On the continent of Africa, it is estimated that over 350 million citizens still live cash to cash without the security of a bank account, credit cards or access to lending.
The reliance on cash is a significant barrier in sectors ranging from retail and agriculture to transportation and education. A cash dominant society restricts financial accessibility, drives risk and stunts economic growth for both merchants and consumers in Africa today.
VeryPay, a transaction engine and payment token system that integrates with any ewallet, was developed to bridge this divide. Here it outlines how it is making strides in Africa to replace cash with digital financial systems, boosting inclusion and economic development.
We partner with Mobile Network Operators (MNOs) to digitise daily spend, enabling speed and convenience and expanding financial access by creating digital financial records for everyone. As a result, we empower MNOs to foster financial inclusion for the underbanked, ultimately, catalysing economic progression.
A glimpse into the future at MWC Kigali 2023
On a mission to solve this widespread issue, we were thrilled to unveil our ground-breaking technology at Mobile World Congress (MWC) in Kigali, Rwanda, on 18 October 2023. As lead sponsor at the event, we had the opportunity to discuss the far-reaching impacts mobile money has on the agribusiness sector and how VeryPay provides the layer of technology that will help MNOs scale their operations while driving financial access and inclusion for the underbanked.
Chief commercial officer David Drever, a former head of global partnerships for WorldPay‘s e-commerce division with more than 20 years of experience in digital financial services, graced the stage alongside global fintech leaders from telco giants MTN, Airtel and Ethio Telecom, during the Vision and Strategy session, a cornerstone discussion focused on driving digital transformation across the African continent.
“VeryPay delivers the digital payment infrastructure to power the whole ecosystem,” said Drever, as he discussed how VeryPay seeks to be a catalyst for a financially inclusive Africa.
Revolutionising fintech in Africa
As a transaction engine and payment token system that integrates with any eWallet, VeryPay enables mobile money operators to run their own branded, contactless payment scheme without needing issuers, acquirers or payment service providers.
Our technology is specifically designed to address the unique challenges in Africa and unlock unprecedented opportunities for various value chains, promising a future where financial ecosystems are inclusive, efficient, and accessible for all.
Core challenges that MNO’s consistently face include scaling adoption due to lack of smartphone availability, and the challenges with reaching last mile users in remote areas.
VeryPay helps increase the adoption of mobile money by
- Making digital transactions and the flow of capital more accessible, free from issuers and acquirers
- By developing strong partnerships with MNOs
- Enabling, empowering and educating citizens and partners on the value of mobile money. Thus, instilling trust with both consumers and merchants in moving away from cash payments.
“It’s great to have innovative tech, but you need to have local market knowledge, and develop deep partnerships with the right people in the right way, in the right ecosystem,” commented Drever.
Whether it’s retail, agribusiness, transportation or education, we work closely with MNO partners to consider niche sectors and specific ecosystems in multiple African countries such as Uganda, Botswana, Zambia, Mali and Ghana. We launch via carefully controlled pilot projects and demonstrate successful uptake prior to rolling out to the wider subscriber base.
Strategic partnerships: a catalyst for change
We are in advanced discussions with prominent telcos in Africa. These collaborations promise to amplify the reach and impact of mobile money, making digital financial services accessible to millions.
The fusion of our innovative technology and the expansive networks of our telco partners is set to fast-track the journey towards financial inclusion across Africa. Together, we’re building bridges over the financial gaps that have hindered economic progression for far too long.
Transforming African value chains: agribusiness
Without digital financial records, shop owners, farmers and other merchants have limited access to lending or micro-loans. Therefore, they are forced to make decisions that do not benefit the sustainable expansion of their business and limit the growth of value chains and the economy at large. Additionally, working with manual systems means higher cost of operations, lack of efficiency and lower profits.
At VeryPay, we’re pioneering a transformative approach to financial inclusion, one that’s rooted in innovation and practical, on-the-ground applications. In the realm of agribusiness, this vision comes to life through our tailored payment solutions designed to meet the specific needs of farmers.
Our digital farmer registry, promoted by aggregators and Farmer Associations, gathers rich data to bridge the financial access gap. This data, integral for assessing creditworthiness, expedites loan issuances and cuts acquisition costs. Loans are dispatched into VeryPay’s group ewallets, managed by lead farmers at the VSLA level. Even without personal smartphones, farmers, through sub-wallets, access funds on VeryPay cards.
Farmers equipped with VeryPay payment tokens purchase essentials like seeds and fertilisers seamlessly. It’s a synergy of technology and financial inclusion, ensuring every farmer, irrespective of their digital access, participates in a vibrant, inclusive financial ecosystem.
Learn more about how VeryPay payment tokens transform the agribusiness industry in this short video Transforming Agribusiness with VeryPay Companion Solution.
Watch video
Seizing tomorrow: VeryPay’s vision for an inclusive African economy
From our momentous unveiling at MWC Kigali to our strategic collaborations and the ground-breaking technology that underpins our mission, VeryPay stands as a beacon of innovation, inclusion, and economic progression.
Looking to the future, we know that to make significant strides in creating a financially inclusive economy that fosters sustainable growth, we can’t do it alone. Our vision is to continue forming key partnerships in specific value chains coupled with initiatives to drive long-term education and adoption of mobile money.
The journey to a financially inclusive Africa is one that transcends transactions; it is about transforming communities, empowering ecosystems, and weaving a tapestry of economic prosperity that is as diverse as it is unified.
MWC Kigali took place on 17 to 19 October 2023 in Rwanda, Africa. VeryPay joined the event to discuss the future of fintech and digital transformation in Africa alongside other key industry leaders. For more details visit www.verypay.ch.
