8- Banking the Unbanked
Peer-to peer systems and decentralised currencies are eliminating the need for traditional financial players, and smart businesses are providing ways to circumvent banking imperatives altogether. Globally, telecoms have led the way when it comes to sending and receiving payments via basic cellphones, with the groundbreaking ‘M-pesa’ spearheading the mobile money revolution.
In the region, telecom operators like Etisalat, Mobinil and Vodafone have already rolled out their versions of mobile money. But while the latter does not grant access to card-based services like Uber, other players are introducing
Dopay, Payroll Solution for the Unbanked, Egypt
more practical solutions – prepaid cards or mobile credit for cardbased services. Innovative tech is spearheading the shift towards financial inclusion; Dopay, debuted a cloud-based payroll platform in Egypt, authorising employers to remunerate their unbanked staff through a Dopay account linked to a debit card.