Changing Lives vritti August 2020
5
Mohit Bhargava
The COVID-19 crisis has stimulated businesses to redesign
their customer journeys and replace face to face interactions
with digital interactions. The trend has been adopted by wide
ranging businesses including mobile money. The first and one
of the most important consumer interaction in mobile money
business is consumer registration or on-boarding. Most
mobile money service providers globally follow an agent
based registration and Know Your Customers (KYC) process,
where consumer visits an agent to fill the registration form and
share the requisite documents for identity verification. But in
an age of lockdowns, social distancing and people preferring
to stay at home, agent based registration is quickly being
substituted with digital self-registration and eKYC. This article
discusses examples of mobile money providers who have
digitized their consumer registration process.