Financial inclusion through post-office partnership
This document proposes a partnership between post offices and financial institutions to promote financial inclusion through innovative technology solutions. It aims to address challenges like serving the unbanked and providing access to basic banking services regardless of financial status. The proposed approach creates a single cashless platform spanning multiple payment channels like mobile banking, cards, biometrics and POS terminals. This would allow transactions anywhere at any time and offer valuable services like payments, transfers, insurance, loans and bill payments. A partnership model in Ivory Coast is highlighted and the importance of emerging technologies in bridging the financial inclusion gap and alleviating poverty is emphasized.
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Financial inclusion through post-office partnership
- 1. 1 INNOVATION FOR FINANCIAL INCLUSION ! SYNERGETIC PARTNERSHIP WITH POST-OFFICES
- 2. CHALLENGES TO BE ADDRESSED! Time to Re-Building the foundation for a bank that truly served everybody including the citizens not served by financial institutions and regardless their financial status! Tackle Financial exclusion Close the `financial gap` between Banking system and clients at the bottom of the pyramid (BOP) Capture the “under-serviced” and unbanked segment of informal market which represent 80% of the economy
- 3. Virtual account & cashless financial platform: Creating single cashless financial platform spanning multiple payment channels and authentication mechanisms, enabling payment transactions process with Speed, Affordability and High level of Security. Mobile banking & High Value Added Services (VAS): Going beyond money transfer scheme by offering a complete mobile banking system with high VAS : savings accounts; money transfer, micro- insurance, retail payment, utility bills payment, micro-credits, etc. Our Basic approach & Solutions
- 4. Convenience! You can transact Anywhere at Anytime! Every channel represents a “PAYMENT INSTRUMENT”: “Load, Transfer, Pay, Give or Retrieve Cash from” Your PHONE! Your FINGER! Your CARD! Your VOICE! Multiple Payment channels & Authentication mechanism Technology & Payment instruments
- 5. Payment instruments Mcard Payment •NFC •Magstripe •Chip •Biometric Point of Sales - NFC - Fingerprint Biometrics - Card magnetic stripe & smartcard Tablets & Smartphones - NFC - Fingerprint Biometrics
- 7. VALUE-ADDED SERVICES MobiWatt® Electricity Bills payment MicroCash® Micro Lending, Credit, loans MobiRemit® Domestic & International remitance MobiBills® TV, Bills payment MobiRisk® Mylife, Insurance coverage & Premium payment MobiSend® Transfer & Receive money MobiPayroll® Bulk payment salaries, grants, benefits MobiAir® Airtime Top up MobiPay® Merchand Payment MobiTicket® Pay your public transport, stadiums ticketing MobiKids® Educate & control your kids spendings MobiStores ® Ecommercce MobiLotto® Lottery & betting MobiGift® Electronic gifts MobiTax® Tax Collection System MobiCoupon ® Vouchers % Loyalty programs MobiGrant® Government, social grants
- 8. 8 Let us capitalize on these emerging technologies and standards and work to promote and support their implementation. In doing so, we will surely be laying a solid foundation for poverty alleviation upon which the financial inclusion will be bridged! Moving from Rhetoric to Reality through Cooperation!