During the past year, MFS Africa, launched a number of innovative products that is only possible on mobile phones, using mobile payment platforms. The ability to perform immediate, irreversible payments at very low costs points, enables totally new business models. Some of the ventures that I find particularly interesting are the following:
- The ability to purchase micro-insurance from your cellphone. This is a service launched in collaboration with Hollard insurance in Ghana. See Dare explain these services in YouTube here.
- Sending money direct from a debit card in Europe to be credited in a mobile wallet in Africa. I understand that this service is live in two countries at the moment. See the landing page of this service here.
- An employer backed salary advance in countries like Cameroon. Because of the efficiencies of mobile banking, MFS Africa is able to advance payment amounts as small as $2-00. (Read here)