Visitors to the ITU Telecom World 2018 Exhibition were able to discover the types of solutions delivering fintech services that are helping boost digital financial inclusion, and providing local solutions for local challenges.
Rwanda’s Casual Payroll deploys a high-tech facial recognition system enabling casual, cashless payment to be made, facilitating casual workers receiving their salaries on their mobile phones. It also gives access to financial services, such as loans and health insurance.
Mozambican Fintech Paytek offers payment integration services, application interfaces and access channels, allowing its users to tap into a raft of Digital Financial Services. Its services include Paytek e-Wallet, a universal system of digital payment aggregation, running on the basis of the new Paytek Payment Aggregation Platform. This enables end users to use bank accounts and mobile wallets for making payment in an intuitive, comprehensive and conscious way, thus creating a sustained habit of making electronic payments.
Also from Mozambique is M-Xitique, a platform for managing informal business savings, offering groups of informal market sellers, youth and families a fast and convenient way to manage collections and transactions from their savings groups, and learn about financial education. Informal savings groups in Mozambique accumulate 1.8 billion meticais per year. M-Xitique aims to provide a service to facilitate the payment process, making it practical, simple and safe to save and pay xitique instead of using other traditional methods, such as physical money, noting the transactions in the notebooks and use of homemade safes.
Nigeria’s VoguePay is a payment processor and aggregator making multi-channel and cross-currency transactions safer, cheaper and more accessible for businesses and consumers in Africa and internationally. Voguepay digital utilizes blockchain technology to hash users’ biometric data into a token and make it inter-operate within the networks of banks. This means a single user can use a recognized identity to enjoy banking services with multiple partner banks on VoguePay. The service will be deployed in partnership with bank partners with more than 5 million accounts spread across Africa.