Challenge
For Customers In entire Africa and in many other emerging markets, around 3 billion people who live in under-served rural areas are either without access to financial services or are struggling to access these services. These people basically referred to as the unbanked or under-banked and they are deprived of services they should be able to utilize such as paying for goods and services using their bank card, mobile wallet are not available because of unavailability of payment acceptance facilities with the local merchants. For Institutions In the past, banks as well as other financial institutions completely relied on the brick and mortar branch networks, ATM's and hardware POS terminals for distributing financial services. This infrastructure charged high Capex requirements and was expensive to maintain predominantly in areas where the population density is low and didn't offer a feasible ROI. Besides, the introduction of money pay has gone a long way to deal with financial inclusion; on the other hand, this has been at the expense of traditional banking institutions that have missed large market share consequently.
Solution
Moweb developed an all-in-one mPOS for payment, VAS distribution channel, as well as agency banking. This secure electronic payment system allows direct encrypted payment, real-time reporting, low transaction fees, and contactless reliable payment. The wide variety of solutions the client is able to offer through the mPOS are: Money transfer and value remittance Post-Paid Bill Payment Collection Prepaid Airtime, Gift cards & Electricity Distribution Transport, Event Ticketing Distribution SIM Card Registration & KYC Data Collection Card, QR Code, Mobile Wallet Payment Acceptance License Issuance, Tax Revenue Collection
Results
For Customers By the virtue of our M-vendr mPOS, earlier under-served and unbanked customers are now able to access financial services and the value-added services in their local communities through merchants or agents locations. Moreover, the M-vendr mPOS we created enables better interaction between the customers and their financial institutions by allowing payment acceptance by smaller retailers and informal traders who earlier would only accept cash payments. Using this solution is ideal for paying prepaid mobile airtime, prepaid electricity, prepaid water, postpaid bill payments, national lottery, insurance premiums, money transfer, ticketing and more. For Institutions The agency banking distribution channel has proven to be a very effective medium for the distribution and delivery of banking and other financial services to previously unbanked or under-banked customers in many places in Africa and new emerging markets,. With a huge retail sector and growing mobile penetration, M-vendr's mPOS solution allows financial institutions to touch-base these customers by cost-effectively deploying vast networks of authorized agents or merchants offering financial services and more within previously under-served communities.
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