BY LORETTA BRIGIDIA MANELE
THE growing problem for financial institutions is finding strategies to tackle issues like capturing the unbanked market, leveraging technology and providing new services to existing customers.
This is according to Bibimoney’s 2017 report that highlights the stressing issues behind banking services and how Bibimoney solves these barriers.
Bibimoney states that since billions of people are either unbanked or underbanked, this gives banks a huge opportunity to utilize new technology that will attract customers cost effectively while creating financial inclusion.
In relation, the second factor, “leverage technology”, the report mentions that in order to in order to increase market share, profits and shareholder value, existing banks need to tap into emerging technology.
The last problem for financial institutions expressed by Bibimoney is the provision of new services to cater to existing customers of which noted is the statement that in emerging markets customers are often young and dissatisfied with existing services.
Henceforth, in response to the above issues, the report expressed that Bibimoney resolves these issues by providing a 24 hour convenient low cost access to financial services, providing access to bill and salary payments, airtime top ups, domestic money transfers, micro-finance and insurance services, providing basic banking services to the unbanked and providing access to fast low cost remittance corridors.
Additional issues pose by the report include the lack of interoperability, apps only work effectively on smart phones, does not link from one country to the next and it often requires senders and recipients to have a bank account.
In regards to the above, Bibimoney has removed these barriers by being a fully patented SIM-Skin solution and mobile wallet that is simple to install, suitable for any type of phone, fast and secure using 256 bit encryption, scalable to partner’s needs, compatible with any mobile phone network without requiring a partnership with any mobile operator, and facilitates viral customer growth domestically and internationally.
Furthermore, in terms of remittances, Bibimoney’s service is interoperable hence, allowing both sender and receiver use the service without having to use the same mobile network, it works on any type of phone, internet or data connectivity is not required, it is inclusive to the unbanked and underbanked, reduces the cost of remitting funds internationally, efficient in cashing out funds through an agent network and is an instant transfer, descriptively, Western Union in seconds.
“The SIM-Skin is simple to use, advanced, patented technology. You do not need the skin to receive the money, but you do to use it so the recipient becomes as wallet customer locally,” said the 2017 bibimoney report.