1) AFRIMARKET was launched in 2013 to revolutionize money transfers from the African diaspora by allowing senders to purchase goods/services rather than sending cash, with the goal of reducing transfer costs from 12.5% to 5%.
2) The innovation uses electronic vouchers authenticated through a sound-based technology and redeemed at partner stores.
3) Over time, AFRIMARKET has expanded its services from money transfers to e-commerce marketplaces in multiple African countries, while adapting its processes based on market feedback.
The document provides an overview of the fintech industry and startups in Myanmar. It notes that Myanmar has experienced rapid economic growth in recent years, with GDP growth projected to be 6.4% in 2017. The banking and digital payments infrastructure is still developing, with only 5% of the population having bank accounts. However, mobile penetration is 95% and many fintech startups have emerged to offer mobile wallet and payment services, including major players like Wave Money, TrueMoney, and M-Pitesan. The document provides details on over 15 fintech startups operating in Myanmar and the types of digital payment and financial services they offer.
This document discusses 21 applications of SMS for gaining a competitive advantage. It covers uses of SMS in sales/marketing like promotions and competitions, customer service like reminders and support, business processes like scheduling and notifications, transportation like delivery updates, travel like reservations and check-ins, financial services like account alerts, and social networking like app promotion. SMS is shown to improve response rates, customer engagement and convenience across various industries.
Besides the fact that 40% of the total Indonesian population has internet access, Indonesia is also stated as the third biggest smartphone market in the Asia-Pacific region, so that it is expected that in the next years, Indonesia will become one of the nations with the most internet users in the world. It makes the ecommerce industry offers a high potential growth for Indonesian market. Find out how to establish an ecommerce company in Indonesia through this presentation.
Check also the complete article here: http://www.cekindo.com/opening-an-e-commerce-company-in-indonesia.html
This document discusses the growth of online wine sales in South Africa. It describes how Port2Port, an online wine retailer, was founded in 2015 with a focus on fine wines and partnerships with local wineries. The company has experienced strong growth of 30-35% per quarter and a 46% customer return rate. An established offline wine retailer, WineCellar, has also found that 20% of its sales now come from its online store launched in 2014. Both retailers see significant potential to further increase online wine sales and deliver a wider variety of wines directly to customers.
PSRA 2015 - State of Indonesian Payments Part 2Frank Mercado
Bank Indonesia is actively promoting financial inclusion and non-cash payments in Indonesia for several reasons:
1. It supports Bank Indonesia's monetary policy, payment system, and financial stability goals.
2. Financial inclusion programs can increase financial literacy and responsibility.
3. A non-cash society would reduce costs for the government and consumers associated with cash.
Bank Indonesia is leading Indonesia's National Non-Cash Movement initiative along with other government agencies and industry players. The initiative aims to expand non-cash transactions through priority programs and increase public awareness of non-cash instruments like electronic money.
The document provides an overview of the fintech industry and startups in Myanmar. It notes that Myanmar has experienced rapid economic growth in recent years, with GDP growth projected to be 6.4% in 2017. The banking and digital payments infrastructure is still developing, with only 5% of the population having bank accounts. However, mobile penetration is 95% and many fintech startups have emerged to offer mobile wallet and payment services, including major players like Wave Money, TrueMoney, and M-Pitesan. The document provides details on over 15 fintech startups operating in Myanmar and the types of digital payment and financial services they offer.
This document discusses 21 applications of SMS for gaining a competitive advantage. It covers uses of SMS in sales/marketing like promotions and competitions, customer service like reminders and support, business processes like scheduling and notifications, transportation like delivery updates, travel like reservations and check-ins, financial services like account alerts, and social networking like app promotion. SMS is shown to improve response rates, customer engagement and convenience across various industries.
Besides the fact that 40% of the total Indonesian population has internet access, Indonesia is also stated as the third biggest smartphone market in the Asia-Pacific region, so that it is expected that in the next years, Indonesia will become one of the nations with the most internet users in the world. It makes the ecommerce industry offers a high potential growth for Indonesian market. Find out how to establish an ecommerce company in Indonesia through this presentation.
Check also the complete article here: http://www.cekindo.com/opening-an-e-commerce-company-in-indonesia.html
This document discusses the growth of online wine sales in South Africa. It describes how Port2Port, an online wine retailer, was founded in 2015 with a focus on fine wines and partnerships with local wineries. The company has experienced strong growth of 30-35% per quarter and a 46% customer return rate. An established offline wine retailer, WineCellar, has also found that 20% of its sales now come from its online store launched in 2014. Both retailers see significant potential to further increase online wine sales and deliver a wider variety of wines directly to customers.
PSRA 2015 - State of Indonesian Payments Part 2Frank Mercado
Bank Indonesia is actively promoting financial inclusion and non-cash payments in Indonesia for several reasons:
1. It supports Bank Indonesia's monetary policy, payment system, and financial stability goals.
2. Financial inclusion programs can increase financial literacy and responsibility.
3. A non-cash society would reduce costs for the government and consumers associated with cash.
Bank Indonesia is leading Indonesia's National Non-Cash Movement initiative along with other government agencies and industry players. The initiative aims to expand non-cash transactions through priority programs and increase public awareness of non-cash instruments like electronic money.
