Innovative Payment Technology for African Mobile Money Operators: VeryPay

Can you tell us what VeryPay is?

We see a future where African citizens are financially enabled through our innovative payment technology to go cashless, create digital financial records, access credit and improve their livelihoods. Our mission is to simplify the mobile payment processes that are currently supported by telecom operators for citizens across Africa.

By bringing our closed-loop tap-and-go contactless payment technology to mobile wallet operators, we are bringing speed and convenience to mobile money solutions and extending the possibilities of digital transactions to the unbanked. This helps to challenge the dominance of cash transactions. In short, our goal is to help African mobile money operators digitize their daily spending by enabling contactless payments for the unbanked.

What makes VeryPay stand out from other fintech companies on the market?

VeryPay is an eWallet companion solution for African mobile money operators. It acts as a complementary digital payment channel to increase the use and adoption of mobile money solutions, reduce churn, and facilitate safe financial inclusion. Essentially, operators can provide any

a subscriber in its network has the opportunity to become a merchant and accept contactless payments using only a smartphone and a mobile account. It is not necessary to have a bank account or a merchant account. Similarly, each subscriber can link a payment token to their mobile account

and make contactless payments at any store that supports merchants.

By implementing VeryPay, operators do not have to rely solely on traditional payment solutions such as Visa and MasterCard, and it also helps them bypass challenges such as high fees and limited infrastructure in developing economies. They can maintain full control and branding over the entire payment process

Experience and VeryPay can be used across multiple sectors including retail, transportation, agriculture, education and more.

What unique challenges and opportunities does fintech present in the African context?

Challenges:

Infrastructure constraints are a clear challenge in many African markets. Despite the growth in mobile phone use, broadband coverage remains low in many countries, especially in large, populated rural areas. Significant investment is needed to achieve broadband connectivity across the continent. This infrastructure gap is a barrier to digitalization and access to financial technologies.

Fintechs will face complex, challenging and diverse regulatory environments across the continent. This variability can result in a significant investment of time and money. For companies looking to expand from one country, this often means establishing a local presence “in-country” and appointing local directors.

Talent shortages can be a challenge in many African markets. While the pace of skill development is increasing rapidly, many countries still face a huge shortage of technical skills due to relatively low levels of education, especially in specialized fields such as software development and data science.

Possibilities:

Fintech has enormous potential to drive financial inclusion across Africa. It can leverage the widespread and growing use of smartphones to offer financial services to those who were previously unreachable and unbanked. Simplified risk assessment and account opening processes using

Alternative data sources and AI can create huge opportunities to provide underserved populations with access to digital financial services. By leveraging technology, fintechs can significantly reduce the costs associated with financial transactions and enable low-income people to participate.

As mobile money services evolve, they provide a platform from which to promote a wide range of digital financial services. Increasing investment in connectivity, smartphone usage and cost reductions will contribute to the significant opportunity that lies ahead. In addition, mobile money transactions generate valuable data that can be used by fintech companies to better understand consumer behavior, improve customer experiences and develop targeted marketing strategies. Fintech in Africa presents a huge opportunity for job creation. As access to the internet and devices such as smartphones increases, Africa’s young population has a greater opportunity to learn digital skills and take advantage of the industry’s potential to create a wealth of jobs.

As fintech grows, there is huge potential for Africa’s homegrown capabilities to scale across other global markets and positively impact other sectors, such as healthcare and insurance. Fintech opens the way for underserved populations to build credit histories, access financing options, and make payments more easily. This spillover effect is laying the foundation for improving the quality of life for Africans across the continent.

To capitalize on these opportunities, stakeholders including governments, investors, traditional financial institutions, and fintech companies must work together to create the conditions for sustainable growth. This includes formalizing data systems, promoting predictable regulation, expanding local investment opportunities, and focusing on creating tangible value.

What biggest opportunities does VeryPay see in the financial technology industry over the next 5 years?

Providing convenient and secure alternatives to cash, such as closed-loop contactless payment solutions that work with mobile wallets, will enable fintech companies to capitalize on the growing demand for this type of technology.

By making financial technology accessible and understandable to large swaths of currently underserved populations, fintech can play a key role in promoting financial inclusion and financial literacy. By developing educational applications that help consumers (especially those from underserved communities) understand personal finance budgeting, fintech can make a huge difference to large populations that previously lacked access to financial education.

As concerns about data privacy and cybersecurity grow, fintech companies have a significant opportunity and will be forced to develop innovative solutions to enhance data protection for consumers and businesses. This includes advanced encryption technologies and secure authentication methods to build trust and ensure compliance. AI and machine learning can be used to detect and respond to threats in real time, increasing security measures against sophisticated attacks.

Finally, no one can ignore the opportunity that AI presents to the fintech industry. From risk assessment and fraud detection to personalized financial advice offered to consumers within an app of their choice, AI technologies will enable fintech companies to provide tailored services that better meet the needs of individual customers, enhance security, and improve operational efficiency.

What are your goals for AFSIC 2024?

The VeryPay team looks forward to connecting with industry professionals, sharing our mission to advance financial inclusion in Africa, and securing strategic investments at AFSIC 2024.

As one of the largest investment conferences in Africa outside the continent, AFSIC provides the ideal platform for VeryPay to showcase its innovative fintech solutions to a target audience of investors, dealmakers and industry leaders. Our goal is to attract investments that will fuel our growth and expansion plans across the African continent.

By participating in panel discussions and presenting its solutions at fintech conference sessions, VeryPay aims to establish itself as a key player in the emerging fintech sector in Africa.

Distributed by African Media Agency in partnership with AFSIC – Investing in Africa

About AFSIC – Investing in Africa:

AFSIC – Investing in Africa has become arguably the most important annual investment event in Africa. AFSIC is entirely focused on accelerating Africa’s economic development by matching investment opportunities in Africa, transforming Africa’s business, trade and investment environment, sustainably growing Africa’s economy and increasing Africa’s revenues across all business sectors on a continental scale.

African Investments Limited (www.africaninvestments.ai) operates two award-winning digital platforms: the African Investments Dashboard, which matches investment opportunities to our global network of institutional investors, and the Africa Business Opportunities Dashboard, which matches business, trade and investment opportunities across Africa, covering all business products, sectors, countries in Africa and multiple business objectives. The digital platforms won the 2022 Salesforce Partner Innovation Award globally in the Financial Services category.