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omarlahmidi

Inside SnapScan, SA's app of the year - TechCentral - 2 views

techcentral.co.za/...43230

Africa SnapScan E-Payments

shared by omarlahmidi on 11 Feb 21 - No Cached
  • The company makes its money by charging a small transaction fee to the retailer on each purchase. This fee varies. “We take a small transaction fee, much like the acquiring component to merchant transactions,” Ehlers says. SnapScan has a partnership with Standard Bank, which means it can process transactions at “competitive rates”, he adds. In addition to transaction fees, SnapScan offers its customers the option of accessing analytics or running loyalty programmes, both of which are billed as add-ons.
  • SnapScan co-founder, 28-year-old Kobus Ehlers, says there are a number of benefits to this approach for retailers. “It takes about 30 seconds to sign up. We issue a QR code, which you print, and you’re done.” Merchants without bank accounts can cash out their takings at the end of the day. “Customers can pay with the app, the retailer can then get a voucher code at the end of the day that they can punch in at a Standard Bank ATM — or hand over at a Spar — and get cash.” If customers don’t have the app installed, scanning the QR code will take them to the relevant app store where they can download it.
    • samielbaqqali
      samielbaqqali on 12 Feb 21
       
      Low transaction fees are often a strong opportunity to draw customers and this technique is perfectly executed by SnapScan. SnapScan, in my view, plays smart because they deliver a fast and digitalized service with a special QR code technology, so they deserve to win the South African app of the year.
  • If customers don’t have the app installed, scanning the QR code will take them to the relevant app store where they can download it.
  • ...4 more annotations...
  • To use SnapScan, consumers download the app for Apple, Android or BlackBerry, and add their credit card details by taking a picture of their card and creating a Pin. They can then use the app to scan a QR (quick response) code — a type of barcode — in a store and can make payments.
  • The company makes its money by charging a small transaction fee to the retailer on each purchase. This fee varies. “We take a small transaction fee, much like the acquiring component to merchant transactions,” Ehlers says. SnapScan has a partnership with Standard Bank, which means it can process transactions at “competitive rates”, he adds. In addition to transaction fees, SnapScan offers its customers the option of accessing analytics or running loyalty programmes, both of which are billed as add-ons. The company offers three products. The first is an “instant merchant product” aimed at informal retailers who want their takings in cash. The second is the “standard” product that settles into a bank account like a traditional point-of-sale (POS) unit. The third is an “enterprise solution” designed to integrate with existing POS systems.
  • SnapScan works with debit cards and credit cards, and there are no sign-up, setup or installation fees. There is also no monthly fee payable.
    • aymanelmamoun
      aymanelmamoun on 13 Feb 21
       
      SnapScan enters the market by offering many facilities to attract new customers. The application supports both debit and credit cards, no sign-ups or installation fees, and payments are made monthly.
  • SnapScan falls under FireID, the company that now houses six start-up technology businesses, SnapScan being the most recently launched. FireID started life as an information security company specialising in “two-factor authentication” technology for mobile phones. It was funded by billionaire Johann Rupert, through Reinet. Justin Stanford, one of FireID’s co-founders, was instrumental in securing the initial capital injection. However, Stanford was unable to convince Reinet’s investment committee to continue investing and in 2011 it pulled its funding of FireID, forcing the company to lay off its 40 employees.
    • omarlahmidi
      omarlahmidi on 13 Feb 21
       
      To attract customers, SnapScan uses many facilities such as accepting credit and debit cards.
  • hichamachir on 11 Feb 21
     
    The low transaction fees are always a good incentive to attract customers and SnapScan are implementing this strategy perfectly. In my opinion, SnapScan is playing smart because they offer a fast and digitalized service with a unique technology which is QR code, so they deserve to win the app of the year in South Africa.
  • chaimaa-rachid on 13 Feb 21
     
    SnapScan offered a digital service. The company has created efficiency and security with its QR code techniques.
  • hindelquarrouti on 13 Feb 21
     
    It is interesting and encouraging to customers the fact that they don't need to pay any sign-up, setup or installation fees in order to benefit from snapscan
ghtazi

Mukuru and WorldRemit Partner to Further Expand Remittance Service into Southern Africa... - 0 views

www.businesswire.com/...e-Service-into-Southern-Africa

Mobile Wallet Cash-Out Fee

shared by ghtazi on 13 Feb 21 - No Cached
  • As a result of the company's deepened collaboration, customers will benefit from guaranteed cash at all times, and there will be no cash-out charges to recipients on cash collections. Until now, customers who received payments into mobile wallets in partnership countries like Zambia would ordinarily pay a cash-out fee when withdrawing cash from a mobile wallet. Now, when a WorldRemit customer sends cash to a recipient in Zambia, and that recipient collects their transfer at a Mukuru booth, the recipient will pay no fee at all.
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This excerpt is important because it reflects the reasons for the partnership between Mukuru and WorldRemit, and the positive consequences emerging from it (suppression of transfer charges).
  • As a result of the company's deepened collaboration, customers will benefit from guaranteed cash at all times, and there will be no cash-out charges to recipients on cash collections. Until now, customers who received payments into mobile wallets in partnership countries like Zambia would ordinarily pay a cash-out fee when withdrawing cash from a mobile wallet. Now, when a WorldRemit customer sends cash to a recipient in Zambia, and that recipient collects their transfer at a Mukuru booth, the recipient will pay no fee at all.
    • sawsanenn
      sawsanenn on 13 Feb 21
       