The document provides an overview of the fintech industry in the Philippines in 2020. It notes that the Philippines has a population of over 100 million, with over half owning smartphones. The fintech sector in the Philippines was one of the few bright spots during an economic contraction due to the COVID-19 pandemic, experiencing exponential growth. The report serves as an essential reference on the development of fintech in the Philippines during this landmark period.
Resumen del Estado del eCommerce en Italia :: Italy 2018: Ecommerce Report Marcos Pueyrredon
Italy : 2018 Ecommerce Report (free) provides a brief overview of the state of ecommerce in Italy. This report has been published by Ecommerce Foundation with hand-selected data that will help both domestic and international retailers evaluate their potential for success in the Italian ecommerce market. +info https://www.ecommerce-europe.eu/research/ecommerce-europe-reports/
This report aims on the formative structural change and the digitization of the financial services industry of Vietnam. We will give an Fintech Market Overview of new supply forms and settlement processes in areas of banking such as Lending, Crowdfunding, Personal Finance Management and Cryptocurrencies.
State of Indonesia's Financial Access and Payments 2015Frank Mercado
The document analyzes the state of financial access and payments in Indonesia, finding significant disparities in access to ATMs and bank branches between regions as well as high levels of unbanked households and MSMEs, with limited access inhibiting poverty alleviation and economic growth. It discusses strategies by Bank Indonesia to promote financial inclusion through electronic money and digital financial services to expand access in underserved areas.
20150412 Sunday Business Post - Ireland plays for high stakes in fintech gamePeter Oakes
1) Monex, a Irish financial technology company, has closed a deal to install its payment software in all ATMs in Las Vegas.
2) Monex is processing over 163 million transactions annually, worth €28 billion total, and supporting 65,000 cash machines worldwide.
3) Due to the success and growth of Monex, several large banks and financial firms have expressed interest in acquiring the company, which analysts estimate could be valued over €100 million.
Mobile payment has grown rapidly in West Africa in recent years, enabled by increasing mobile phone adoption. However, several challenges remain:
1. Territorial coverage of mobile networks and agent networks remains inadequate, especially in rural areas.
2. Agent networks provide an important mode of distribution but remain limited in scale and sustainability.
3. Lack of interoperability between mobile operators limits the scope of mobile payment services.
4. The cost of implementing innovative solutions like online bill payment and government services is prohibitive for many West African governments.
5. Regulation of mobile financial services remains imprecise, which could limit further growth and innovation in the sector. Overcoming these challenges will be important to realize
A report about Fintech Indonesia and all Fintech Statups in Indonesia powered by www.Fintechnews.sg/Indonesia. Also Check Out the Facebook Page: https://www.facebook.com/Fintech-Indonesia-177477972669098/
This document provides an overview of mobile money services in India. It defines mobile money and describes its key characteristics, including using agents outside bank branches to deposit and withdraw funds and initiating transactions via mobile phones. Globally, there are 411 million mobile money accounts across 93 countries. The document outlines reasons for mobile money's potential success in India, including high mobile penetration, financial inclusion needs, and government initiatives. It lists some prominent Indian mobile wallet providers and payments banks. Finally, it discusses factors important for mobile money to succeed in India, such as digital and financial inclusion, awareness/education, regulatory reforms, and customer confidence.
This document provides an overview of fintech startups in sub-Saharan Africa. It discusses the growth of mobile technology and financial services in the region, which has created opportunities for fintech innovation. Notable fintech startups in South Africa, Kenya, and Nigeria are highlighted, including Yoco, Snapscan, and M-Pesa, which provide payment solutions that have increased access to financial services. The document also notes that international investors are increasingly interested in the sub-Saharan African fintech sector.
121010_Mobile Banking & Payments for Emerging Asia Summit 2012_Reviewing Grow...spirecorporate
The document discusses the growth of mobile wallet ecosystems in emerging markets. It identifies opportunities in the mobile wallet space for stakeholders, especially in underbanked or unbanked markets. Key control points for mobile wallets are identified as important for commercially viable growth.
POV: The Present and Future of Mobile PaymentIPG Media Lab
With the introduction of Apple Pay, mobile payment is poised to hit the mainstream. The general public feels optimistic about its future, too. Survey reveals that over two-thirds of people believed that it’s likely that mobile payments will become a major way people make payments in stores in the next five years.
But look around. Hardly anyone you know is paying with their smartphones. Why?
Find out the reasons and more about mobile payment by reading our newest POV here.
Mobile banking has great potential to promote financial inclusion in Africa. By reducing geographic and cost barriers, mobile banking allows commercial banks to expand into new areas at low cost. Kenya and South Africa have been leaders in mobile banking, with services like M-Pesa in Kenya growing exponentially and bringing millions of unbanked individuals into the formal financial system. Partnerships between mobile operators, banks, and microfinance institutions can further expand access to affordable financial services across Africa through mobile phones.
DOCOMO Digital is an innovative payments solutions provider. With over 15 years of experience building and safely operating the world's most advanced mobile commerce environment, the company works with partners to bring to life their digital aspirations.
