An expansion of a mobile money service in Sierra Leone provides further evidence of the lead emerging markets are taking in the sector.
MoreMagic Solutions, a division of smart card firm Oberthur Technologies, has extended the service of Splash Mobile Money to cover payments for satellite TV service DStv, access to two more commercial banks – Access Bank and Ecobank Microfinance – and access to a national network of rural banks established by the United Nations International Fund for Agriculture Develop and the country’s Ministry of Agriculture.
The DStv element is enabling nearly 5,000 customers to pay for their satellite TV subscriptions via their mobile phone, which eliminates the need to line up to pay an agent and the time taken for that payment to then be credited to their account. The partners are now considering expanding the payment option to DStv subscribers in other African countries – giving a potential market of four million users.
Daniel Osei-Antwi, managing director of Splash Mobile Money, says the expanded ecosystem of services and bank access “means a richer experience for our customers…Many of these new partners and clients have large regional footprints that present a compelling opportunity for growth beyond Sierra Leone.”
MoreMagic chief executive, Pankaj Gulati, notes Splash Mobile Money’s service is one of the few “that is available to all mobile customers across a country, irrespective of their service provider.” He says 40% of person-to-person money transfers are cross network, which “reinforces the case for broadening ecosystems or interoperability.”