Financial Services

Geraldine O'Keeffe of Software Group KE Ltd. in Kenya will develop a smartphone application so that smaller merchants in developing economies can use one system to receive mobile money from customers with different providers, and can digitally track sales and inventory. They will also explore options for subsidizing the technology including offering the generated data to financial service providers and others. Their approach will allow merchants to easily register online to encourage uptake, also reducing recruitment costs.

Enoma Odia of Sofdia System Nigeria in Nigeria will apply network marketing to promote the uptake of mobile money by offering financial rewards to merchants for recommending it to other merchants within their community. This marketing system leverages the communal style of living, where the residing merchants sell similar products and share the same language. When a recommendation to use mobile money comes from a merchant in the same community, and the rewards for referrals are shared between users, it is more likely to be accepted.

Grant McKenzie of Spatial Development International in the U.S. will map the location of activities (touch points) related to financial services in developing countries by geosocial data mining, analysis and modeling to increase the efficiency and reduce the cost of data collection. They will first evaluate whether social media platforms such as Facebook, which include some geographic information, can be used to identify the location of actual touch point locations and from that develop a spatial regression model for estimating distribution in an unmapped, developing country.

Ernest Makotsi of Wayo Company Ltd. in Kenya will develop a mechanism for customers to provide immediate feedback on their retail experiences in Nairobi using mobile phones. Real-time feedback is thought to be more attractive for users and more valuable for providers, and having a mobile phone interface means feedback can be provided and analyzed from any location. They have developed the program, and will set up the technology in regional retail shops that provide digital financial services and advertise the event to promote customer participation.

Ken Kinyua of Kopo Kopo Inc. in the U.S. has developed a software platform that gives particularly lower-income merchants in Uganda the possibility to receive every type of mobile money service on the market by registering with only one bank. This will promote the use of mobile money, which will also benefit the banks and mobile network operators, and both simplify and secure transactions for both the merchants and the consumers.

Chris Locke of Caribou Digital (UK) Ltd. in the United Kingdom will develop a small set of applications for smart phone users in developing countries to put them in control of providing anonymous data on their mobile phone use in near real-time to aid analysis and research by donors and governments. The applications will be able to record digital financial transactions and other phone-based activities such as content browsing to provide additional context and thereby enrich the data.

Paula Hidalgo-Sanchis and team at Pulse Lab Kampala - UN Global Pulse in Uganda will develop software that can transform raw data on mobile money use in developing countries into user-friendly formats to inform policymakers and researchers to help expand the field. They will collect mobile money and call detail records from two collaborating network providers, while ensuring privacy of users. In parallel, they will collect complementary datasets such as household survey data to enrich the value of the financial services data.

Margaret McConnell of Harvard University and Mindy Hernandez of Mobiles4All (M4A) in the U.S. will generate rich datasets related to mobile phone use in Africa by providing mobile phones and incentives for users to share data. These datasets are of value to policymakers to promote the use of mobile money. They are collaborating with mobile network operator Vodacom Mozambique, behavioral scientists at Harvard University and developmental experts.

Jean-Claude Gouesse of Ecash Express in Canada will promote the use of mobile money in the Ivory Coast by establishing mobile money payment options for merchants to purchase supplies, and providing a free prepaid debit card for customers to pay for goods. When merchants can use mobile money to buy their own goods, they may also be more willing to receive mobile money payments from their own customers, particularly if they earn commission.

Ruth Foster of TIWA, LLC in the U.S. will develop a finance application tool using money pictures to enable illiterate users to make accurate transactions. They will design and test a tablet with touch screen and build associated software for consumers that can be used to scan barcodes, or manually add products and prices. The final cost of the purchases will be automatically displayed using images of real money, which the consumer can then use to pay the correct amount.