Mobile Payments ecosystem to boost financial inclusion in South Africa
Boloro's retail acceptance application of MobiCash's digital money is the first step
In keeping with the concept of 'Connecting Africa's Resources through Digital Transformation' at today's World Economic Forum on Africa event in Kigali, Rwanda, Patrick Ngabonziza the Chairman and Founder of MobiCash announced a game-changing approach to financial inclusion in Africa.
MobiCash and Boloro are launching their 'ground breaking' mobile payments ecosystem in the townships of South Africa with Big Save Group, one of the largest wholesalers operating within South African townships and servicing tens of thousands of small scale spaza shops. The MobiCash cashless platform brings ease of access for banking services and electronic payments to the South African population at large. MobiCash's partnership with Boloro, a fast-growing mobile payments network brand, allows small scale retail businesses to offer secure, consumer friendly, handset agnostic, merchant initiated payments using MobiCash multi-factor biometric authentication together with Boloro's secure pin authentication that uses Network Initiated USSD messaging. This ground-breaking project is a first of its kind in South Africa.
"We are proud to collaborate with our partners to bring a holistic ecosystem that not only has the potential to boost small business but also has the potential to impact entire communities as we have seen in our home country Rwanda," said Patrick Ngabonziza.
Big Save is rolling out MobiCash & Boloro across its thousands of spaza community members, accelerating financial inclusion and financial interoperability to formerly disenfranchised businesses and communities.
"Our challenge has always been cash replacement in a cost-effective way, and I am happy to see that Boloro South Africa with MobiCash have been able to devise a financial model and present an ecosystem network that we will be rolling out across our entire spaza member community," said Johnny Jardim, Financial Director of the Big Save Group, "which I believe will positively impact not only the small business owner and their family but also the community that they serve."
Boloro's retail acceptance application of MobiCash's digital money is the first step in the strategy to boost financial inclusion. Other acceptance applications such as conveniently paying for taxi fares and secure online payments will boost the payments ecosystem even faster.
"Delivering financial dignity to every human being is a personal goal," said Ann Camarillo, co-founder, President & CEO of Boloro Global, "and I believe, with our partners, we can democratize financial access for disenfranchised communities, offer secure payments and resolve the pain-points associated with carrying cash."
First roll-outs are expected this quarter with aggressive plans to ramp-up reach and impact over the next several months as more stakeholders join the ecosystem to offer financial services for the population at large.
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