      this excerpt is important because it also shows how Mukura and Worldremit work as partners
  • As a result of the company's deepened collaboration, customers will benefit from guaranteed cash at all times, and there will be no cash-out charges to recipients on cash collections. Until now, customers who received payments into mobile wallets in partnership countries like Zambia would ordinarily pay a cash-out fee when withdrawing cash from a mobile wallet. Now, when a WorldRemit customer sends cash to a recipient in Zambia, and that recipient collects their transfer at a Mukuru booth, the recipient will pay no fee at all.
    • ghtazi
      ghtazi on 13 Feb 21
       
      this part is very important because it shows us that thanks to the collaborations of the companies, it enables them to guaranteed cash all the time to its customers with no cash out charges.
hindelquarrouti

WorldRemit Review, Rates & Fees 2021 | Save Today | MoneyTransfers.com - 2 views

moneytransfers.com/...worldremit

Worldremit Money Transfer Fintech

shared by hindelquarrouti on 09 Feb 21 - No Cached
  • WorldRemit, like other money transfer companies, has its upsides and downsides. However, based on customer experience and forum reviews, the pros outweigh the cons. Pros Easy to Use -It takes approximately 5 minutes to sign up for an account on WorldRemit and make a transfer.Extensive Global Reach -You can send money to 150 countries on the WorldRemit platform. Irrespective of where your loved ones are, you can rely on WorldRemit to deliver the money to them in 30,000+ agent locations globally.Reasonable Fees -Compared to other money transfer services, WorldRemit charges fair transfer fees. It allows you to independently handle third party fees thereby, giving you control of your transfer.Flexible Payment Options-You can choose to pay for your transfer using a credit card, a debit card or a bank transfer.Multiple Delivery Channels-The beneficiary can receive money through bank deposits, cash pickup or mobile money.
  • Founded in 2010 in the United Kingdom by Ismail Ahmed, an economics student at the University of London, WorldRemit has grown its geographical coverage quite fast. You can now send to 150 countries around the world with thousands of well-placed payout locations. However, the company still has ground to cover in terms of partnerships with financial institutions and mobile money companies to strengthen its global footprint.
    • samielbaqqali
      samielbaqqali on 12 Feb 21
       
      WorldRemit is a good example of how a digitalized service should be quick and effective. The versatility of the service lets us realize that digitalization is in safe hands for the future, even though, of course, there is still a way to enhance the service.
  • WorldRemit is an online money transfer service that allows people to transfer money to their families in a secure, fast and affordable way.
  • ...1 more annotation...
  • Sending money to Somaliland Ismail’s home country was difficult. Most money transfer companies and banks charged exorbitant rates and took longer to complete transfers. Convinced that technology would help cut transaction costs and send money faster, Ismail started WorldRemit. General Payment Options Supported Currencies Support
  • hichamachir on 10 Feb 21
     
    I believe that WorldRemit is a good example of how fast and efficient a digitalized service should be. The flexibility of the service makes us understand that the future is in safe hands with digitalization even though there's always a way to improve the service of course.
  • hindelquarrouti on 13 Feb 21
     
    Worldremit is known for providing its users with affordable money transfers with fees that are often lower than average, yet the transfer is secure affordable and rapid. The main components that made the company successful
sawsanenn

SimbaPay - Show them you care - Start - 0 views

get.simbapay.com

FinTech E-payments Kenya

shared by sawsanenn on 13 Feb 21 - No Cached
    • ghtazi
      ghtazi on 13 Feb 21
       
      simbapay has a competitive exchange rate, it has instant delivery and you can do it whenever and wherever you want. With this app you can send money, track transfers, check exchange rates. And all of that can be done with high security.
  • SimbaPay uses advanced security technology and leading global partners to ensure the safety and security of your data and transaction
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This excerpt is important because it introduces SimbaPay's partners, which can be a reflection of the scope of its operations and influence in the region.
  • WHY CHOOSE SIMBAPAY? A few reasons to send with us FROM ZERO FEES And competitive exchange rates INSTANT DELIVERY Direct to Mobile Money(M-Pesa, MTN, WeChat, etc)& Bank Accounts ANYTIME Money transfer at your convenience
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This excerpt is very important because it enumerates the three main assets of SimbaPay, which make up its competitive advantage: 1. No fees and competitive exchange rates, 2. Instant delivery thanks to mobile money and bank accounts, 3. the transfer of money can take place at anytime the customer would want, which provides him/her with flexibility and freedom.
  • ...1 more annotation...
  • WHY CHOOSE SIMBAPAY? A few reasons to send with us FROM ZERO FEES And competitive exchange rates INSTANT DELIVERY Direct to Mobile Money(M-Pesa, MTN, WeChat, etc)& Bank Accounts ANYTIME Money transfer at your convenience
    • sawsanenn
      sawsanenn on 13 Feb 21
       
      By making these transactions cheap and fast, Simbapay can attract more customers since these are the characteristics that each customer is looking for
aymanelmamoun