DOCOMO Digital’s platforms are connected to over 200 mobile network operators and 300 global and local payment methods, processing more than 3bn Euros worth of transactions per year.
With a team of nearly 800 professionals, operations in 35 locations across six continents, DOCOMO Digital works to encourage financial inclusion for consumers, merchants, corporations and governments worldwide. It aims to connect five billion mobile users by 2020 by developing next-generation mobile commerce solutions for global and local merchants which include Google Play, VICE Media, National Express/ALSA, and IBERIA.
DOCOMO Digital is the European based operation of Japanese technology innovator NTT DOCOMO.
This document summarizes the growing trend of mobile payments in Asia. It outlines that Asian consumers are leading in mobile commerce, with 46% using mobile to buy goods and services. Three major forces are driving this adoption - the growth of smartphones, large unbanked populations, and a device-focused culture. However, the biggest driver is consumer demand for payment methods that are faster, more convenient, secure, and offer better value. The document provides examples of innovative mobile payment systems emerging across Asia that are meeting this demand. It concludes by discussing implications around regulation, consumer expectations, accessing new customer segments, data security concerns, and industry partnerships.
10 Things You Need to Know about Mobile Money Services Mahindra Comviva
We have covered various aspects of mobile money services before. So, we thought we would cover 10 important facts that you need to know about it. There are various facts that are important, here’s our list of top 10 for you.
How Blockchain will change E-Commerce & Digital Marketing?Janette Toral
Janette Toral shared insights on the impact of blockchain on e-commerce and digital marketing last July 6, 2017 at Blockchain Summit Manila (Belmont Hotel, Makati City).
This document summarizes a research study on the reality of achieving a cashless society in Rwanda. The study used data from the National Bank of Rwanda from 2012-2013 to analyze trends in electronic payment methods like ATMs, point-of-sale terminals, mobile and internet banking. The analysis showed growth in the numbers of electronic transactions and devices during this period. A correlation analysis also showed a strong relationship between increased numbers of ATMs/POS terminals and higher transaction numbers and values. However, the values of ATM/POS transactions were still relatively low. The study concludes that while Rwanda is making progress towards a cashless society through expanded electronic infrastructure and services, increased investment is still needed along with laws and awareness to
In 2014, electronic payment fraud in Nigeria increased significantly. Internet banking and ATM transactions saw the highest fraud values, with attempted fraud reaching NGN 7.75 billion while actual losses were NGN 6.21 billion. Fraud peaked in the third quarter of 2014. While 1,461 fraud incidents were reported, only 41 suspects were apprehended, highlighting the need for improved collaboration between financial institutions and law enforcement to combat electronic payment fraud in Nigeria.
The document provides an investment overview for AZUZA Venture Capital, a fintech business that aims to crowdsource equity investment for sustainable and impact projects. It outlines AZUZA's mission to promote financial inclusion and democratize access to investing globally. The document summarizes AZUZA's solution to connect investors with businesses needing funding, highlights its management team and technology platform, and provides financial projections forecasting revenue growth through 2025.
The informal sector in sub-Saharan Africa contributes about 80% of the GDP of this region.
But these strong actors are those who have the least access to modern banking services. This is due to unsuitable cost and banking operations. The financial operations of the informal sector will therefore remain untraceable and access to financial services and products difficult.
The model needs to be redesigned. The mobile money revolution has set the tone and pace.
The plan is simple.
The first step is to digitize savings.
The second will be to connect savers and financial institutions by adapting the pricing model to the savings ranges of these.
Banking for Africa by Africa.
Digital serving the community.
The document is the December 2015 issue of the Payments & Cards Magazine. It provides an overview of the contents of the issue which includes thought leader articles on topics in the payments industry, job opportunities, and upcoming events. It also contains advertisements and information for businesses and thought leaders looking to get involved by advertising or contributing articles. The issue features events, thought pieces, jobs, and more to keep readers informed on the payments industry. The magazine is expanding its coverage and welcomes feedback and contributions from payments professionals.
The document provides an overview of the fintech industry in the Philippines in 2020. It notes that the Philippines has a population of over 100 million, with over half owning smartphones. The fintech sector in the Philippines was one of the few bright spots during an economic contraction due to the COVID-19 pandemic, experiencing exponential growth. The report serves as an essential reference on the development of fintech in the Philippines during this landmark period.
Resumen del Estado del eCommerce en Italia :: Italy 2018: Ecommerce Report Marcos Pueyrredon
Italy : 2018 Ecommerce Report (free) provides a brief overview of the state of ecommerce in Italy. This report has been published by Ecommerce Foundation with hand-selected data that will help both domestic and international retailers evaluate their potential for success in the Italian ecommerce market. +info https://www.ecommerce-europe.eu/research/ecommerce-europe-reports/
This report aims on the formative structural change and the digitization of the financial services industry of Vietnam. We will give an Fintech Market Overview of new supply forms and settlement processes in areas of banking such as Lending, Crowdfunding, Personal Finance Management and Cryptocurrencies.
