The Chief Executive Officer of MobileMoney Limited, a wholly-owned subsidiary of Scancom PLC, Eli Hini, is calling for more collaboration among the various stakeholders along the mobile money value chain to maximize the returns of the market.
He said that partnerships were necessary among stakeholders to create “a self-sustaining ecosystem”
Eli Hini made this call while speaking at the 2021 MTN MobileMoney Stakeholder Summit.
Mr. Hini mentioned that mobile money transactions were on the rise; dominating the mode of payment for the transaction of business activities.
He said that the domination was in line with the government’s agenda to drive a cashless economy.
“The mobile money space is a huge one and the possibilities are endless. It behoves all stakeholders to come together to create a self-sustaining ecosystem and abide by the regulations which guide the conduct of operators in such a high risk and security-conscious business model of digital payments in the country. We must not work in silos but rather come together to brainstorm and create innovative and sustainable ways of creating more value for our customers, which goes a long way to maximize profitability for us all,” he said.
Mr. Hini also spoke about how telecom companies and businesses who deal in financial technology and payment systems could tap into the African market, which is largely dominated by Small and Medium scale enterprises, to drive regional trade and development.
He said that a lot of potentials for a massive expansion of digital technology and payment systems lies in the informal sector where a huge number of small-scale businesses exist.
“It is time to have a conversation on how telcos and digital payment systems can tap into the huge African market which is driven by small and medium scale enterprises to introduce outward international remittances in addition to the existing internal transactions to maximize the earning potentials of both sellers and buyers who engage in economic transactions across borders on a daily basis. These enterprises are widespread on the continent normally in the informal sector which accounts for 70% of financial flows in the intraregional trade space and creates sustainable ways of handling business which suits all interested parties,” he said.