SimbaPay launches Kenya to China payment service over WeChat | TechCrunch - 1 views

techcrunch.com/...ina-payment-service-via-wechat

E-Payment Africa FinTech

shared by aymanelmamoun on 12 Feb 21 - No Cached
  • The new product — which piggy-backs on WeChat’s messaging service — is aimed at Kenyan merchants who purchase goods from China, Kenya’s largest import source.
    • tahaemsd
      tahaemsd on 12 Feb 21
       
      Simbapay developed a third party payment aggregator that enables funds delivery when the buyer and seller both use Wechat
  • Forging another link between Africa and China’s digital economies, the African-focused money transfer startup SimbaPay and Kenya’s Family Bank have launched an instant payment service from East Africa to China.
  • The new product — which piggy-backs on WeChat’s messaging service — is aimed at Kenyan merchants who purchase goods from China, Kenya’s largest import source.
    • aminej
      aminej on 12 Feb 21
       
      SimbaPay offers a new connection between Africa and China for people who buy their goods from there. Kenya is one of the biggest importers of products from China equivalent of 4 billion $ which is huge.
  • ...5 more annotations...
  • SimbaPay transfers funds to 11 countries — nine in Africa then to China and India. “Early next year we’ll increase this to 29 countries,” said Sagini. This includes offering the WeChat China payment service elsewhere in East Africa.
    • ghtazi
      ghtazi on 13 Feb 21
       
      I like how simbapay finds its way through the African market and will increase the countries where customers can transfer funds from 11 to 29.
  • SimbaPay and Family Bank will generate revenues on the WeChat-based transfer service through a fee share arrangement on transactions. “We have a sliding scale of charges [for the service]. For example, to send the equivalent of $80 will cost $3.50,” said Sagini.This presents a significant reduction of fees and opportunity cost for Kenyan traders who import from China, according to Sagini and Family Bank.Current available payment methods to China for Kenyan businesses are less secure and more expensive options, such as traditional money transmitters (Western Union), SWIFT and off the grid services, according to Sagini and Family Bank Chief Operation Officer (COO) Godfrey Kamau Kariuki.
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This excerpt is very important because it explains how SimbaPay plans on promoting Sino-Kenyan trade: reduction of fees and opportunity costs for kenyan traders importing from China through a partnership with the chinese WeChat.
  • “Kenya imports about $4 billion goods from China. That’s the total market that we’re getting into. We’re looking at a single digit market share of the transactional volume around that,” SimbaPay co-founder Sagini Onyancha told TechCrunch.“The users [of the new product] are primarily small Kenyan businesses, that import phones, gadgets, electronics…small to medium size traders who import goods from China,” he said.
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This excerpt is important because it explains the reasons underlying SimbaPay's decision to launch an instant payment service from East Africa to China. Indeed, exchanges between Kenya and China are huge, and SimbaPay attempts to capitalize on this market. The potential users of this service are expected to be Kenyan small to medium-size business owners who import electronics from China.
  • SimbaPay and Family Bank estimate over seven million customers and businesses will be able to access their China WeChat payment service, based on projections of Kenya’s current SMEs.
    • sawsanenn
      sawsanenn on 13 Feb 21
       
      this estimation can be reached because of the huge customer portfolio that china has. Plus kenya is known to be one of the main importers from China
  • SimbaPay and Family Bank will generate revenues on the WeChat-based transfer service through a fee share arrangement on transactions. “We have a sliding scale of charges [for the service]. For example, to send the equivalent of $80 will cost $3.50,” said Sagini.
    • aymanelmamoun
      aymanelmamoun on 13 Feb 21
       
      Reducing fees and opportunity cost for Kenyan traders importing from China is a very crucial step to Family Bank.
  • mehdi-ezzaoui on 13 Feb 21
     
    Forging another link between Africa and China's digital economies, the African-focused money transfer startup SimbaPay and Kenya's Family Bank have launched an instant payment service from East Africa to China.
hibaerrai

WorldRemit launches new product for business payments to Ghana | Africanews - 0 views

www.africanews.com/...for-business-payments-to-ghana

WorldRemit Remittance E-payments

shared by hibaerrai on 13 Feb 21 - No Cached
  • WorldRemit’s low fees and exchange rates are shown up-front and customers can send money easily via the company’s website and app. By extending its money transfer service to SMEs, WorldRemit will save businesses time and money when they make international payments.
    • hibaerrai
      hibaerrai on 13 Feb 21
       
      WorldRemit transfer fees are quite low, and I believe that is caused by competition. In fact, banks provide the same services, however their fees are higher. So decreasing fees is a huge selling point for the fintech.
  • Today, we’re pleased to extend that service offering to businesses, and put an end to the steep fees that many pay, especially when sending to Ghana. We’re committed to making it quick, safe and easy for you to pay individuals across borders, leaving you to focus on growing your own business.”
    • hibaerrai
      hibaerrai on 13 Feb 21
       