State of Indonesia's Financial Access and Payments 2015Frank Mercado
The document analyzes the state of financial access and payments in Indonesia, finding significant disparities in access to ATMs and bank branches between regions as well as high levels of unbanked households and MSMEs, with limited access inhibiting poverty alleviation and economic growth. It discusses strategies by Bank Indonesia to promote financial inclusion through electronic money and digital financial services to expand access in underserved areas.
20150412 Sunday Business Post - Ireland plays for high stakes in fintech gamePeter Oakes
1) Monex, a Irish financial technology company, has closed a deal to install its payment software in all ATMs in Las Vegas.
2) Monex is processing over 163 million transactions annually, worth €28 billion total, and supporting 65,000 cash machines worldwide.
3) Due to the success and growth of Monex, several large banks and financial firms have expressed interest in acquiring the company, which analysts estimate could be valued over €100 million.
Mobile payment has grown rapidly in West Africa in recent years, enabled by increasing mobile phone adoption. However, several challenges remain:
1. Territorial coverage of mobile networks and agent networks remains inadequate, especially in rural areas.
2. Agent networks provide an important mode of distribution but remain limited in scale and sustainability.
3. Lack of interoperability between mobile operators limits the scope of mobile payment services.
4. The cost of implementing innovative solutions like online bill payment and government services is prohibitive for many West African governments.
5. Regulation of mobile financial services remains imprecise, which could limit further growth and innovation in the sector. Overcoming these challenges will be important to realize
A report about Fintech Indonesia and all Fintech Statups in Indonesia powered by www.Fintechnews.sg/Indonesia. Also Check Out the Facebook Page: https://www.facebook.com/Fintech-Indonesia-177477972669098/
This document provides an overview of mobile money services in India. It defines mobile money and describes its key characteristics, including using agents outside bank branches to deposit and withdraw funds and initiating transactions via mobile phones. Globally, there are 411 million mobile money accounts across 93 countries. The document outlines reasons for mobile money's potential success in India, including high mobile penetration, financial inclusion needs, and government initiatives. It lists some prominent Indian mobile wallet providers and payments banks. Finally, it discusses factors important for mobile money to succeed in India, such as digital and financial inclusion, awareness/education, regulatory reforms, and customer confidence.
This document provides an overview of fintech startups in sub-Saharan Africa. It discusses the growth of mobile technology and financial services in the region, which has created opportunities for fintech innovation. Notable fintech startups in South Africa, Kenya, and Nigeria are highlighted, including Yoco, Snapscan, and M-Pesa, which provide payment solutions that have increased access to financial services. The document also notes that international investors are increasingly interested in the sub-Saharan African fintech sector.
121010_Mobile Banking & Payments for Emerging Asia Summit 2012_Reviewing Grow...spirecorporate
The document discusses the growth of mobile wallet ecosystems in emerging markets. It identifies opportunities in the mobile wallet space for stakeholders, especially in underbanked or unbanked markets. Key control points for mobile wallets are identified as important for commercially viable growth.
POV: The Present and Future of Mobile PaymentIPG Media Lab
With the introduction of Apple Pay, mobile payment is poised to hit the mainstream. The general public feels optimistic about its future, too. Survey reveals that over two-thirds of people believed that it’s likely that mobile payments will become a major way people make payments in stores in the next five years.
But look around. Hardly anyone you know is paying with their smartphones. Why?
Find out the reasons and more about mobile payment by reading our newest POV here.
Mobile banking has great potential to promote financial inclusion in Africa. By reducing geographic and cost barriers, mobile banking allows commercial banks to expand into new areas at low cost. Kenya and South Africa have been leaders in mobile banking, with services like M-Pesa in Kenya growing exponentially and bringing millions of unbanked individuals into the formal financial system. Partnerships between mobile operators, banks, and microfinance institutions can further expand access to affordable financial services across Africa through mobile phones.
DOCOMO Digital is an innovative payments solutions provider. With over 15 years of experience building and safely operating the world's most advanced mobile commerce environment, the company works with partners to bring to life their digital aspirations.
DOCOMO Digital’s platforms are connected to over 200 mobile network operators and 300 global and local payment methods, processing more than 3bn Euros worth of transactions per year.
With a team of nearly 800 professionals, operations in 35 locations across six continents, DOCOMO Digital works to encourage financial inclusion for consumers, merchants, corporations and governments worldwide. It aims to connect five billion mobile users by 2020 by developing next-generation mobile commerce solutions for global and local merchants which include Google Play, VICE Media, National Express/ALSA, and IBERIA.
DOCOMO Digital is the European based operation of Japanese technology innovator NTT DOCOMO.
This document summarizes the growing trend of mobile payments in Asia. It outlines that Asian consumers are leading in mobile commerce, with 46% using mobile to buy goods and services. Three major forces are driving this adoption - the growth of smartphones, large unbanked populations, and a device-focused culture. However, the biggest driver is consumer demand for payment methods that are faster, more convenient, secure, and offer better value. The document provides examples of innovative mobile payment systems emerging across Asia that are meeting this demand. It concludes by discussing implications around regulation, consumer expectations, accessing new customer segments, data security concerns, and industry partnerships.
