Intelligent CIO Africa Issue 68 - Page 38

CIO OPINION
We have utilised mobile digital channels to sit alongside a cashdriven transaction .
Sandy Rheeder , CIO , Mukuru

A mobile-led risk-based approach is crucial to achieving financial inclusion in Africa

Sandy Rheeder , CIO , Mukuru shares here how the world of mobile access has unlocked an ecosystem where mobile channels can sit alongside a predominantly cash economy .

FinTechs that are innovating , operating and growing throughout Africa have moved on from the broad academic concept of financial inclusion to the practical onboarding and walking hand in hand with underserved people along a financial journey .

The first port of call is understanding that serving the underserved is not just about technology . It ’ s about the human element of dealing with people that are not part of the mainstream financial system ; it ’ s about reaching them and engaging with them where they are and when they need you . Repeat use of a product or service happens when you create products that serve real customer needs .
The world of mobile access has unlocked an ecosystem where mobile channels can sit alongside a predominantly cash economy , and this is vital for meaningful digital inclusion .
If a FinTech wishes to onboard people and develop trust , it must be able to do this without forcing customers to take a financial leap to mobile money or a digital store of value . Often , off the bat , it is a bridge too far . Trust needs to be developed first .
At Mukuru , we have utilised mobile digital channels to sit alongside a cash-driven transaction . This is important because 60 % to 90 % ( depending on the
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