M-Banking Tools

I am delighted that telecommunication companies are busy investing in mobile banking, or m-banking in Africa. It is more than added convenience; it’s about giving millions of poor people in developing countries access to financial services. It is a move that could change the world. But one hurdle remains: the mystery that surrounds technology.

‘So far yet so near’ could well describe technology and the ordinary African. The closest it has come is through mobile telephones that are finding their way to everyone’s pocket and purse. As it slowly sifts its way to the ‘grass roots,’ everyone is bracing up to adopt technology as the extraordinary way of doing the ordinary.

Technology, which when simplified means the sum of a society’s (or culture’s) practical knowledge has for long been packaged as a far-from-reach kind of practice reserved for the few informed and educated. No wonder, a new invention may take a few seconds to spread across the globe virtually but ages to get there physically.

We will soon bid farewell to days when technology was labeled ‘complicated’ to ensure only the few who are ‘daring’ enough could access the convenience it offers. As the globe quickly shrinks into a village, many are getting enlightened on the ‘how to’ of technology consequently  making it a friend.

When mobile phones were beginning to find their way to the ordinary African, the few who had had access to telephone  booths – which would only be found in urban areas – were so accustomed to the landline that on their first encounter with mobile phones, they wondered where the coin slot was! Of course they later discovered ‘air money’ in form of ‘airtime.’ Whenever anyone comes across a new gadget or software, he always gets stranded  initially before finding his way round or ask for assistance. 

Recent statistics indicate that over 250 million Africans have access to mobile phones up from only 200,000 in the year 2000. This is the lot that needs to understand the basics of technology and m-banking. Demystifying m-banking will help companies attract new customers thereby processing millions of tiny transactions that result in massive profits. While banks aren't as interested, the telecoms could start siphoning away bank customers who do not have the time to do transactions during ‘Banking’ hours. Mobile telephony is set to grow to unprecedented levels thereby spreading wealth to those strategically aligned.

Telecom companies and banks aren’t offering m-banking out of kindness. But as a Corporate Social Responsibility (CSR), they ought to make the community well informed of new technological trends instead of waiting for complains from the same clients, which has a cost implication. With the population in Africa inching close to the one billion mark, everyone should be striving to have a share of the bulk-returns through technology solutions.

Next week, we feature security concerns for telecom companies in Africa and the way forward.