      Low costs strategy is a winning strategy.
nouhaila_zaki

Mama Money - New Transfer Providers | Digital Frontiers Institute - 0 views

digitalfrontiersinstitute.org/...ewest-money-transfer-providers

Mukuru Lesotho Competitors Mama Money

shared by nouhaila_zaki on 13 Feb 21 - No Cached
  • So how does Mama Money offer their service at 5% whereas Mukuru, arguably the most popular service over the South Africa-Zimbabwe corridor, charges double this? From our experience of testing these two services, we noted a few key differences in how they operate which is likely to drive the cost differential between the two services. These differences include: · Mama Money maintain low overhead costs. Mama Money operate a single branch in Cape Town whereas Mukuru operate at least seven of their own branches nationally and they also operate through the Inter Africa branch network · Mama Money offer limited support beyond registration. In comparison, Mukuru operate a large 24 hour call centre and live chat function that supports and facilitates transfers. These support functions are no doubt very expensive to operate · Mama Money have a single partner organisation in Zimbabwe. Mama Money only have a single partner in Zimbabwe, CABS bank, whereas Mukuru have partnerships with a number of banks, retailers and mobile wallets. That said, if Mama Money’s Facebook comments are anything to go by, they may be adding more partner organisations in Zimbabwe, so this factor may soon be invalidated So while Mama Money’s competitors charge considerably higher fees, in the case of Mukuru, these higher fees are associated with some value-added benefits for the customer, for instance 24hr support on transactions for the sender and, for the recipient, a choice in how to receive the money.
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This excerpt explains how one of Mukuru's competitors Mama Money manages to charge lower commission fees (only 5% for Mama Money, and 10% for Mukuru). This could become an opportunity for growth for Mukuru who can attempt to find ways to cut its commission fees to attract more customers while maintaining its high quality and diversifying towards other services/products to gain more profit elsewhere.
sawsanenn

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

www.businessdailyafrica.com/...ter-charges-reinstated-3280236

Financial inclusion FinTech Service Africa Pandemic

shared by sawsanenn on 12 Feb 21 - No Cached
  • 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
      ghtazi on 13 Feb 21
       
      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
      sawsanenn on 13 Feb 21
       
      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
  • chaimaa-rachid on 12 Feb 21
     
    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.
  • hindelquarrouti on 13 Feb 21
     
    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.
hindelquarrouti

The Rise of the Robo-advisor: How Fintech Is Disrupting Retirement - Knowledge@Wharton - 2 views

knowledge.wharton.upenn.edu/...-fintech-disrupting-retirement

Strategy robo-advisors fitech

shared by hindelquarrouti on 13 Feb 21 - No Cached
  • Robos came on the scene about a decade ago, and two early startups were Wealthfront and Betterment. Today, there are dozens of robos in the market, Fisch said. There are pure robo services, as well as those that offer the option of talking to a human advisor, with or without an extra fee. Since they’re automated, robos can more easily avoid conflicts of interest that could beset a human advisor, who might push investments that pay the highest commissions.
    • kenzabenessalah
      kenzabenessalah on 13 Feb 21
       
      Having Robo-advisors in EasyEquities would prevent the risk of having conflicts with "human" advisors. Digital assistance is the key.
  • Robo fees can range from zero — if the investor has less than $10,000 to invest — to as high as 0.89% of assets under $1 million in some cases, said Brett Hammond, research leader of Capital Group. But 0.25% to 0.30% of assets is more typical, he added. (The fee is on top of the cost of the investment itself.) As for performance, it’s a mixed bag with some robos doing better than others, Hammond said. The big question is how they will do in the long run, especially during a big market crash, since they don’t have an extended track record yet. “We don’t know in a complete cycle what these [robos] are going to deliver,” he said. “The real issue is, does it improve outcomes?”
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This excerpt is important because, on the one hand, it introduces us to the fees that can be charged by Robo-advisors. On the other, performance is hard to measure for robo-advisors since nobody knows how the will behave in the long run and in severe circumstances i.e. a market crash.
  • Artificial intelligence is changing the world of retirement planning. By using improved datasets and algorithms to efficiently deliver solutions tailored to people’s needs, AI can help them save, invest and retire better. One of the hottest trends to emerge in this area in recent years is the use of robo-advisors. These are software programs that use the data supplied by clients to create and automatically manage their investment portfolios
    • kenza_abdelhaq
      kenza_abdelhaq on 13 Feb 21
       
      The use of Robo Advisors alongside artificial intelligence could be used by different fintech companies and in different fields like for investments, portfolio management or retirement planning.
  • ...1 more annotation...
  • One of the hottest trends to emerge in this area in recent years is the use of robo-advisors.
  • hindelquarrouti on 13 Feb 21
     
    It is a very interesting strategy that of benefiting from the use of AI and its advances that include improved datasets and algorithms that efficiently deliver solutions that are appropriate to users need. One of the trend that was raised by this strategy is that of robo-advisors.
kenzabenessalah

Cape Town goes cashless as mobile payment apps take off - BBC News - 0 views

www.bbc.com/...business-30184359

SnapScan Credit Card Fee

shared by kenzabenessalah on 13 Feb 21 - No Cached
  • Mr Winter, however, feels security is actually enhanced by the likes of SnapScan and FlickPay, as the customer's credit card is never handled by the merchant so cannot be skimmed or copied. Mr Rusagara says the system is secure for both customer and retailer, with QR codes expiring upon use, or after 90 seconds.
    • samiatazi
      samiatazi on 13 Feb 21
       
