This post kicks off a three-part series this week on the CGAP and the Mobile Money for the Unbanked blogs on the topic of mobile financial services in francophone West Africa. This short series will feature prominent voices from the region and discuss new developments and implications for the industry as a whole.
- SGBS, the subsidiary of the Société Générale bank, is the only commercial bank to offer its own mobile money solution called Yobantel. Yobantel leverages the extensive branch network of the largest MFI in Senegal Crédit Mutuel du Senegal;
- Orange is currently the only MNO in Senegal to provide a mobile money wallet, Orange Money, in partnership with BICIS, a subsidiary of the bank BNP Paribas. Tigo is the second mobile operator in the market;
- FERLO was the first company to receive the nonbank e-money issuer license from the BCEAO, and issues prepaid cards as well as recently adding a mobile-based payment solution;
- Two of the largest MFIs, ACEP and PAMECAS, in partnership with the technology provider Mobile Banking Enabler, are launching their own mobile money platform for their microfinance clients;
- CSI (Cellular Systems International) through its brand [email protected] offers a cash to cash money transfer solution through SMS on the basis of a wide and dense network of agents;
- GIM-UEMOA, the regional banking switch for interbank payment systems and electronic payments, recently launched its GIM-Mobile project which aims to provide a mobile banking switch and payments processor to the regional market;
- The MicroFinance Directorate, in partnership with KfW, has launched a mobile banking project with the objective of providing a mobile banking platform for rural MFIs to leverage.
We believe that Mozikicard.com can add value to the existing solutions in the emerging African markets whereas the African Diaspora in North America can bring their friends, families and business closer. Our a social payments startup from the US allows users to connect up to five “allowance” or pre-paid cards to a primary bank account.
While M-Pesa is top of mind as Africa’s go-to financial service for the unbanked, there’s potential on the continent for an MoZiki-like service. Mozikicard requires that only one user has a bank account — cards linked to the primary account are all pre-paid and can be used anywhere Visa debit cards are accepted or at ATMs.
It’s useful for setting up auto allowances for family members, managing spending or budgeting, putting money away for emergencies or paying the babysitter — essentially any situation that could do without the bank account overhead. Money can be transferred, instantly (for free) or scheduled and sent via email, Facebook, or SMS.
MozikiCard is also going after financial institutions. Think per diems — again in an African context, for an unbanked workforce — petty cash, or avoiding the liability of corporate credit cards.