Financial Inclusion through Mobile Money: Lessons Learned
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This presentation was part of a panel discussion during the 6th Mobile Commerce Summit Asia held in Singapore March 19-20, 2013.
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Financial Inclusion through Mobile Money: Lessons Learned
- 1. CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES Financial Inclusion through Mobile Money: Lessons Learned Financial Inclusion through Mobile Money: Lessons Learned John V Owens, Director East Asia Chemonics International
- 2. CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES Financial Inclusion through Mobile Money: Lessons Learned Lesson # 1: Develop a Road Map icees–– s aunch erv LLaunchSServic ustt mer CCusoomer rr duct PPooduct Addopionn A opttio mentt Deevelopmen es D velop Issuues ustt mer CCusoomer egulatt rr s RRegulaooyy Is rr duct PPooduct e PPesspeciv e errpecttiv TTesingg esttin al Inssituuionnal Inttit ttio e entt PPesspeciv e errpecttiv nvi ir nm n EEnvroonme
- 3. CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES Financial Inclusion through Mobile Money: Lessons Learned Lesson #2: Strategic Partnerships Are Key
- 4. CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES Financial Inclusion through Mobile Money: Lessons Learned Lesson #3: Focus on Building Trust
- 5. CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES Financial Inclusion through Mobile Money: Lessons Learned Lesson #4: Convenience & Availability
- 6. CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES Financial Inclusion through Mobile Money: Lessons Learned Lesson #5: Simplicity
- 7. CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES Financial Inclusion through Mobile Money: Lessons Learned Lesson #6: Marketing Lesson #6: Marketing
- 8. CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES Financial Inclusion through Mobile Money: Lessons Learned Lesson #7: Client Education
- 9. CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES Financial Inclusion through Mobile Money: Lessons Learned Lesson #8: Expand the Value Proposition
- 10. CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES Financial Inclusion through Mobile Money: Lessons Learned Lesson # 9: Use it Internally first
- 11. CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES Financial Inclusion through Mobile Money: Lessons Learned Lesson #10: Get Money into the System
- 12. CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES Financial Inclusion through Mobile Money: Lessons Learned THANK YOU For more information on mobile money for financial inclusion check out: Twitter: @jvowens Facebook:https://www.facebook.com/MobileMoneyForDevelopment Blog: http://mobilemoneyfordevelopment.wordpress.com Email: jowens@chemonics.com
Editor's Notes
- “ Safaricom teamed up with Commercial Bank of Africa to offer M-PESA customers a savings and credit facility managed by the bank. With no paperwork, no queuing at a bank, M-Shwari has had an impressive uptake and is considered a very convenient approach to accessing basic banking services. M-Shwari is not bundled with any product, making it flexible for users to save for a goal of their own choice.” MMU Blog http://www.gsma.com/mobilefordevelopment/implementing-mobile-money-innovations-to-deepen-financial-inclusion-lessons-from-successful-innovations-in-kenya M-Shwari netted over 70,000 registrations in its first day and the service is still growing at a rate of over 40,000 signups per day and has crossed Ksh 1 billion (US$11.4 million) in transaction volume a month. With customer deposits of over KSh 3 billion, M-Shwari riding on the MPESA rails is one of the most successful new financial services products in the African market in recent years.
- This includes the need to have an excellent agent network and potential integration in other platforms such as payment systems linking the mobile wallet to a debit/ATM card and/or allowing cardless ATM withdrawals is also key and improves convenience and availability
- Most underbanked and unbanked clients still use feature phones and will for the next few years. In some markets, literacy rates may be an issue so IVR technology is now being used in markets like Afghanistan and Nigeria.
- Proper marketing of mobile money is one of the steps that many underestimate but ultimately is one of the most important factors in the take-up of mobile money. This includes ATL, BTL, as well as direct marketing.
- To banked the unbanked, you need to create a value proposition and you have to actually bank the banked first. You need to find where clients transact, who they pay and who sends them money? Who buys from them? Most of these people will be banked customers so working with them to ensure the utility of mobile money will be key.
- Learn to go through the user experience by using mobile money first internally - payroll