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Mobile banking – and its threats – on the rise

Simeon ConeyThe unprecedented growth in mobile banking in Africa comes as welcome news to investors, telecoms providers, financial institutions and consumers. However, warns SIMEON CONEY, VP of Strategic Development, at AdaptiveMobile, the potential for fraud and abuse requires user education and operator engagement.

South Africa stands to emerge as the leader in mobile banking on the continent of Africa.

A recent United Nations Trade and Development Conference singled out how mobile technology can help trade and commerce, specifically benefiting the growth and sustainability of small vendors in South Africa.

Mobile is a natural medium for banking services such as money transfers, and the ubiquity of the mobile phone makes it easier to reach consumers, overcoming the challenges of limited ATM and bank property infrastructure in particular regions.

With this opportunity comes the challenge to protect users and the system from fraud and abuse.


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Posted in the category: Economy, Technology, Trends

The Next Big Wallet, courtesy of SA software developer

Fundamo, the South African-based mobile banking software developer, has been chosen to partner Accenture in the world wide rollout of mobile wallets to 700 mobile network operators.

Fundamo, a provider of mobile banking and payment software solutions, has signed a partnership agreement with Accenture, the global management consulting and technology services company, to accelerate the worldwide adoption of mobile wallets.

Aletha LingAccenture will lead the promotion of mobile wallets worldwide in 2008, which will allow Mobile Network Operators (MNOs) to deploy, operate and fine tune a Mobile Wallet service, learning how to streamline registration, optimise price points and test partnering relationships with a bank, prior to full scale mobile wallet service deployment. The Accenture Mobile Wallet platform will be presented to 700 Mobile Network Operators early in 2008.

“This partnership combines Accenture’s ability to define and deliver new business opportunities globally, bringing together both communications and financial services markets, with Fundamo’s deep experience and technology development in the mobile payments market,” says Aletha Ling, Head of Business Development at Fundamo. Keep reading →

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Posted in the category: Economy, News, Technology

African banking market beckons

The bankingsector’s real opportunity for organic growth is to look for the vast unserved African banking market, says international banking guru Joe DiVanna, who is to head a bill of over 60 experts at a banking technology conference in Nairobi next month.

Joe DiVanna, a world-renowned consultant, researcher, speaker and trainer in innovative banking, will headline the African Banking Technology Conference, to be held in Nairobi from 28 March to 4 April 2008.

Joe DiVannaDescribed as a “polymath” by The Economist, for his cutting edge approach to strategy development, DiVanna directs Maris Strategies, a Cambridge think-tank for business and financial services. He is author of numerous management books, including Redefining Financial Services and The Future of Retail Banking,

He will hold a full-day “Banking Mini-MBA”, entitled “The African Banking Agenda: Innovation, Performance, Service”.

“The dynamics of the unfolding landscape of today’s world financial markets demands that financial institutions learn to excel at innovation in order to compete,” he argues. “In Africa, competition is being redefined as regulatory structures open up to foreign banks. Within each nation, competition for existing customers is also becoming more intense, as banks are often targeting the same customers.
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Posted in the category: Economy, Insight, Strategy

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The Big Change is a business strategy blog and newsletter published by Arthur Goldstuck, managing director of World Wide Worx, a leading technology research organisation based in Johannesburg, South Africa.

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