MOBILE SOLUTIONS

Driving financial inclusivity

At a time when 45 % of Africans still do not have a bank account , the user-friendliness and innovation of mobile payment technologies , such as Halo Dot , become a game-changer for financial empowerment .

Halo Dot converts mobile devices into secure , encrypted PoS systems , cutting through the need for conventional payment infrastructure . This is significant for the sizeable informal trader market in Africa that contributes significantly to countries ’ GDP . It provides a convenient payment mechanism as well as a digital trail of their business transactions . By transitioning from cash to digital payments , these traders can demonstrate verifiable income , building a financial footprint that lays the foundation for a credit history .

Financial inclusion remains a critical barrier across Africa . A considerable segment of the population remains alienated from basic banking services . Yet , the arrival of mobile payment technologies , like Halo Dot , promises to bridge this gap .

Halo Dot ’ s innovative approach turns mobile devices into secure , encrypted payment terminals , allowing for instant card payments without the need for a traditional point-of-sale device . This technology enables businesses to swiftly adapt to market demands , focusing on expansion and customer service rather than the logistics of payment processing .

Informal traders , a significant economic force in Africa , are set to gain from such mobile solutions . The shift to digital payments not only streamlines their operations but also facilitates financial visibility , enabling these traders to establish credit histories and participate more fully in the formal economy .

Going mobile

Take the M-Pesa mobile phone-based money transfer service that was launched in 2007 as an example . Now available in seven countries in Africa , it has more than 50 million active monthly customers .

Its impact in Kenya has been especially significant . A study found that access to M-Pesa increased per capita consumption levels and lifted 194,000 households ( approximately 2 % of Kenyan households ) out of poverty . The success of M-Pesa in Kenya and the rest of Africa shows how mobile payments can empower informal traders with the means to improve their financial stability while still growing their businesses .

Enabling businesses to accept card payments without the need to purchase or rent a POS device increases the merchants ’ ability to accept payments sooner .

Establishing trust

Of course , people must trust mobile payment solutions if they are to be successful . One of the ways providers can help build this trust is to ensure their systems implement comprehensive security measures .

In the case of Halo Dot , the organisation has implemented extensive fraud prevention and security mechanisms that comply with global standards such as PCI MPoC ( Mobile Payments on Commercial off-the-shelf devices ). Halo Dot can also easily integrate into existing financial infrastructure to benefit from investments already made . Fundamentally , mobile payment solutions like Halo Dot will help bring further economic growth in Africa and build trust in digital commerce solutions . � www . intelligentfin . tech

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