      Security is being a common concern of the community which made it a necessity for companies to be security centered in order to assure their customers. in fact, SnapScan focused mainly on this issue and developped an innovative tool namely QR codes expiring after a max of 90 seconds.
  • "SnapScan does not charge shoppers any fees. Merchants pay a small transaction fee that is comparable or cheaper than using normal credit card facilities."
    • kenzabenessalah
      kenzabenessalah on 13 Feb 21
       
      Using SnapScan is cost-effective because the transaction fee is cheaper than the normal credit card one.
nouhaila_zaki

EthioPay | Welcome - 0 views

ethiopaycenter.com

Ethiopay Ethiopia Mission

shared by nouhaila_zaki on 08 Feb 21 - No Cached
  • Ethiopay operates a flexible, tightly regulated, global payout platform. This enables you to automate your user payments flow, pay less for your transactions, access flexible online reports, guarantee the integrity of all your payment traffic, ensure your payments go through as planned….the list goes on.
    • sawsanenn
      sawsanenn on 08 Feb 21
       
      Ethiopay is a centralized global payout platform that currently enables users a simple and convenient way to transfer and/or purchase cross border bill pay, money transfer, mobile data, and mobile minutes between anywhere around the world and Ethiopia. Ethiopay is an emerging FinTech solution to address the social and economic gaps left by established payment solutions.
  • Ethiopay operates a flexible, tightly regulated, global payout platform. This enables you to automate your user payments flow, pay less for your transactions, access flexible online reports, guarantee the integrity of all your payment traffic, ensure your payments go through as planned….the list goes on.
  • Paying utility and school fees is an important way of empowering your loved ones back home. Whether you are in North America or Europe, Ethiopay offers an easy and reliable way to do this. In addition, you can opt to set up scheduled payments so the payments are made at the beginning of each school term or any other time frame your choose.
    • sawsanenn
      sawsanenn on 13 Feb 21
       
      Ethiopay encourages students to believe and start work with e-payments platforms, and we can see that they are making it so easy for everybody which encourage all Ethiopians to switch to digital platforms and trust them.
  • ...1 more annotation...
  • While other platforms are a one-size-fits-all, Ethiopay isn’t. We support the unique payment needs of Ethiopians including payments for school fees, telecom, utility bills and other needs that are close to your heart. Our vision is a future where Ethiopians in the the diaspora touch the lives of those back home through easy, secure and seamless payments. To achieve this, we are on a mission to build the most reliable payments platform serving Ethiopians in the world. We want to make it so easy for you to send money home that your loved ones will feel as though you were right there with them.
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This excerpt is important because it introduces the mission statement and vision of Ethiopia. The mission of the company is to ensure the most reliable payments platform for Ethiopians around the world. The vision, on the other hand, is a future where Ethiopian diaspora can help their families back home through easy, secure and seemless payments ensured by Ethiopay.
  • nouhaila_zaki on 13 Feb 21
     
    "We support the unique payment needs of Ethiopians including payments for school fees, telecom, utility bills and other needs that are close to your heart. O"
kenzabenessalah

EthioPay: About | LinkedIn - 1 views

www.linkedin.com/...about

Payment Needs Utility bills Other services

shared by kenzabenessalah on 11 Feb 21 - No Cached
  • While other platforms are a one-size-fits-all, Ethiopay isn’t. We support the unique payment needs of Ethiopians including payments for school fees, telecom, utility bills and other needs that are close to your heart.
    • kenzabenessalah
      kenzabenessalah on 11 Feb 21
       
      Not all e-payment services contain multiple services, but EthioPay is one of the platforms that does. Not only does it help with utility bills, but it also facilitates school payments, etc.
  • aminej on 11 Feb 21
     
    Ethiopay offers a variety of services that individuals require on a daily basis so I consider it as really innovative to regroup all these services in one platform. Their customer target can be households who need to pay their utilities fees or students who need to pay their fees.
  • aminej on 12 Feb 21
     
    This is very innovative for the Ethiopian population since it will facilitate many things for them. Most of the popuation lives in rural areas where they can't access important services such as paying school fees or utilities because they are very far. Now, only through your phone you can pay all of these services from anywhere in the world.
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
kaoutarchennoufi

From M-Pesa to Ushahidi: how African tech is fighting the coronavirus - Friends of Europe - 0 views

www.friendsofeurope.org/...ch-is-fighting-the-coronavirus

CashFlow Grow Fees Users

shared by kaoutarchennoufi on 13 Feb 21 - No Cached
  • The main telecoms operators in the country are all pitching in too – starting with Safaricom which uses the M-Pesa mobile application. In my book “Startup Lions, at the heart of African Tech” I explain how M-Pesa was born organically (and unexpectedly) from contact with the poorest Kenyan populations who didn’t even have bank accounts. A great many of them used ‘m-banking’ to gain financial independence which led to the M-Pesa service having over 22.6 million users in Kenya in 2019 – almost two-thirds of the adult population. A few hours after the president’s announcement, M-Pesa decided to drastically reduce its usage fees and to remove the daily transaction volume limit across the board in order to increase cash flow.
    • kaoutarchennoufi
      kaoutarchennoufi on 13 Feb 21
       