10 Things You Need to Know about Mobile Money Services Mahindra Comviva
We have covered various aspects of mobile money services before. So, we thought we would cover 10 important facts that you need to know about it. There are various facts that are important, here’s our list of top 10 for you.
How Blockchain will change E-Commerce & Digital Marketing?Janette Toral
Janette Toral shared insights on the impact of blockchain on e-commerce and digital marketing last July 6, 2017 at Blockchain Summit Manila (Belmont Hotel, Makati City).
This document summarizes a research study on the reality of achieving a cashless society in Rwanda. The study used data from the National Bank of Rwanda from 2012-2013 to analyze trends in electronic payment methods like ATMs, point-of-sale terminals, mobile and internet banking. The analysis showed growth in the numbers of electronic transactions and devices during this period. A correlation analysis also showed a strong relationship between increased numbers of ATMs/POS terminals and higher transaction numbers and values. However, the values of ATM/POS transactions were still relatively low. The study concludes that while Rwanda is making progress towards a cashless society through expanded electronic infrastructure and services, increased investment is still needed along with laws and awareness to
In 2014, electronic payment fraud in Nigeria increased significantly. Internet banking and ATM transactions saw the highest fraud values, with attempted fraud reaching NGN 7.75 billion while actual losses were NGN 6.21 billion. Fraud peaked in the third quarter of 2014. While 1,461 fraud incidents were reported, only 41 suspects were apprehended, highlighting the need for improved collaboration between financial institutions and law enforcement to combat electronic payment fraud in Nigeria.
The document provides an investment overview for AZUZA Venture Capital, a fintech business that aims to crowdsource equity investment for sustainable and impact projects. It outlines AZUZA's mission to promote financial inclusion and democratize access to investing globally. The document summarizes AZUZA's solution to connect investors with businesses needing funding, highlights its management team and technology platform, and provides financial projections forecasting revenue growth through 2025.
The informal sector in sub-Saharan Africa contributes about 80% of the GDP of this region.
But these strong actors are those who have the least access to modern banking services. This is due to unsuitable cost and banking operations. The financial operations of the informal sector will therefore remain untraceable and access to financial services and products difficult.
The model needs to be redesigned. The mobile money revolution has set the tone and pace.
The plan is simple.
The first step is to digitize savings.
The second will be to connect savers and financial institutions by adapting the pricing model to the savings ranges of these.
Banking for Africa by Africa.
Digital serving the community.
The document is the December 2015 issue of the Payments & Cards Magazine. It provides an overview of the contents of the issue which includes thought leader articles on topics in the payments industry, job opportunities, and upcoming events. It also contains advertisements and information for businesses and thought leaders looking to get involved by advertising or contributing articles. The issue features events, thought pieces, jobs, and more to keep readers informed on the payments industry. The magazine is expanding its coverage and welcomes feedback and contributions from payments professionals.
The document discusses how financial technology (Fintech) has benefited various sectors like healthcare, agriculture, transportation, e-commerce, education, and retail in East African countries. It highlights how Kenya is recognized as the home of mobile money in East Africa, with many companies digitizing operations to enable digital payments. Fintech has grown significantly in Kenya and Rwanda, contributing to increased financial access, while countries like Somalia have opportunities to collaborate more with banks to gain broader market access. The growth and collaboration between banks and Fintech companies in providing digital financial services has boosted financial inclusion across East Africa.
South Africa: A Digital Innovation Hub for Financial ServicesSeymourSloan
South Africa is fast becoming one of the leading digital players in financial services along with Kenya and Tanzania. This piece explores how they have succeeded where others have stalled.
InfiniteUp is building smartphone-based business software to enable African micro, small, and medium enterprises (MSMEs) by digitizing pen-and-paper processes. Their software allows informal retailers to track sales, manage inventory, advertise, and access regional supply chains and customers. InfiniteUp aims to bring these retailers online through a multi-sided marketplace approach and plans to generate revenue from transaction fees. They have developed an initial product and are conducting user experience testing in multiple African countries. InfiniteUp is now raising $500,000 to further develop their research, marketing, and technology as they work to transform informal retail across Africa.
Tafari Capital is an integrated financial services and e-commerce platform focused on underserved communities in Africa. It was founded by 85 successful entrepreneurs and professionals concerned with financial inclusion. Tafari will launch eChankura, a digital platform that offers payment services, savings and credit accounts, remittances, online marketplace and stores to give users access to financial products and services. The platform aims to bring subsistence entrepreneurs into the formal economy by creating an alternative credit record and helping them start online businesses. Tafari expects to generate over $100 million in revenue within 5 years by charging small fees on transactions and providing value-added services to its growing customer base.
