Mhonda Sibanda

The Executive Financial Services

14 July 2016

AGENCY BANKING & DIGITAL FINANCIAL SERVICES

CONFERENCE & AWARDS 2016

Introduction

• The conference comes just after the launch of the NFIS Strategy.

• In the context of Zimbabwe, financial inclusion is defined as the effective use of a wide range of quality, affordable & accessible financial services, provided in a fair and transparent manner through formal / regulated entities, by all Zimbabweans.

Introduction• NFIS 2016 - 2020 revolves around four main pillars:

– Financial innovation.– Financial capability. – Financial consumer protection.– Microfinance.

• The Telecoms Industry has embraced the strategy by leveraging on advancements in Information Technology, offering varied financial services outside conventional branch networks of financial institutions

Aim

How are the Industry Players Leveraging Electronic Inclusion to Achieve Financial Inclusion?

Electronic Inclusion (EI)• A phenomenon that seeks to bridge the digital

divide by shrinking the gap between the technology empowered communities and technology excluded communities.

• EI propelled emerging technology drivers:– Digital Convergence.– Information technology standardization– Cloud Computing & Managed Services.– Proliferation of Affordable Smart Phones.– Tumbling Internet Costs– Social Media & OTTs– Data Analytics

How are the Electronic Inclusion Drivers

PropellingFinancial Inclusion?

Digital Convergence• The convergence of four industries into one

conglomerate, IT, Telecoms, Consumer Electronics and Entertainment.

• Previously separate technologies such as voice, data and video can now share resources and interact with each other seamlessly.

• Ensures customers can access different financial services from the same device.

• Affording multi-channel access.• Has increased the convenience and reduced the

transaction costs for the customer.

Technology Standardization• Has seen the creation of interchangeable and

interoperable hardware, software, network devices and data through standard protocols and processes

• Maximizes compatibility, interoperability, repeatability and quality of service, leading to proliferation of affordable interoperable over-the-top products and services.

• Allows customers to transact across different services, networks and geographical boundaries increasing the adoption of mobile financial services.

Cloud Computing and Managed Services

• Enable ubiquitous, on-demand access to a shared pool of configurable computing resources which can be rapidly provisioned and released with minimal management effort.

• Improve time to market products and services.• Reduce cost of service.• Increase competition and improves quality of

services.• Increase adoption of financial services.

Proliferation of Affordable Smart Phones

• Increased access to Internet and Information Services.

• Improved financial literacy.• Increased participation by financial services

providers thus reducing costs.• Enhancing user experience through user friendly

and efficient applications.• Operators deploying a rich suite of financial and

value added services.

Tumbling Internet Costs

• Increased access to information and improved financial literacy for the BOP.

• Enhancing user experience through user friendly and efficient applications.

• Operators deploying a rich suite of financial and value added services.

• Rapid services deployment and time to market.

Social Media & OTTs

• Used to share information about the new financial services being rolled out by different operators.

• Creates platforms for debate, dialog and accountability by service providers.

• Empowers the consumer.

Data Analytics

• DA is the science of examining raw data with the purpose of drawing conclusions about that information.

• Operators using DA to extract information about consumer behaviour, preferences, location, spending power, etc.

• Has helped operators to customize services based on DA metrics, thus improving consumer satisfaction and adoption of the financial services.

Conclusion

• Modern technology, that underpins the foundation of Electronic Inclusion has become a total phenomenon for social equity and economic emancipation, the defining force of a new social order in which Financial Inclusiveness is no longer an option but a necessity imposed on all human activity.

• Operators please adapt or you will be adopted.

THANK YOU