      M-Pesa has made the decision to increase its cash flow by reducing its usage fees and removing the daily transaction volume limit across the board. However, I think that it is not a good strategy to reach that goals. They need to follow other ways such as encouraging E-payments, paying less their suppliers, offer discounts, increase their fees..
samielbaqqali

The remittance industry is failing those who need it most - By Dr Ismail Ahmed, founder... - 1 views

africanarguments.org/...il-ahmed-founder-of-worldremit

Remittance Payment Algeria

shared by samielbaqqali on 11 Feb 21 - No Cached
  • The remittance market in Africa has for too long been monopolised by companies imposing very high fees that are on average three times those charged on remittances to Asia. They combine a pricing structure that imposes extortionate minimum charges with consistently poor services.
  • This has its roots in Western Union’s early activities in the African continent. As the first formal mover in the money transfer market, it worked to establish long-standing exclusivity agreements with all major African banks and money transfer agents, barring them from working with competitors. Such exclusivity agreements have propelled Western Union to a near-monopoly position in key African corridors, and have prevented the industry from being competitive.
    • samielbaqqali
      samielbaqqali on 12 Feb 21
       
      WorldRemit's founder claimed that the remittance industry is failing individuals who most need it. I believe that by offering low fees and gaining consumer confidence, WorldRemit will profit from this issue.
  • hichamachir on 11 Feb 21
     
    The founder of WorldRemit stated that the remittance industry is failing people who need it the most. I think that WorldRemit can benefit from this problem by providing low fees and gain customer trust.
tahaemsd

Hello Paisa halves remittance fees to Zimbabwe | ITWeb - 0 views

www.itweb.co.za/...Olx4z7kn3OLv56km

Fintech Africa Payments modernization Service

shared by tahaemsd on 13 Feb 21 - No Cached
  • Money transfer service Hello Paisa has dropped remittance fees by half on every transaction to Zimbabwe, and is also offering digital banking accounts with zero transaction fees, to assist migrants impacted by the COVID-19 pandemic.The fintech says cost-effective remittances are an essential service as they are a lifeline for the migrants and those they support across borders.
    • tahaemsd
      tahaemsd on 13 Feb 21
       
      Zimbabwe is currently facing its own unique hardships economically, and fintech companies like hellopaisa have an essential role to play in financial empowerent
chaimaa-rachid

International Money Transfers - Send Money Online - 1 views

www.worldremit.com/en

low-fees technology protection

shared by chaimaa-rachid on 13 Feb 21 - No Cached
  • ow fees and our best exchange rates up front, with no hidden costs
  • We use industry-leading technology that protects your money and guarantees it arrives safely every time.
  • See our low fees and our best exchange rates up front, with no hidden costs
  • hindelquarrouti on 13 Feb 21
     
    Worldremit is smartly increasing and promoting financial inclusion by using industry leading technology in order to guarantee safe, fast, and cheap money transfers.
  • chaimaa-rachid on 13 Feb 21
     
    WordRemit services ensure protected, quick, and cheap money transfers.
chaimaa-rachid

WorldRemit Review - 7 Things You Must Know Before You Signup - 0 views

transumo.com/worldremit-review

low-fee currency WorldRemit

shared by chaimaa-rachid on 13 Feb 21 - No Cached
  • WorldRemit charges you a transfer fee on each transaction, which depends on the currency you are sending, the amount and the delivery option.
  • chaimaa-rachid on 13 Feb 21
     
    WorldRemit is known for giving its clients reasonable cash moves with charges that are regularly lower than standard fees. Besides, the transfer is secure and fast.
kenza_abdelhaq

Ethiopay Places in the Top 25 Undergraduate Teams for e-Fest - Entrepreneurship and Inn... - 3 views

www.eni.gsu.edu/...undergraduate-teams-for-e-fest

Ethiopay Ethiopia Payments Service

shared by kenza_abdelhaq on 11 Feb 21 - No Cached
  • Their website allows individuals from North America and Europe to send payments for electricity bills, health insurance, school fees, and more to individuals in Ethiopia. Ethiopay fits the unique financial technology needs of Ethiopians. They hope to help Ethiopians in the diaspora reach individuals at home by providing seamless payments. Hadgu and Yohannes entered this year’s competition to share their innovative venture and gain exposure.
    • kenzabenessalah
      kenzabenessalah on 11 Feb 21
       
      It is important to know that EthioPay is not a service that functions only in Ethiopia, but individuals from North America and Europe are also able to help Ethiopians with their finances.
  • Their website allows individuals from North America and Europe to send payments for electricity bills, health insurance, school fees, and more to individuals in Ethiopia. Ethiopay fits the unique financial technology needs of Ethiopians. They hope to help Ethiopians in the diaspora reach individuals at home by providing seamless payments. Hadgu and Yohannes entered this year’s competition to share their innovative venture and gain exposure.
    • sawsanenn
      sawsanenn on 13 Feb 21
       
