Why telcos need a trusted FinTech partner

by Aug 22, 2022

As more telcos shift their business models to include mobile money services, they need a trusted fintech partner. No longer solely bound by calling plans, data and airtime, telcos are expanding into new areas, extending their value added services to diversify their revenues. Through business-to-business (B2B) partnerships with a fintech service provider, such as 4C Group, telcos can integrate digital payments into their offerings without having to develop their own financial infrastructure. 

Telecoms have grown quickly in Africa over the last 10 years. To stay ahead of the competition and increase profits, telcos need reliable, secure and scalable fintech solutions that support mobile money payments. As such, 4C has partnered with telecoms throughout Africa to provide a mobile money solution with innovative technological tools. 

Mobile money solutions for telcos

Current market trends indicate extensive growth in mobile money in Africa. Populations living in remote areas face inadequate access to traditional banking services. Unlike banks, telcos have access to remote markets, including customers in rural areas. Mobile penetration in Africa has skyrocketed, giving individuals and businesses much greater access to telecommunications networks. 

Innovative telcos looking to cater for Africa’s unbanked are no longer focusing only on communication but also including financial services. Mobile wallet solutions are gaining huge traction, benefiting millions of cell phone users. With mobile money, customers avoid complicated banking systems and don’t need to pay for bank accounts. With just a cell phone, mobile money opens up doors for millions of Africans to pay for goods and services using their phones. 

FinTech partnerships for telcos

As a trusted fintech partner for telcos across Africa, 4C’s financial technologies and software are designed for the African market. The 4C iNsight framework serves as an interface between the merchant and user. This software helps to ensure regulatory compliance and revenue assurance

Our Payment Gateway makes it possible for mobile money to be sent and received quickly, securely and seamlessly. Through this software, telcos can automatically calculate what needs to be deducted from users’ accounts in respect of transaction fees, merchant fees or agent fees. 

Telcos increase revenues by leveraging data science and automation to channel geo-targeted products and services to their large customer bases. Telcos can increase the scope of their offerings and expand business operations through a secure financial instrument. In partnership with a fintech service provider, telcos can focus on their core operations and business growth. 

Fintech supports business growth for telcos

Mobile money facilitates financial inclusion in Africa. Customers can use their mobile phones to perform essential financial transactions, such as paying utility bills or person-to-person transfers. Telcos looking to earn extra revenue are expanding their portfolio of digital finance to include loans, credits and insurance. 

4C’s FinTech solutions bridge the gap between the telco, the user and the bank. High speed data processing allows for instant transactions. This technology provides telcos with data insights from customers, allowing them to track financial habits and other metrics to gain insight into users. 

User data can also be used to improve services, such as loyalty programmes, which offers more value to customers. Having a robust FinTech solution is essential to build trust and brand reputation. Convenience and security are key components of a customer-centric approach to mobile money services. 

4C is a FinTech partner

Strategic partnerships with a trusted fintech service provider ensure that telcos can leverage their market share and offer more services to users. By taking advantage of new business opportunities through technological advancements, telcos move beyond just telecommunications. 

Every 24 hours, the iNSight framework can process billions of individual mobile money transactions and petabytes of data. We provide technical support to ensure that customers and users experience maximum availability and reliable and secure financial services. For more information about our FinTech solutions, please contact us 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. 

We specialise in information assurance, business assurance, FinTech solutions and a variety of business systems. For more insights into our products and services, check out our blog page or follow us on Facebook and LinkedIn.

You may also like…