Logo :
Project owner's name :
Mr Sida Armel
Mr Sida Armel
Country of deployment for the project :
Cameroon
Cameroon
Sector :
Mobile payment
Mobile payment
What problem does your company want to solve? :
In Cameroon, cash payments are predominant, especially in the informal sector. This leads to the unavailability of change for microtransactions, insecurity, and limited access to financial services.
In Cameroon, cash payments are predominant, especially in the informal sector. This leads to the unavailability of change for microtransactions, insecurity, and limited access to financial services.
What solution does your company provide? :
We are developing a fast, secure and convenient payment solution for offline merchants using mobile money.
We are developing a fast, secure and convenient payment solution for offline merchants using mobile money.
Describe your project :
In Cameroon, cash payments are predominant, especially in the informal sector. This leads to the unavailability of change for microtransactions, increased insecurity, and limited access to financial services. Mobile money has been a significant driver of financial inclusion in Sub-Saharan Africa over the last 10 years. In Cameroon, over 74% of the population has a mobile money account. However, mobile money is primarily used for airtime recharge and money transfers between family and friends. Today, the largest mobile money operators in the country (MTN and Orange) both offer a service for merchant payments through mobile money. However, the offline merchant payment process is still cumbersome for both consumers and merchants because of the lack of interoperability between mobile money providers and a slow payment process over USSD or mobile app. We are developing a contactless payment system that allows consumers to pay offline merchants from their mobile money accounts in less than a second using a smart card. With this system, merchants can collect payments from all mobile money providers using a single terminal and a single payment request. This solution makes offline merchant payments using mobile money fast, secure, and convenient for both consumers and merchants. The societal impact of our solution includes increased financial inclusion, higher merchant revenue, reduced fraud and embezzlement, and enhanced security in public transport and neighborhoods.
In Cameroon, cash payments are predominant, especially in the informal sector. This leads to the unavailability of change for microtransactions, increased insecurity, and limited access to financial services. Mobile money has been a significant driver of financial inclusion in Sub-Saharan Africa over the last 10 years. In Cameroon, over 74% of the population has a mobile money account. However, mobile money is primarily used for airtime recharge and money transfers between family and friends. Today, the largest mobile money operators in the country (MTN and Orange) both offer a service for merchant payments through mobile money. However, the offline merchant payment process is still cumbersome for both consumers and merchants because of the lack of interoperability between mobile money providers and a slow payment process over USSD or mobile app. We are developing a contactless payment system that allows consumers to pay offline merchants from their mobile money accounts in less than a second using a smart card. With this system, merchants can collect payments from all mobile money providers using a single terminal and a single payment request. This solution makes offline merchant payments using mobile money fast, secure, and convenient for both consumers and merchants. The societal impact of our solution includes increased financial inclusion, higher merchant revenue, reduced fraud and embezzlement, and enhanced security in public transport and neighborhoods.