      This excerpt is important because we can see that the goal of this fintech company is to increase growth and meet customers' needs especially Ethiopian customers from all over the world. Additionally, They found a fundamental solution to several financial services issues that the Ethiopians used to face.
  • They are a centralized global payment platform that currently enables users a simple and convenient way to transfer and/or purchase cross border bill pay, money transfer, mobile data, and mobile minutes between the United States and Ethiopia. Ethiopay co-founders Daniel Hadgu (B.B.A. ‘20) and Minas Yohannes (B.B.A. ‘20) are Eritrean descent while Michael Gizachew is of Ethiopian descent and they all struggled to send funds between the U.S. and their family abroad. Together they created a way to affordably and efficiently transfer money overseas.
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This excerpt is important because it enumerates the different products and services covered by the Ethiopay platform, notably the transfer of cross-border bill money, money transfer, mobile data and mobile minutes between the US and Ethiopia.
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  • Co-founder Daniel Hadgu states, “In my journey of understanding what it truly means to help others and become an effective leader, I have uncovered the power of innovation.”
    • ghtazi
      ghtazi on 13 Feb 21
       
      helping others is the major motto of the company. the platform allows individuals living in North America and in Europe to send payments for any bills to help their family in Ethiopia
  • mehdi-ezzaoui on 13 Feb 21
     
    "Their website allows individuals from North America and Europe to send payments for electricity bills, health insurance, school fees, and more to individuals in Ethiopia. Ethiopay fits the unique financial technology needs of Ethi"
  • mehdi-ezzaoui on 13 Feb 21
     
    Ethiopia aims to resolve Ethiopian citizens' rising global challenges. Hadgu and Yohannes are excited to join the race next year to end in the hopes of taking home the Georgia State University and Ethiopay trophies.
sawsanenn

Frontiers | FinTech: A New Hedge for a Financial Re-intermediation. Strategy and Risk P... - 0 views

www.frontiersin.org/...full

FinTech Financial inclusion Strategies

shared by sawsanenn on 13 Feb 21 - No Cached
  • FinTechs and the Value Chains in the Financial IndustryIt is beneficial to remember how things worked before and after FinTechs and TechFins or big techs in the financial industry.Banking models are shifting significantly from a pipeline, vertical, paradigm, to modular solutions that pave the way to new banking paradigms that entail higher levels of openness toward third parties and a growing number of modular services bundled together.Value is created in platforms through economies of scope in production and innovation (Gawer, 2014). In order for platforms to work, adoption and network effects are essential. Models can go to mere compliance with the prescriptions of openness of PSD2, to the inclusion of new services, the opening of the banking core and data, and the aggregation of those within a platform experience. In particular, we assist both to the evolution of a Bank-as-a-Platform model and a tech-platform-driven model supporting banking and financial intermediation, which both constitute a new interesting field of analysis.Since the wave of digital transformation started entering the financial industr
  • , banking-as-a-business has started moving from a product/service perspective to more contextual solutions where providers are customer needs-driven. This is because customer-driven companies outperform the shareholder-driven ones, and this requires an outside-in approach.Having said that, it is beneficial to remember that digital transformation implies four main categories of innovation (product, process, organizational and business model) (Omarini, 2019, p. 340); all of them require rediscovering that a new strategy paradigm exists. This regards the concept of co-creation, and because of this no single firm can unilaterally carry out a process of continuous experimentation, risk reduction, time compression, and minimizing investment while maximizing market impact. Co-creation requires access to resources from extended networks (suppliers, partners, and consumer communities).Under these new market conditions, FinTechs have become an important piece of a bigger puzzle, each one in its own area of business (payment, lending, etc.), while at the beg
  • inning most of them started as mono-business companies. Only a few of them may become leaders in the market. On the one hand, there are those that make their strategy become international, and on the other, there are FinTechs which enlarge their services-scopes. However, the majority of them will become part of ecosystems where the direction could swing from banks to tech companies or to FinTechs as well, able to manage the network by developing kinds of conglomerate-as-a-service.Another interesting point to outline regards this recent period where all of us have experienced lockdowns around the world, and some effects have also impacted FinTechs as well. The valuations of most unicorns have crashed overnight, while on the FinTechs side there are different situations. Some of them have experienced a dramatic reduction in their
  • ...6 more annotations...
  • strategy development process, especially when the various units and individuals in the network must collectively execute that strategy. The key issue is this: balancing act between collaborating and competing is delicate and crucial” (Prahalad and Ramaswamy, 2004, p. 197).If co-creation is fundamental to the industry, this needs to leverage on a wider customer perspective that requires introducing the idea of developing ecosystems where the customer is truly free to move and choose the best deal in more competitive markets able to let consumers' ability to make informed decisions against any possible market concentrations among market providers.A business ecosystem (Moore, 1996) reflects the new paradigm of competition in a better way. Traditional management models aimed at gaining competitive advantage, such as vertical or horizontal integration, economies of scale and scope, are not effective anymore. The value of today's companies is determined by the size of its ecosystem (Tewari, 2014). Business ecosystems consist in crossovers of a variety of industries, of which companies cooperate and embrace open innovation to satisfy new customers' needs an
    • samiatazi
      samiatazi on 13 Feb 21
       
