 21 - No Cached
  • A new Kenyan startup called Abacus (www.abacus.co.ke) is a licensed data vendor with the Nairobi Securities Exchange(NSE).Its been in existence since 2015 and just early this year,in partnership with Genghis Capital and Chase bank,they began offering subscribers the ability to deposit,buy,sell and trade unit trusts,bonds and equities on their platform.
    • ayachehbouni
      ayachehbouni on 08 Feb 21
       
      Abacus helps investors in African markets make and execute faster, smarter, and more informed decisions by providing real time financial data, news, analysis and analytics tools and market access.
  • A new Kenyan startup called Abacus (www.abacus.co.ke) is a licensed data vendor with the Nairobi Securities Exchange(NSE).Its been in existence since 2015 and just early this year,in partnership with Genghis Capital and Chase bank,they began offering subscribers the ability to deposit,buy,sell and trade unit trusts,bonds and equities on their platform.
    • aminej
      aminej on 13 Feb 21
       
      Abacus offers very interesting investing opportunities for Kenyans who want to learn about trading through stocks, bonds and other securities. It will also reduce the number of people who are unbanked and encourage them to use these services in order to maximize profit
  • All in all,Abacus allows you to easily get started on the road to investing in the NSE,its available on the web through www.abacus.co.ke and the android app is available on the Google play store,A basic subscriber account is easy to set up and allows one to easily get started with practise trading with virtual funds and realtime NSE data on market open so that one can learn.
    • nourserghini
      nourserghini on 13 Feb 21
       
      This article shows that Abacus makes investing easier through its website and android app that allow trading with virtual funds and real market data.
sawsanenn

Paga Definition - 0 views

www.investopedia.com/...paga.asp

FinTech E-payments Nigeria competition

shared by sawsanenn on 13 Feb 21 - No Cached
  • 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
      ghtazi on 13 Feb 21
       
      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
      nouhaila_zaki on 13 Feb 21
       
      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
      nouhaila_zaki on 13 Feb 21
       
      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
      sawsanenn on 13 Feb 21
       
      this excerpt talks about companies that strated to offer the same services as paga which made them competitors to paga
nouhaila_zaki

M-Pesa - Wikipedia - 0 views

en.wikipedia.org/M-Pesa

M-Pesa Financial inclusion Kenya

shared by nouhaila_zaki on 12 Feb 21 - No Cached
  • M-Pesa is a branchless banking service; M-Pesa customers can deposit and withdraw money from a network of agents that includes airtime resellers and retail outlets acting as banking agents.
    • kenzabenessalah
      kenzabenessalah on 12 Feb 21
       
      M-PESA is unique because it offers branchless banking which makes transactions more efficient.
  • It has since expanded to Tanzania, Mozambique, DRC, Lesotho, Ghana, Egypt, Afghanistan and South Africa. Meanwhile services in India, Romania, and Albania have been terminated amid low market uptake. 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.
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      I like this excerpt because it describes where M-Pesa has successfully expanded and where the company's expansionist efforts failed.
  • M-Pesa is widely seen as demonstrating that it is possible to make a profit while also improving the lives of the poor.[28] Tavneet Suri, based at the Massachusetts Institute of Technology, and William Jack, based at Georgetown University have produced a series of papers extolling benefits of M-Pesa. In particular, their 2016 article published in "Science" has been very influential in the international development community. The much cited result of the paper was, that 'access to M-PESA increased per capita consumption levels and lifted 194,000 households, or 2% of Kenyan households, out of poverty.[29] Global development institutions focusing on the development potential of financial technology frequently cite M-Pesa as a major success story in this respect, citing the poverty-reduction-claim and including a reference to Suri and Jack’s 2016 signature article. In a report on "Financing for Development", the United Nations write: "The digitalization of finance offers new possibilities for greater financial inclusion and alignment with the 2030 Agenda for Sustainable Development and implementation of the Social Development Goals. In Kenya, the expansion of mobile money lifted two per cent of households in the country above the poverty line."[30]
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This excerpt is important because it reports on academic research describing how M-Pesa is the living example of how the search for profit is not antithetical to inclusion and improvement of lives of the poor. Using M-Pesa as a case study, several researchers praise fintech for its ability to offer greater financial inclusion.
ghtazi

Invest Mobile Is An App to Help You Manage Investments | gharage - 0 views

gharage.com/...vest-mobile-manage-investments

Investment FinTech MobileApp

shared by ghtazi on 27 Feb 21 - No Cached
  • “The app intelligently integrates with the Mobile Money account of the subscriber and an agreed amount is deducted from the account daily, weekly or monthly and invested into financial investment solution on behalf of the customer. Investing small sums of money every day, using the power of compound interest, quickly adds up to build the wealth portfolio of our clients. Unlike other services, we make investment stress free.
    • sawsanenn
      sawsanenn on 27 Feb 21
       
      In contrast to its competitors, Invest Mobile doesn't partner with other banks, however, it does require its customers to have their own saving account from different banks.
  • Personal Investment Invest Mobile simplifies personal investment solutions. Just deposit money into your mobile money account or Visa card and link it to your app. Group Investment They make it easy for organisations to invest together. All you have to do is create a group investment and invite members to invest with you Loans Should you ever need cash before your maturity date, no need to cancel your investment, just apply for an instant loan.
    • ghtazi
      ghtazi on 27 Feb 21
       
      what the activities allowed by the app for its users
hibaerrai

WorldRemit Partners with Palawan Pawnshop in the Philippines to Let Filipinos Pick Up C... - 0 views

finance.yahoo.com/...hop-philippines-234900834.html

WorldRemit Algeria Remittance E-payments

shared by hibaerrai on 09 Feb 21 - No Cached
  • WorldRemit is a leading digital cross-border payments business. We disrupted an industry previously dominated by offline legacy players by taking international money transfers online—making them safer, faster, and lower-cost. We currently send from 50 to 150 countries, operate in 6,500 money transfer corridors worldwide, and employ over 1,100 people globally.On the sending side WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up, and mobile money.
    • hibaerrai
      hibaerrai on 09 Feb 21
       
      WorldRemit started the year successfully with a new remittance partner in the Philippines (Palawan Pawnshop) expanding thus its activities in the country.
  • Backed by Accel, TCV, and Leapfrog—WorldRemit’s headquarters are in London, United Kingdom with regional offices in the United States, Canada, Australia, New Zealand, Hong Kong, Singapore, Malaysia, the Philippines, South Africa, Somaliland, Uganda, Kenya, Rwanda, Tanzania, Zimbabwe, and Belgium.
    • hibaerrai
      hibaerrai on 10 Feb 21
       
      WorldRemit is based in London but expanded in numerous countries all over the world namely in Africa.
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