Mobile money technology solutions provider, VeryPay has developed a set of innovations that eliminate the various complexities associated with the use of both mobile money apps and USSD channels for payments.
This set of innovations come at the time when the spotlight is on bridging the huge usage gap in the digital space on the African continent, due to several factors including general lack of skills to manouvre the complexities therein, plus the security and safety concerns it poses to a greater majority of African.
According to GSMA, Africa accounts for over 70% of the world’s mobile money transactions. But it is not a secret that over 90% of mobile money users in Africa have difficulties using the Apps provided by the various e-money issuers, so they resort to the USSD channels, which also come with their own complexities.
As a result, there is still a wide digital usage gap on the continent with an attendant high exposure to risks, as fraudsters continue to take advantage of people who are not digitally savvy.
Industry leaders and policymakers at the just-ended Mobile World Congress Africa 2023 in Kigali, Rwandan therefore made it clear that one of the ways to close the digital usage gap and leapfrog the risks they present is to create relevant solutions that are less complex and friendly to the greater majority of Africans.
It is in line with this reality that VeryPay’s unique mobile money technology solutions that eliminate the complexities in payments with mobile money is a welcoming innovation.
VeryPay provides a suit of very affordable tools such as card and wrist bands provisioned with near field communication (NFC) technology and QR Code that users can connect to their mobile money wallets, load money on them and use them to touch and pay on equally affordable and portable VeryPay point of sale (PoS) devices.
This completely eliminates the challenge of having to always go through the process of access a mobile money App or USSD channel just to make a payment.
The VeryPay affordable PoS’s come in different sizes and can used by various categories of merchants such as petty traders, roadside food vendors (like waatse sellers), taxi drivers, trotro drivers, Uber/Bolt drivers buses and many more.
In addition to removing the complexities from mobile money payments, it also helps to manage the risks because it gives the user a full view of whatever is happening on his/her wallet.
There is more. The system even allows one wallet holder to deposit various amounts of money on various VeryPay devices and give them out to family for use. The original wallet holders would always be able to monitor what the moneys on each of the devices is being used for and by who.
Through these innovative solutions, VeryPay has driving financial inclusion among farmers in various developing countries, and other identifiable groups who would have been eliminated from the financial sector if not for the innovations VeryPay brings on board.
Techfocus24 caught up with the VeryPay’s Head of Sales for West Africa, Joseph Yendork (a Ghanaian), who tells us more and also demonstrates how the VeryPay system works.
He noted that VeryPay is currently in talks with almost all the mobile money operators and some Fintechs in Ghana as it gears up to rollout its solution in Ghana.
