Financial Services

Saqib Bashir of Monet (Pvt) Ltd. in Pakistan will promote the use of mobile money for financial transactions in Pakistan by developing an electronic commerce platform to connect a range of mobile phones, networks, and banks. This will provide individuals and merchants with more payment options including cards and mobile money. A low-cost point-of-sale application has been built and will be tested across a range of mobile devices, and the system will be integrated with various banks.

Jonathan Gikabu of Equity Group Foundation in Kenya will incorporate near field communication (NFC) tags into low-cost mobile phones for secure mobile money payments. NFC tags enable short-range wireless communication between mobile phones and other devices for contactless and rapid mobile payments. They are commonly incorporated into smartphones, but these are too expensive for the average citizen in developing countries. He will assemble ultrathin NFC ferrite sheet antennas affixed to the back of SIM cards into inexpensive handsets, and analyze them for making payments and for security.

Jessica Vernon and Jennifer Stutsman of Maisha Meds in Kenya will encourage chemists and pharmacies to accept mobile money in East Africa by integrating their tailored software application with an established mobile payment system, and providing automatic registration and financial incentives. Chemists have found it particularly difficult to track transactions made using mobile money and therefore tend to avoid using it. Their existing software program can be run on locally available tablets and enables digital recording of pharmacy's sales and purchases, and stock tracking.

Stan Stalnaker of Hub Culture Services Ltd. in the United Kingdom will provide the global poor, merchants and partner NGOs with easy access to digital currency for making and receiving payments or distributing aid, with no transaction costs using mobile phones. The digital currency can be exchanged for a local currency for a fee using a Gateway Broker, who can be any merchant, NGO or bank.

Harsh Shetty of Firefish Networks Pvt. Ltd. in India will provide a service - mLakshmi - for merchants using SMS to give credit to low-income customers and reduce their credit risk. Merchants and customers will register with the service and customers will receive regular SMS notifications of their credit balances, which they can use to pay for goods. They will promote uptake by rewarding merchants both for using the service and for recruiting customers, and the customers with good credit repayment histories will be eligible for more credit.

Punit Shah of OkHi in Kenya will build a platform to provide up-to-date information on financial access endpoints such as ATM locations by crowdsourcing data from smartphones from a network of users. Current tech-based data collection tools are not ideal as they are generally expensive, and the data quickly become outdated. They will build an app and run a 6-month pilot test by providing locked smart phones with limited functions to potential data collectors in Nairobi, one smaller city and one rural location.

Ernesto Damiani of Khalifa University in the United Arab Emirates will develop a software toolkit to enable the secure purchase of goods by taking a photo with a simple mobile phone. The procedure only requires both purchaser and merchant to carry a simple phone and to visually identify themselves and details of the purchase, for example with a card, that can be captured in a single photograph. They will build software that uses visual cryptography to divide the photograph into two parts or shares, one sent to each phone.

Frederic Pivetta of Real Impact Analytics in Luxembourg will develop a platform and applications to leverage data from telecom operators to identify individuals in developing countries, who are often women, without access to digital financial services. They hypothesize that these isolated individuals display unique cell phone behaviors that they can use to identify them. Once identified, they can be directly targeted with appropriate campaigns and products to encourage them to get beneficial financial services such as mobile money accounts.

Neil Patel of AwaazDe Infosystems Pvt Ltd in India will produce interactive podcasts that are sent by mobile phone to inform local users in India on relevant financial services and to collect their feedback on specific issues in audio form, making it more widely accessible. The feedback will be used to monitor financial habits, and help identify barriers to usage and ways to improve services. The interactive podcast platform can also be supplemented with optional features such as balance inquiries or loan repayment reminders.

Rohini Pande of Harvard John F. Kennedy School of Government in the U.S. and colleagues Simone Schaner, Erica Field, Natalia Rigol, and Charity Troyer-Moore will use an Interactive Voice Response (IVR) system to capture information on the financial access and practices of the rural poor in Madhya Pradesh, India. The system will also enable these people to interact with the formal financial system and receive government benefits.