Mobile Money Transfer  is supposed to be a noble initiative aimed at unbanked populace around the world… but it has turned into a confusion nightmare due to the financial success attributed to M-PESA. There is a mad rush in all directions of Vendors, Banks and Conferences sprouting left right and center.

What many fail to understand is that success of any MMT does not come out of a greedy rush. If you want to deal with unbanked people you have to reason like them.. and ask yourself why did they stay un banked all these years??? and what do they want.

I have had the privileged of interacting with vendors in my many mobile money events and sometimes I wonder who advised the system architects? Is it  about pleasing the boss with the most sophisticated mobile application ? or just making sure that the funding is eaten and finished in the process?

You wonder!

When will the people understand what the unbanked and underbanked person wants? This person just wants to do the following :
  • Register with minimal hassles
  • Transact at the lowest / affordable fees possible
  • Access their stored value with ease.
  • Contact customer Care with ease( both agents and customers)
But what are we busy designing for them?  

If we all started by understanding what the unbanked and underbanked really want…we would have less change requests ( that cost money)  and we will attain financial inclusion faster.

Mobile Money Transfer is not Mobile Banking… Mobile money transfer is mobile phone – mobile payment platform and another mobile phone…

Let us take time to understand mobile money transfer the way ICeni mobile and Equity Bank Kenya understand it… and everyone will b able to fit their financial aspirations around it

Despite all  the invasion by mobile money Quacks…. we shall get there!