The Global Evolution of Digital Commerce and MENA e-Commerce 2013Melih ÖZCANLI
MENAP B2C e-Commerce Overview 2012:
Focus on Middle East, North Africa and Pakistan
Containing statistical data, trends, barriers and opportunities for B2C e-Commerce, Economic Overview, Key Economic Indicators, Retail Sales and Country Information
by
1) IORMA
2) IMRG
3) Tejuri.com
Middle East and North African Ecommerce MarketSumit Roy
The continuing, accelerating growth and impact of the Internet on a global basis and its enabling of a new high-speed, low energy almost free infrastructure of borderless global instant online everything 24/7/365, is seeing unparalleled impacts on society and economies globally. Citizens around the world increasingly use advanced technology and global communication networks to live, work, socialise, be informed and entertained though the use of online services via personal devices such as PC’s, Smartphones and computer tablets (e.g. the iPad) and SMART TV’s. One dimension and sector being affected by this accelerating technology led evolution, concerns the technology enabled consumer and the sale of goods and services to those consumers, both domestically and globally. Nowhere is the impact of this “e”volution being felt more than in the Retailing Sector
Safaricom is Kenya's largest company and telecommunications provider. It has leveraged mobile technology to develop innovative services that improve the lives of Kenyans, such as M-PESA which allows people to transfer money and pay bills using mobile phones. By understanding local needs and culture, Safaricom has transformed banking, healthcare, energy access and more for its 19 million customers. Its social initiatives and focus on improving communities has built goodwill while also differentiating it from competitors in an increasingly saturated market.
This document provides an overview and analysis of instant payment systems (IPS) in Africa. It begins with an introduction by the CEO of AfricaNenda highlighting the importance of digital payments for financial inclusion in Africa. The document then covers the IPS landscape in Africa, evolving digital payment customer behavior, barriers to and opportunities for IPS inclusivity, and future perspectives on IPS development and trends. It includes annexes with case studies of four IPS schemes, a list of consulted stakeholders, landscaping data tables, and details on the consumer research methodology. The overall aim is to inform stakeholders about IPS in Africa and support evidence-based policymaking and investment decisions regarding digital financial services on the continent.
This document provides an overview and introduction to the State of Instant and Inclusive Payment Systems in Africa 2022 report. It discusses that the report aims to inform public and private sector players about developments in instant payment systems in Africa, including an assessment of inclusivity. It notes that currently most systems are geared toward limited financial institutions and transaction values. The introduction emphasizes that digital financial inclusion is key to supporting Africa's development, and that collaboration across sectors is needed to build inclusive payment systems that meet people's needs.
MoneyPolo is a registered trademark owned by UK company Mayzus Financial Services Ltd. that provides financial services including money transfers, prepaid cards, payment accounts, and multi-currency accounts. Since launching in 2009, MoneyPolo has grown significantly and now has over 200,000 customers worldwide. MoneyPolo offers partners flexible solutions to implement their payment and money transfer services.
MoneyPolo is a registered trademark owned by Mayzus Financial Services Ltd. that provides money transfer and prepaid card services. It has experienced significant growth since 2009 and now has over 200,000 customers. Services include international money transfers, multi-currency accounts, prepaid cards, and payment solutions. MoneyPolo has expanded to several European countries and partners in over 130 countries worldwide.
Mobile Money Adoption In a Fragile Economy: The Case of a Seven Year Failed E...inventionjournals
A seven year flounder and failed experience of mobile money ignition in Nigeria is worrisome. Ipso-facto, this paper explores the factors that influence mobile money adoption in the Nigerian fragile economy. A survey data generated from 344 experience mobile phone users formed final data base used in this study. Exploratory factor analysis anchored on principle component method and correlation analysis were employed in the methodology. Results reveal that trailability, compatibility, perceived trust, perceived ease of use, perceived usefulness, level of awearness, and relative advantage strongly drives the adoption of mobile money in Nigeria as they exhibit significant positive relationship. No significant relationship was found between perceived financial cost and mobile money adoption in Nigeria. To attract greater adoption and growth of mobile money in achieving cashless economy in Nigeria, these factors should be integrated in the Nigerian mobile money/payment regulatory framework and be made more flexible from its apparent stiff regulation and control
Selected Macroeconomic Factors versus Bond Market Development in Nigeriainventionjournals
This paper examines the macroeconomic determinants of bond market development in Nigeria to address the persistent research question of whether bond market development is driven by macroeconomic factors or institutional factors in emerging markets. Time series data generated over the period of 32 years was analyzed using ordinary least square regression techniques involving multiple regressions. The aggregate bond market capitalization comprising both government bonds and corporate bonds were exploited. The major findings of the study reveals that exchange rate, interest rate, inflation rate and banking sector development have negative and significant influence on the Nigerian bond market capitalization and as such, they demonstrated strong evidence as robust macroeconomic determinants of bond market development in Nigeria. Bond market, development, determinants, economy, Nigeria
JUMO is a mobile-only marketplace that facilitates financial access through mobile wallets in Africa without requiring bank accounts, physical infrastructure, or collateral. JUMO launched its first product called ACCESS, which uses algorithms to assess mobile wallet and phone usage data to determine eligibility and best options for loans to African entrepreneurs, small businesses, and individuals. JUMO has dispersed over 4.9 million loans totaling $80 million to 1.8 million unique customers across several African countries. Their platform aims to provide financial services to the many African adults who have mobile wallets but lack bank accounts by leveraging mobile network data and creating a trust-based system.
