Mobile Money For The Bottom of The Pyramid... Serving the unbanked...
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Mobile Money For The Bottom of The Pyramid... Serving the unbanked...

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Presentation to the Mobile Money & Wallet Summit, 18th March 2014

Presentation to the Mobile Money & Wallet Summit, 18th March 2014

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  • The bottom of the pyramid consists of the largest, but poorest socio-economic group. In global terms, this is the 4 billion people who live on less than US$2.50 per day.
  • There are 2.7 Billion unbanked people in the world. Most of these people have very low income.
  • For e.g. the average savings per month in Kenya is £1.8. There are other countries in Africa and Asia where poverty is very high.
  • According to a report from Gates foundation, the change can be brought in three stages: Expanding the digital infrastructure, Drive participation in the Digital Financial System, and Fostering better regulations and Policies.  The 1st and 3rd are driven by the Government, and my focus would be how to drive the participation in the Digital Financial System.
  • To succeed in this mission, we have to focus on two critical factors: Reducing the cost of Access i.e. making it easier for poor to access mobile services. Secondly, we have to solve the basic needs.
  • Leverage the existing network of Telcos, FMCG and community Computers
  • To succeed in this mission, we have to focus on two critical factors: Reducing the cost of Access i.e. making it easier for poor to access mobile services. Secondly, we have to solve the basic needs.
  • There are 2.7 Billion unbanked people in the world. Most of these people have very low income.
  • We need a solution that is designed as a platform, and provide modules that can be customized easily to provide different access channel depending on the market conditions.

Mobile Money For The Bottom of The Pyramid... Serving the unbanked... Mobile Money For The Bottom of The Pyramid... Serving the unbanked... Presentation Transcript

  • Mobile Money & Wallet Summit, London 17th March 2014
  • Mobile Money For The Bottom of the Pyramid Presented by: Neira Jones, Chairman, Advisory Board, Ensygnia www.ensygnia.com @EnsygniaLtd @EnsygniaOnescan
  • 2.7 billion of the world population is unbanked Only 25% of people living in emerging markets have access to a bank account.
  • Average savings per month in Kenya is £1.8
  • Payments landscape... WorldPay reported that e-commerce transaction volumes rose by 16% in 2013, compared to 2012 across all its product groups. The value of payments processed by alternative means was up 21% in 2013, with turnover value up 44%, compared to 2012.
  • Alternative payments... Bank transfers  Real-time bank transfers  Offline bank transfers Direct debits e-wallets Mobile  Direct carrier billing  Mobile wallets Cash on delivery Other  Local card schemes  Pre-pay  Post-pay  e-invoices  Digital currencies
  • Source: Your Global Guide To Alternative Payments, January 2014
  • Customers want choice... +71.5% +50% +461% +550% This growth shows that customers are embracing different ways to pay for goods and services. Retailers & service providers can no longer just offer cards as a payment method. Source: Your Global Guide To Alternative Payments, January 2014
  • Alternative payments share by country Americas Middle East & Africa Asia Pacific Source: Your Global Guide To Alternative Payments, January 2014
  • Aggressive growth... $1.3Bn has been invested in just 42 payment start-ups Source: Let’s Talk Payments, November 2013 The payments supply chain is evolving and exploding... ...bringing with it hyper-connectivity.
  • ... and even traditional payments methods are getting a makeover
  • listen, experiment and move fast to remain competitive payments go personal & social lending goes peer to peer/ social banking goes totally mobile cheques go digital credit scoring/identity checking goes social/ digital payments standards go Open Source
  • Inclusion for the unbanked Expand the reach of Digital Financial Infrastructure Drive Participation in the Digital Financial System Foster Better Regulation and Policies Source: Gates Foundation report
  • Critical Success Factors Reduce the cost of access Meet the basic needs
  • Reduce the Cost of Access
  • Meet the basic needs... Money transfer Merchant services Common interfaces/ APIs SMS, smartphone Apps, smart tagging Web applications Trust & security
  • Public opinion on adoption of mobile commerce Consumers believe that managing fraud risk and addressing security concerns is equally important as convenience. Source: Kount 2013 High illiteracy rate increases the risk of fraud
  • Kenya Source: Your Global Guide To Alternative Payments, January 2014
  • Ethiopia Source: Your Global Guide To Alternative Payments, January 2014
  • Nigeria Source: Your Global Guide To Alternative Payments, January 2014
  • CHOICE & CONVENIENCE COST TECHNOLOGY TRUST & PRIVACY ACCESS
  • online or in-store see the demo at http://vimeo.com/69548524 One smooth, seamless experience
  • 2 Granted UK Patents: log-in & payments Patents filed in 59 countries worldwide Growing ecosystem & member of MEF Merchants benefits:  On-board & transact instantly with a new customer  Reduce abandoned baskets with speed to checkout  Deliver real-time loyalty, coupon redemption & price matching  Reduces chargebacks  Turn any advert into a POS, Turn any screen anywhere into a POS – 24 / 7 Customers benefits:  No more user name and passwords  No re-keying of information or payment data  Secure & protected – interact with any screen  Purchase instantly even with a new merchant from looking to buying in under 10 seconds
  • Questions? Neira Jones FBCS, MSc Chairman Advisory Board, Ensygnia Chairman Global Advisory Board, Centre for Strategic Cyberspace & Security Science http://uk.linkedin.com/in/neirajones @neirajones neirajones.blogspot.co.uk http://paper.li/neirajones/1369506964 @EnsygniaLtd @EnsygniaOnescan