From M-Pesa to M-Shwari to medical insurance- Safaricom is leading the way for all telcos. Their innovative thinking and clever product implementation which strives to enhance customer convenience and experience has been a huge success amongst Africans. Cards and Payments Africa which features Mobile Money World Africa and is co located with Future bank is the perfect platform for payment innovations and technology. The inspiring story below is a perfect example of how innovations are changing the lives of people who really need help.
M-Shwari, meaning all is well in Swahili- is a product allows clients to operate a savings account with deposits earning as much as 5 percent interest per year.
This product could provide access to financial services to the more than half of Kenya's population who is "unbanked".
East Africa’s biggest cellular provider is pairing up with Kenya's Commercial Bank to formulate a service that allows cellphone users to apply for and receive loans on their handsets. Safaricom and the bank have put together an offer for users to loan as much as 100 000 shillings payable at a one-time interest rate of 7.5 percent.
What’s more is that Safaricom announced on Monday that it had partnered with British American Insurance, a unit of British American Investments, and Kenyan firm Chagamka to introduce a "low-cost" medical-insurance product that would allow customers to finance health-care services through their cellphones. – Bloomberg
Innovations are popping up everywhere and the realisation that Africa is the gateway to new markets and success in opportunity. The payment sector should take notes on how Safaricom has succeeded and what better way to do so that to come to an exclusive event to meet with key stake holders and learn about how you can take advantage of these opportunities.