4C offers innovative FinTech solutions for businesses in Africa. One of these is our iNSight™ Payment Gateway – a digital platform that enables mobile money service providers to offer their users access to an expandable range of products and services.
Mobile money is offered by mobile network operators (MNOs) in markets where a large percentage of the population does not have formal bank accounts. It is a form of e-cash; a digital transaction between mobile phones and SIM-enabled devices.
The iNSight Payment Gateway is easy to use for businesses. Once set up, the gateway allows companies to generate income by selling goods and services to mobile money users. There’s no need for customers to visit a bank or an office; they can simply make a secure payment through their phones.
Harnessing the power of mobile money
Businesses can incorporate our iNSight Payment Gateway into their operations to achieve a well-rounded FinTech environment that improves the customer experience. By facilitating mobile money payments through the iNSight Payment Gateway, large companies make it easier for their customers to transact in a method that is most convenient and efficient for them.
According to the latest statistics, there are an estimated 1.35-billion mobile money users worldwide and the market just surpassed $1-trillion in 2022. Around 70% of these users reside in Africa, so enterprises can no longer overlook the value of mobile money services. These payment systems need to be incorporated if companies are aiming to stay ahead of the curve and cater to wider markets.
The iNSight Payment Gateway will play a central role in extending the reach of an enterprise’s products and services. In Africa, a large percentage of the population deals with mobile money on a daily basis – both those with and without bank accounts use mobile money, such M-Pesa and EcoCash. This provides financial stability and freedom to individuals across the entire continent.
Security benefits of the iNSight Payment Gateway
The iNSight Payment Gateway is set up as the interface between a mobile money app and any third-party institution, such as a retailer, bank or telecommunications (telco) provider. As such, the iNSight Payment Gateway acts as a compatibility layer between businesses and service providers, as well as a security tool that protects customers and merchants during any transaction.
This is achieved through advanced encryption of the information to ensure that it cannot be deciphered if intercepted by a cyber-criminal. In addition, the iNSight Payment Gateway allows people to transfer money or pay bills through their cell phones, which minimises the need for cash-on-hand, which is another security advantage.
This service also includes tools to automatically monitor fraudulent transactions and calculate tax in real-time. The security benefits provided by these features can save enterprises time and money – especially in an age where cyber-attacks, ransomware and fraud are so prevalent.
Advantages of mobile money
When it comes to convenience, mobile money enables people to save money through their phones and cash out whenever needed. The reduced need for physical cash is safer and easier for people who would normally be the target of theft.
Harnessing mobile money also allows enterprises to minimise queues and target a wider audience of unbanked or under-banked citizens. This improves accessibility for all, especially in regions of the continent where traditional financial services are lacking or completely non-existent. Mobile money has proven to ease trade and improve commerce in rural areas.
Mobile money has changed consumer behaviour and gives businesses a new opportunity to activate new customers and create long-lasting relationships. Our iNSight Payment Gateway will be the middle man between these new customers and the enterprise; facilitating the secure payment of funds and unlocking the economic potential of this payment method.
Since cell phones are so prevalent in Africa, the availability of mobile money makes it a long-term solution. It has already played a massive role in economic growth and the development of both the micro and macro economies of many African countries – often including inter-border transactions between users and merchants. For more information about the iNSight Payment Gateway, contact 4C today.
At 4C Group of Companies, we strive to effect operational changes and cost savings for customers through our iNSight product and associated services. This product’s main function is to re-purpose and deliver business-critical information to a variety of systems and stakeholders.
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