SIMPAY™ is provided to account holders, bank agents and merchants providing a complete ecosystem. It facilitates mobile insurance, savings and credit services with a focus on analytics and customer experience. SIMPAY™ cashless system allows banks to access untapped revenue streams, increase convenience for existing customers, generate or improve customer loyalty and grow their customer base among individuals without bank accounts in rural areas. Africa’s movement toward a cashless society has been slower than other continents, however, it has a growing rate of mobile phone subscriptions making mobile technology ideal in facilitating a cashless society.
Other benefits include:
Reduction of fees
Minimal additional labour costs
Higher level of information security compared to internet banking or ATM transactions giving added reassurance to customers
SIMPAY™ facilitates branchless banking, which allows customers to complete banking transactions either with their mobile phones or by using a network of bank agents. In rural areas that lack financial institutions, agency banking provides cash-points for their mobile money customers. These agencies also work together with traditional institutions such as bank branches, ATMs, and post offices as well as partner with petrol stations, bus companies, pharmacies, etc., to act as access points.
A banking agent is a person or business employed by a banking institution to facilitate financial transactions under certain guidelines outlined under a contractual agreement. The institutions are responsible for managing and monitoring the agents to ensure that all activities are in compliance with the banking institution’s regulations including risk management and consumer protection.
Entities able to use agents to carry out transactions include:
Limited liability companies
The transactions carried out by agents using SIMPAY™ are on a real-time basis and include:
Cash disbursement and repayment of loans
Cash payment of bills, salaries, retirement and social benefits
Issuance of bank statements
Agency banking reduces the cost of financial services while developing the financial sector and is the key to extending traditional banking services to the unbanked without risking the security of a traditional banking system. It also increases number of jobs and financial security in areas in most need of a more stable economy.