Spring 21 Capstone 640pm

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.

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.

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.

Biometrics is another sort of key differentiator in the space for increased security and ease of sign-up. Africa is ready for digitisation, and we have already seen good traction in SA with our Mukuru Card product. Mukuru is investing in technology to support customers as they digitise in the coming years, across our footprint.

Ensuring that the core stability and functional capability brought about by the technologies and coding languages mentioned earlier is of paramount importance. We are relaunching our app and that’s been built on the Flutter framework. The app is important because it allows for content rich customer engagements.It will also enable us to ingest/scan customer documents in real-time, process card payments securely so that customers can create and pay for orders in one step as opposed to two, as well as allowing for a host of additional customer facing services and capabilities to be deployed.The core DNA of our business is making sure that it’s super simple and that somebody with a feature phone is not precluded from using the service, because that is the essence of where our customer base is at, so we want modular technological capabilities that we can use in any conditions.

The pandemic gave remittance companies an advantage over their main competition in Africa: the sprawling informal networks of traders, bus drivers and travellers used by many migrants to send money home.“We’ve seen an influx of new customers, and we see them mainly coming to us from the informal market,” said Andy Jury, chief executive of Mukuru, the company Takawira now uses.Jury and other industry executives say that shift is likely to last as digital remittance services are typically cheaper, faster and safer than informal networks, which are difficult for governments to regulate.Mukuru, which focuses mainly on African remittances and allows customers to send both cash and groceries, has seen a roughly 75% acceleration in growth compared to last year.

Hello Paisa is upping the ante on conversational commerce by enabling consumers to use WhatsApp as a simple means to send money abroad as conveniently as texting a friend. 

Designed by AXA and Democrance, Hello Protect taps into Hello Paisa’s existing customer base and allows its members complimentary access to the personal accident insurance for themselves when transferring money through Hello Paisa’s branches. The platform allows users to manage all their insurance needs via their mobile phones. Payouts for all claims are made instantly via Hello Paisa’s remittance houses in beneficiary countries.

Two South African FinTech companies, Sasfin, a banking group, and Hello Paisa, a money transfer startup, are teaming up to start a bank with a goal of bringing thousands of South Africans who lack bank accounts into the country’s financial system, according to reports.

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.

Hello Paisa and Western Union have joined forces to enable Hello Paisa customers to send global money transfers for payout at the global network of Western Union.This partnership enables Hello Paisa customers to send money from South Africa to their family and loved ones.

Sasfin together with money transfer company Hello Paisa have launched a low-cost banking product to rival others in the mass market segment.

May 19, 2020 | Sector: Private sector Hello Paisa developed a free app, malaicha.com, that allows people  to choose  through a catalogue goods and groceries and send them to Zimbabwe, where their loved ones can collect them at different collection points

About Hello Paisa Since being licensed by the South African Bank, Hello Paisa has successfully launched the remittance offering to migrants living and working in South Africa. Hello Paisa offers a convenient, secure and affordable means for migrants to send cash home. With Hello Paisa we have taken the world’s most expensive remittance corridor and turned it on its head, by lobbying legislation and most importantly leveraging technology to drive down the cost of remitting funds and making it accessible to all, by taking into account the constraints that exist in our target market, with Hello Paisa you can transact via our Android App, our call centre but most importantly we have built a USSD dial string which is FREE  for the customer to dial and transact overcoming  the access barrier that existed before, thus we have successfully managed to solve a problem where many have failed before and changed the face of remittance in South Africa forever.

MoneyFellows overcame the obstacles anyone can face in traditional money circles, solving problems such as distance, time, and social limitations, while providing a wide range of money circles and slots for all kinds of users to choose from.  Users can choose their desired amount and preferred months of payout all from the comfort of their homes with many pay-in and payout methods.

Egyptian Fintech platform MoneyFellows has secured US$4-million in Series A investment from venture capital firms Partech Ventures and Sawari Ventures.The Fintech firm plans to use the investment to expand within Africa and also launch new solutions.MoneyFellows is a financial enabler that digitises money circles or ROSCA (known as gam’eyas in the Arab world, chit funds in India, committee in Pakistan, Tandas in Mexico, and tontine in West and Central Africa).

MoneyFellows is a financial enabler that provides access to financial planning services, such as money circles and direct lending, to ensure users can effectively manage and plan their financial obligations, and achieve their financial goals. Through managing money circles (gam’eyas), MoneyFellows allows users to sign up for slots in trusted and convenient money circles, ensuring payouts are done on-time and securely deposited. Users can use MoneyFellows to achieve their personal, financial goals, such as paying their children’s school tuition on time or buying certain products and assets. MoneyFellows has raised over $6 million in investment over the past three years. 

MoneyFellows users can benefit from some of the following features:Flexible payment options (Credit Card, salary deduction, Direct Debit, Fawry payments, cash collection);Guaranteed payout dates and amounts;Secure Money Circles - users always receive 100% of their payout, even if other members of the circle are late or miss payments;Smart Credit Scoring System, where users continuously build up their score to unlock higher payouts;A variety of benefits for employees of their corporate partners.

by taking the process online, MoneyFellows has turned the biggest threat to trust — movability of people — into a strength; as through the digital platform they are easily able to scale their services.

MoneyFellows is a web- and mobile-based platform that enables people to access interest-free credit and achieve better savings powered entirely through their personal network. MoneyFellows achieves this by digitizing the traditional offline ROSCA (Rotating Savings and Credit Association) model making the experience transparent, safe and fully automated.

Building a credit score with FarmDrive. Credit: FarmDrive