Over the last decade, Africa has become a global leader in mobile money with the rate of smartphone adoption at twice the global scale. But what challenges is the industry facing and how can these be overcome? Our new article, sponsored by Mazars, explores.
This document provides an overview of channels and technology for enabling financial inclusion. It discusses the mobile and branchless banking ecosystem, including key players such as mobile network operators, banks, technology providers, agents, retailers, and regulators. Digital financial services like mobile money are described as combining branchless banking and mobile financial services to deliver financial products via technology outside of conventional branches. The predominant leader is noted as being mobile money, especially in developing countries.
Mobile payments landscape in Zimbawe | Beyond 2015Evolys Digital
How can businesses benefit from the Mobile Payments Revolution in Zimbabwe, and what is the future like for those who want to venture into the mobile payments landscape. Evolys Digital
Similar to Sociology of ICT case : AFRIMARKET (20)
2. AFRIMARKET – By Robert Blaise SE-ONDOUA – TEM 2016 Page 2
Context and opportunity
AFRIMARKET was launched in March 2013 by three co-founders from top French business
and engineering schools:
Rania Belkahia, from Telecom Paritech and HEC,
Jérémy Stoss, from ESCP,
François Sevaistre, from Polytechnique and HEC.
The startup’s business is mainly to help African people from the diaspora to send goods and
services to their families at home instead of cash.
Rania and François met at HEC Entrepreneur where they shared the need for starting a
business of their own. The idea of AFRIMARKET really emerged when Rania met Jérémy
during an internship at POLYCONSEIL, a consulting company operating in Africa. Jérémy has
been living in Africa for many years, especially in Côte d’Ivoire, with a strong expertise in
finance and private equities. When analyzing the data and process of money transfer from
the African diaspora to the continent, they came to the conclusion that an optimization was
possible and that there could be a huge business opportunity.
For instance, data from the World Bank showed that in year 2011, the amount of
remittances from the African diaspora in African financial inflows (60 Billion USD), was
higher than the official development assistance (56 Billion USD), and Foreign Development
Investment (50 Billion USD) (Worldbank, 2011). They also noticed that the average cost of
money transfer transactions to Africa was very high (12.5% compared to 6.5% for South
America or 8% on average worldwide). Furthermore, when talking to people in the African
diaspora, they identified another issue, that the transferred money was not used for the
initial purpose in most cases. For example, the money sent for meeting the feeding needs of
a family of for health care, was usually partly used by the person in charge of collecting
Innovation
The innovation consists in changing completely the money transfer process of the African
diaspora by:
Sending electronic vouchers for goods (food, books, building materials…) or services
(doctor examination…) instead of sending cash. It is referred to as “cash to goods”.
The vouchers can be used within a network of partner stores and professionals for
different services.
Providing a mean for senders to have a better control over the final use of the money
sent.
Reducing dramatically the transfer costs, from 12.5% to 5%.
Technology
The system uses a complex Back office, to manage the entire ecosystem (users, payments,
partners), and generate the vouchers.
3. AFRIMARKET – By Robert Blaise SE-ONDOUA – TEM 2016 Page 3
Near Sound Data Transfer (NSDTTM
), a patented sound based authentication technology
(TagPay), is used in order to authenticate the electronic vouchers through a dedicated
terminal installed at the partner’s premises.
Figure 1: TagPay NSDT platform (source tagpay.fr)
How does it work?
The global process is described below as it was at the time of initial launch of the service:
1. The sender registers on an online platform
2. For a given money transaction, the sender selects the amount to be sent and gives
the identity and mobile number of the receiver
3. The sender pays online via credit card
4. The system sends an electronic voucher to the receiver
5. The receiver authenticates through NSDTTM
within the partners network and collects
his goods or service at partner’s premises.
6. A notification is sent to the sender
4. AFRIMARKET – By Robert Blaise SE-ONDOUA – TEM 2016 Page 4
Figure 2: NSDT authentication process (source afrimaket.com)
Market and business model
The estimated market as mentioned earlier is around 60 Billion USD, that is the total
remittance from the African diaspora. The objective of AFRIMARKET is to cover as much as
10% of this market totally dominated by two big players (Western Union and Moneygram).
The revenue structure consists of a 5% commission collected for every transfer transaction
Steps of the trajectory
The main steps of the trajectory can be summarized as follows:
Period Event
March 2013 Company creation
March 2013 Partnership with Tagattitude for authentication using the TagPay
platform (mobilepaymentstoday.com, 2013)
During 2013 The team spent several months in Abidjan during the year 2013, in order
to test their prototype and the acceptability of the product by potential
partners and end users.
June 2013 Commercial launch in Abidjan, Ivory Coast
July 2013 The company realizes it first fund raising of 500.000 euros. Business
angels include Xavier Niel (Free) and Jacques-Antoine Granjon (Vente-
privee.com)
End 2013 Commercial launch in Senegal Togo and Benin
February 2014 Partnership with Bank Of Africa; the partnership allows the payment of
Money transfer in cash at BOA offices
April 2014 The company enters the Orange Accelerator “Orange Fab Lab”
January 2015 The company realizes it second fund raising of 2.5 Million euros. Orange
and BIM invest 1 Million euros each, while historical business angels
invest 500.000 euros.
