The MobiCash a mobile financial services was formed in 2007 with the aim of developing affordable banking, switching and payment solutions for the African continent.
Headquartered in Port-Louis, Mauritius, MobiCash was born out of the need to develop a convenient, secure, and affordable payment platform that will address the use of its technology to enable people who are not served by financial institutions to start using financial services without having to access them through traditional bank branches.
MobiCash solution offers a refreshing approach to mobile payment that overcomes the challenges of cashless payment by using multi-factor authentication mechanisms (NSDT, fingerprint, NFC and Voice biometric) technology. The resulting mobile payment platform provides a powerful set of tools for efficient, effective, secure, and accessible mobile payment services.
The solution works on all phone models and on all Local Network Operators. Interoperability and industry consortia: coordination and business model problems plague interoperable systems while mobile network operator’s proprietary solutions lead to market paralysis. MobiCash platform is an open and interoperable ecosystem, where all players contribute their core competencies making mobile financial services happen. We have seen some early stage implementations that are done in a closed loop. This will doesn’t scale. Cash itself travels independently and the same paradigm needs to apply to mobile payments and services.
Launching with multiple services, so customers don’t need to cash-out! MobiCash reason that P2P transfers alone, which typically end with a recipient converting e-money back to cash, are not enough to deliver on our vision of a cash-free ecosystem. Instead, MobiCash position itself as “Much more than Money Transfer” and typically promote some combination of money transfer, payroll, tax collection, e-ticketing, airtime top-up, bill payments, and merchant payments. By doing so, MobiCash provides consumers with options to use their electronic money rather than instantly converting it back into cash and can be termed as a “national payment instrument”.
In banking the unbanked, MobiCash solution goes beyond the basic payment service by explicitly seeking to add other financial services which meet the needs of unbanked and poor families such as basic bank accounts, savings and micro-credits. The services provide the first real opportunity for many poorer people to get on to a formal banking ladder with benefits including reduced threat of crime, time saving and secure savings opportunities.
By bringing retail transactions into the equation, MobiCash mobile money becomes a very attractive alternative to cash. This is especially true in the developing world where the masses are grossly underserved by banking and payment services. Introducing retail transactions completely changes the mobile money business model as well as the value proposition for end users.
MobiCash has already established a firm foothold in Africa and Asia has or is finalizing licenses, joint venture agreements with in country partners in Africa and the rest of the world with operational points of presence in the following locations: South Africa, Burundi, Botswana, Congo-Kinshasa, Congo-Brazzaville, Uganda, Tanzania and Rwanda.