RedCloud Technologies and TSI Global Technologies have signed a Partnership to bring secure mobile financial solutions to the banked and unbanked across the West Coast of Africa.
Since the introduction of Mobile Money to Africa, the market has become somewhat fragmented. There are a wide range of vendors in the market, which, at first glance appear to have similar offerings. The challenge for those leaders within the financial services industry who are evaluating solutions is identifying which solutions meet their needs.
Industry analysts the world over are providing similar commentary when it comes to mobile financial solutions. Offering a basic mobile money solution that has low security, low functionality and brings a low-level of value to the end-user will inevitably not be successful.
To gain market penetration, extend share of customer wallet and to deliver a truly innovative mobile financial solution, CTOs and CIOs need to evaluate organisations that can provide a single platform that integrates in to existing core systems with ease, excites customers, can be used across a range of channels from; USSD to Smartphones, Open SMS to Web Interface and can scale as their business does.
Raymond Moodley, Executive Director, Africa at RedCloud had this to say about the partnership; “Mobile Money has come a long way since its inception. Our developers were part of the team that built the original M-Pesa mobile money platform. We have taken that technical expertise to set the bar for the next generation of mobile financial service platforms; RedCloud 1.”
In the words of the TSI Global CEO, Tunji Agbaje, "Our Mission statement recognises that innovative products must be introduced into the West Coast i.e 'We provide World Class services working with Best -in-Class products and partners around the world...' RedCloud is a perfect fit into our Best-in-Class categories of financial products and services."
“Financial services in the West Coast and Nigeria in particular is no doubt at a high level and the regulatory activities from the apex banks have brought in lots of innovation into banking product. Cash-lite introduction grew the number of ATMs in the economies and POSs were introduced into merchant outlets.”
“Also, there is practically no financial Institution in the West Coast that has not heard something about M-Pesa and so it is a long awaited introduction to the region. Our vision says "We are constantly working toward a society where IT makes life easier by the suite of applications readily available at our finger tips.”