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Mobile Money Product Innovation

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Presented at AITEC Conference in Nairobi, Kenya; March 8, 2012.

Presented at AITEC Conference in Nairobi, Kenya; March 8, 2012.

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  • 1. Mobile MoneyProduct InnovationDriving financial inclusion through research and development Lisa Kienzle Grameen Foundation’s AppLab Money March 8, 2012
  • 2. 70% of adults in Kenya Less than 10% of mobileuse M-PESA – phone banking customersdemonstrating that the are poor, new tomobile channel can banking, and doingsuccessfully reach poor anything more than
  • 3. Few providers have moved beyond payments in their product offering ~100% offer standard payments 120 38% # operators offering the 100 provide other payment types 29% product type 80 enable interaction 60 with financial institutions 10% facilitate 40 loans 4% offer 20 insurance 0 Traditional Other Bank Credit Insuran Payments Payments Linkage ce (Transfer, Bill Pay, Airtime) Payments Beyond PaymentsSource: GSMA deployment tracker, November 2011.
  • 4. So why aren’t we seeing more innovation? People don’t buy products – they buy solutions.
  • 5. How do we drive innovation?In villages inUganda,the entireeconomy isdriven by theagriculturalcycle.
  • 6. How do we drive innovation? Education is an untouchable expenditure.
  • 7. Insights arise from close studies of the end-userOne of the largest schools inUganda… but not using mobilepayments.
  • 8. Insights arise from close studies of the end-user No stress, no more lines, pay instantly anywhere, anytime – but not being
  • 9. So why aren’t we seeing more innovation? The payments process is not the pain point for the poor – facing big expenses during low earnings cycles is.Make saving for A savings sub-wallet – money isschool fees painless diverted every time airtime isand secure purchasedHelp customers plan Create an annual mobile education fund – your phone prompts you tofor the expenses put away more in harvest times, less otherwiseIncentive early For early payers, 1 individual perpayment, when cash region awarded annualis available “scholarship”
  • 10. Insights arise from close studies of the end-userwww.grameenfoundation.applab.org
  • 11. So why aren’t we seeing more innovation? Let’s make a quarter-inch hole.

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