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What kind of business on the blockbuster can now be launched in Africa?

Опубликовано : 4-10-2017, 06:15 | Категория: World news   

What kind of business on the blockbuster can now be launched in Africa?


The World Bank estimates that the cash flow from working migrants to developing countries last year was $ 440 billion. Which is more than double the amount of international assistance to these countries.

Many founders fiinte-business, wishing to work in the African market, believe that if they start using bitcoin or block, then there will be a revolution. But in order not to fail, you need to know about the existing problems.

Indeed, if the market of African remittances was estimated at 426 billion dollars. USA in 2016, we can conclude that from year to year remittances from one point to another should become more convenient, faster and cheaper.

The two main problems of sending money in Africa are high commissions and difficult access to banking services for most people. The average commission for a transaction through Western Union is 8-15%, and banks - even more (up to 29% in case of transfer from some countries). Unlike Europe, the commission is charged for each operation, including for replenishment of the account and withdrawal of money to the bank's branch. In addition, as a rule, transfers are not instantaneous, and the recipient has to wait for money within a few days.

To transfer funds or mobile money from point A to point B, in point A, the agent must accept cash or mobile money from the sender, and at point B another agent must provide them to the recipient. The more such points A and B, the better the service. Another factor is that in the case of cash, settlement transactions seem more dangerous.

As for domestic remittances, in every African country there are mobile operators with their mobile money. People like it, because it is so convenient to pay bills for electricity, etc.
Large African mobile operators: Orange (Orange Money), MTN (MTN Money), Moov (Flooz). In some countries, such as Kenya and Tanzania, the M-Pesa money transfer service is also very popular.

Mobile money is needed for domestic money transfers through USSD-codes. This is a very old technology. This means that this service is available even from old mobile phones without Android.

People are used to this treatment of money. To make or withdraw money from a SIM card, you just need to visit the nearest operator's office.

The problem of introducing new technologies is that they are too complex for most of the population of Africa. For example, many do not even know how to read and write. Others do not have smartphones, so they can not install an application that will simplify their life. With mobile money belonging to mobile operators, in all this there is no need. Their success is due to the simplicity of technology and low commissions. The only obstacle to absolute success is that most of the largest mobile operators do not allow instant transfer of money from one country to another. More recently, Orange Money tried to introduce international money transfers into its system, but immediately stumbled upon a ban on the part of regulators. BCEAO (Central Bank of West African States) does not allow international money transfers, since mobile operators are not banks, and they do not have a license. BCEAO is responsible for regulating and monitoring the providers of basic financial services in 8 countries in West Africa (Côte d'Ivoire, Benin, Togo, Senegal, Burkina Faso, Mali, Guinea-Bissau, Niger).

It turns out that this process was stalled only because of the bureaucracy. On the other hand, if the largest mobile operators establish a monopoly on domestic and international money transfers, this could adversely affect the economies of many countries. In many countries, a huge percentage of finance is already concentrated in the hands of private corporations.

In the next 5 years, developers will understand that locking technology is the key to solving the problem of remittances in Africa.

Last March I took part in organizing a conference in Côte d'Ivoire. I met with many representatives of the banking and crypto-currency sphere to discuss the existing problems. To provide people with a technology that would greatly improve their lives and at the same time was intuitive and did not require special training is a very difficult task.

In conclusion, I can add that if developers want to change the African world, then they should not think about how many technologies are integrated into their applications, but about whether these technologies will be understandable for people. Disconnect the Internet - and then you will understand how to use locking and crypto-currencies in developing countries.

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