August 2015 The company launches an e-commerce site for the Ivorian market.
End 2015 The company launches e-commerce sites for Senegal, Benin and Togolese
5. AFRIMARKET – By Robert Blaise SE-ONDOUA – TEM 2016 Page 5
markets.
March 2016 The company launches an e-commerce site for the Cameroonian market.
Process of adaptation
The service offered by AFRIMARKET and its processes evolved overtime, showing that the
company listens to the market and constantly tries to adapt its strategy and operations.
When the company started its operation, the service was accessible only through a website
and the users (money transfer senders from the African diaspora) needed to register online
with their e-mail, and buy with credit cards.
Later on the company realized that not so many potential users where online; most of them
didn’t have an e-mail address, and for those who could buy online, there was a big issue
regarding the security of online transactions (media.mobi, 2015). To overcome this problem,
the company adapted its processes by partnering with Bank Of Africa (BOA), a financial
institution where 100% clients are from the African diaspora in France. Therefore, any user
of the service could now pay his money transfer in cash rather than online, within the offices
of the BOA network. Moreover, another objective was to immediately access existing BOA
clients. In order to reinforce the customer confidence in the service, customers also received
a picture of their relatives receiving the goods sent during the transaction.
The E-commerce business has started growing very fast in Africa, driven by big players such
as JUMIA, or CDISCOUNT. AFRIMARKET surely wanted to be part of the game too, and
adapted its money transfer service by launching several E-commerce sites for different
countries since August 2015 (Jeune_Afrique, 2015). Users of the service worldwide could
now transfer some money to their relatives in different countries by choosing online from a
huge variety of products. Furthermore the company differentiates itself from existing e-
commerce platforms, given that it operates with the same partner stores it already had in
different countries. Therefore, unlike JUMIA for example, AFRIMARKET doesn’t need to
operate warehouse facilities. In order to implement its e-commerce strategy, AFRIMARKET
also introduced many changes in its business model:
In addition to existing customers from the diaspora, the E-commerce business now
addresses a new target made up of the local African middle class in different
countries who can purchase the products online for their own. While the former can
pay online using their credit cards, the later who usually don’t have bank accounts,
can pay with their mobile phone, using Orange Money.
The commission collected per money transfer transaction for goods is no longer paid
by the customer of the e-commerce site (money sender if from the diaspora);
instead, it is paid by the partner (supermarket or store).
The service now include a delivery of the goods at home, which was not done before
(customers used to pick-up their goods at partner’s premises). Given that there is
almost no reliable last mile logistics service in most countries of operation,
AFRIMARKET launched its own logistics fleet, made up of trucks, motorcycles and
three wheels motorcycles.
6. AFRIMARKET – By Robert Blaise SE-ONDOUA – TEM 2016 Page 6
The customer is now given some payment facilities and can pay in 3 or 4 times.
Conclusion
AFRIMARKET is an example of a young startup which was launched with the idea of bringing
a new simple, cheaper, and more efficient way of transferring money from the African
diaspora to their relatives in the continent. The immediate success of their service in terms
of adoption by the targeted users and their ability to attract investors show the pertinence
of the service and the chosen business model.
Nevertheless, the company is constantly adapting its strategy, mainly in terms of payment
method (cash, online or mobile), going online or not, service portfolio and target market.
In 2015, the data of the company where the following (Les_echos, 2015):
Operations in four countries (Ivory Coast, Senegal, Benin, Togo)
35 employees
30.000 customers
250 retail and professional service partners
2% of the remittance from the diaspora to its country of operation
50 resellers.
Since then, the service has been launched in Cameroon and will soon be launched in Mali.
The company plans to cover as much countries as possible in Africa, and is opened to
franchise in other continents, especially in Latin America.
References
Jeune_Afrique. (2015). Retrieved from www.jeuneafrique.com/mag/262378/economie/e-commerce-
afrimarket-defie-jumia-a-abidjan/
Les_echos. (2015). Retrieved from
http://www.lesechos.fr/04/02/2015/lesechos.fr/0204126912626_afrimarket--transferer-
des-bons-d-achat-plutot-que-du-cash.htm
media.mobi. (2015). Retrieved from http://medias.mobi/ipj/37groupe2/2015/02/06/transferts-
dargent-lafrique-se-cherche-un-nouveau-modele-2/
mobilepaymentstoday.com. (2013, March). Retrieved from
http://www.mobilepaymentstoday.com/news/tagattitude-afrimarket-partner-on-cross-
border-payments-with-sound-based-solution/
Orange. (2014). Retrieved from www.orange.com/fr/actualites/2014/avril/Orange-Fab-France-c-est-
la-propulsion-photonique-pour-les-startups
TagPay. (n.d.). Retrieved from http://tagpay.fr/technologie-sans-contact
7. AFRIMARKET – By Robert Blaise SE-ONDOUA – TEM 2016 Page 7
Worldbank. (2011). Retrieved from http://www.africaneconomicoutlook.org/en/outlook/external-
financial-flows-and-tax-revenues-for-africa