      Digital transformation implies four main categories of innovation: product, process, organizational and business model. FinTechs have become a significant piece of a greater riddle, every one in its own zone of business. The victors are those that have sufficient liquidity and money to purchase great innovation. This is particularly valid for installments that will be progressively contactless. Individuals costs and per-client commitment edge are key elements, and important markers. The more wellsprings of incomes an organization holds, the better it is for it to be a FinTech.
  • evaluation, others were quite lucky and suffered less.There are many and different feelings on the way FinTechs will exit this situation, which as far as we understand has overall accelerated some strategic choices.First of all, there are many and different FinTechs in the market. What is critical is to look at the fundamentals of the business. All of them are about answering what society is going to look like in the future (attitudes, behaviors, habits, etc.), so that if we no longer need to go to retail stores anymore, why do we need some services based on this situation? This, again, underlines that banking is a people business (Omarini, 2015) and this requires a business to be resilient to become adaptive to consumer changes or moves into a different market where you can still apply the service because the society is not yet ready to shift somewhere else, which means the same business in different markets. Just think of the ongoing situation where the recent wave of people is rethinking and restructuring their finances, so that they have decided to switch rates to digital banks. In this scenario, the winners are those that have enough liquidity—or better still cash-rich—to buy good technology and invest in new directions, also taking the opportunity to use the pandemic to its advantage. This is especially true for payments that are going to be increasingly contactless. However, some more les
  • sons can be learnt from difficult times especially due to external factors such as the following:- People costs and per-customer contribution margin are key factors, and valuable indicators. They are valuable for incumbents too. When staff costs rise, then this becomes a burden if growth is not going to move on. Then, if we move on the per-customer contribution margin (revenue, minus variable costs including credit losses), then this makes a FinTech earn more money per bank account than the cost of running those bank accounts.- One more point has to do with the way a FinTech makes its revenues per customer, and net income is the figure to look out for here. This means that the more sources of revenues a company holds, the better it is for it. If we think of some of the best-known FinTechs, they gather their net income from interchange fees, ATM withdrawals, which can diminish during the pandemic, but gathering revenues from other sources such as lending, investing, or again from referring customers to third-party services, and earning commissions from these referrals.Under this oncoming market structure configuration, a focus on control and ownership of resources is giving way to the importance of accessing and leveraging resources through unique ways of collaboration. “The co-creation process also challenges the assumption that only the firm's aspirations matter. (…) Every participant in the experience network collaborates in value creation and competes in value extraction. This result in constant tension in the
  • One more point has to do with the way a FinTech makes its revenues per customer, and net income is the figure to look out for here. This means that the more sources of revenues a company holds, the better it is for it. If we think of some of the best-known FinTechs, they gather their net income from interchange fees, ATM withdrawals, which can diminish during the pandemic, but gathering revenues from other sources such as lending, investing, or again from referring customers to third-party services, and earning commissions from these referrals.
    • hichamachir
      hichamachir on 13 Feb 21
       
      Pula can benefit so much from expanding its revenues streams. It lets the customers use the product or service in different ways which can't make them feel lazy to use a specific way.
  • The emergence of new technologies and players, along with a favorable regulatory framework (PSD2 Directive), is changing the banking industry. FinTechs and TechFins have allowed the introduction of new services and changed the way customers interact to satisfy their financial needs. The FinTech landscape is constantly evolving in the market. Different business value propositions are entering the financial services industry, moving from increasing the user's experience to developing a time to market framework for banks to innovate products, processes, and channels, increasing the cost efficiency and looking for a “partnering on order” to lighten the regulatory burdens for banks. The many businesses of banks are changing their value chains, and banks' business models should do the same accordingly. Strategists could no longer take their value chains as a given; choices have to be made on what needs to be protected and maintained, what abandoned and the new on coming to make banks evolve and become more resilient in doing their job. Banking is shifting significantly from a pipeline, vertical paradigm, to open banking business models where open innovation, modularity, and ecosystem-based bank's business model may become the ongoing mainstream and paradigm to follow and develop. Opportunities and threats for banks are many and new ones to re-gaining their role in the market throughout a re-intermediation process.
    • ghtazi
      ghtazi on 13 Feb 21
       
      FinTechs and TechFins have enabled new services to be launched and changed the way clients communicate to meet their financial needs. In the industry, the FinTech landscape is continuously changing.
  • They have brought to the traditional banking industry a wave of competition and broken pipeline value chains, unbundling them into different modules of products or services, which may be combined among themselves. These companies on the one hand and the BigTechs (Google, Facebook, Apple, Samsung, Alibaba, etc.) on the other have been forcing the industry to change, transform, and evolve in a set of new financial intermediation directions. Use of data and customer experience are both FinTechs' major assets and threats as well. On the one hand, they please the customers as individuals and introduce the paradigm of contextual banking. On the other, the two selling points are threatening both the incumbent players and regulators in different ways. For banks, it is even more urgent to react actively because their “no fee zone” is expanding, due to new regulations from the Consumer Financial Protection Bureaus (CFPB) and similar entities in different countries.
    • sawsanenn
      sawsanenn on 13 Feb 21
       
      Since the digitalization wave entered the banking industry, financial institutions has begun to move from a product/service standpoint to more semantic alternatives where suppliers are pushed by customer needs. This is because the customer-driven firms outclass the investor ones, and this necessitates an outside strategy.
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