Archives for category: M-Content

378670_456457581061135_1362891592_n

New mobile payment product M-Iflo launched to minimize risks as it is of great concern in the African markets.

Post1

MMIT in partnership with Bango, a leader in mobile payments, has officially launched a product called M-Iflo to revolutionize the security of mobile payment environment in Sub-Sahara Africa. The M-Iflo product provides a safe payment solution that enables online transactions for digital content, which will unlock many opportunities in the world of mobile payments for Africa.

Africa is rapidly becoming a mobile hot spot with many consumers’ displaying their natural ability to quickly adapt to new technologies introduced to the market. The product is tailored to the African market by directly addressing the concerns surrounding the safety of payments and reducing the risks of transactions, which remains a barrier to doing business for new entrants into African markets. As a result of merchants’ fears regarding the technological and political risks factors, Africa has in many ways been limited or excluded from many of the break through technologies within the areas of mobile commerce and mobile billing. Jide Akindele, CEO of MMIT commented on these issues explaining, “unfortunately corruption remains a substantial risk within the mobile money industry in Sub-Saharan Africa. This has resulted in a reluctance from the world’s app stores and mobile brands to engage the African market.”

M-Iflo essentially is an intermediary between mobile merchants and mobile wallet providers. The product acts as a payment verification portal that provides a secure way for mobile content providers to reach African markets. This enables consumers of mobile wallets to select their wallet provider as a form of payment at the check out page of the transacting website. M-Iflo additionally allows those without mobile wallets to buy content from major app stores by using a top up card that can be purchased at retail outlets. Upon purchase of the top up card, codes are provided for the customer to enter upon checkout of a merchant site to complete the transaction online.

M-Iflo minimizes associated risks with online transactions and allows merchants to be paid up front, thus creating a work around to the common complexities of conducting business in Africa. This addresses app stores and merchant concerns of payments being held up in one country based on bureaucracy, fraud, or changes in regulation. Bango CEO Ray Anderson said: “There’s a smartphone boom in Africa and a frustrated demand for digital content. App stores and other merchants have been waiting for the reassurance of M-Iflo, which limits the risk of doing business in Africa, and has been designed to suit the ‘cash up front’ instincts of the African market.”

Post1 2

M-Iflo has already integrated with major mobile wallet providers in Africa, including Mobipay in Kenya, Stanbic IBTC Mobile Money in Nigeria, and is working to add more to the list of partners. Jide Akindele, CEO of MMIT stated, “Merchants in the western market are yearning for a suitable payment process platform that minimizes their risk in the African market. We believe that our M-Iflo platform gives our clients that capability to do so. We look forward to opening up access to content store owners that are looking at the African market via Bango and MMIT’s Mobile money payment processing platform.”

MMIT is looking forward to this summer as the product officially launches in Nigeria with Stanbic within the coming weeks followed by Kenya’s launch later this summer.


Rebecca's blog signature

Image

MMIT’s M-Content platform has been developed with the African Sub-Saharan market in mind. In a continent that is growing rapidly and has over 700 million mobile phone subscribers opportunities are endless.  In Nigeria there are over 16 million users of Facebook, Skype, Blackberry, Apple, and Android. In Kenya there are over 7 million users of these same devices.  On the flip side of those numbers only 24% of working age adults in Sub-Saharan Africa hold a traditional bank account with a formal financial institution and a considerably lower percentage of adults have credit or debit cards. With our M-Content platform we will be providing a way for this underserved segment to access and purchase online content and apps they wish to have on their mobiles and PCs.

Before I go further let me first describe our M-Content platform and some of the services it provides our consumers.  Our M-Content product allows consumers with a mobile money wallet, and also consumers who don’t have a mobile money wallet, to purchase content from sites like the Blackberry store, Google, Amazon, the Android store, and I Tunes to name a few and top up or apply credit on gaming and social media sites such as Facebook, EA Sports, Sony Play-Station, and Skype. It also allows consumers who want to purchase apps or apply credit on various sites to do so via their mobile phone, PC or tablet.  Our platform provides a convenient way to do this without the need to use credit or debit cards and instead utilize cash vouchers and the mobile wallet. This eliminates the risk of exposing one’s credit card or debit card on the internet or having the transaction denied due the card coming from a high risk region for fraud and opens the door to such E and M-commerce sites for larger numbers of consumers in emerging markets who do not have access to credit and debit cards.

Image

MMIT is aware of the possibilities and is currently at work on our M-Content platform and expects this product to be launched and live by the beginning of 2013.  We will keep you up to date on the product launch and will announce the official launch date once that decision has been made.  To learn more about MMIT, our M-Content platform, and the other products and services MMIT provides please visit our website at http://www.mmitonline.com.