Driving Financial Inclusion
Serving more than a billion African people without access to mainstream financial services.
Cassava’s mobile money solutions, part of the mobile financial services (MFS) portfolio, are designed to provide simplified, convenient and accessible mobile financial tools that address the needs of African communities.
With the developmental impact a top priority for us, we constantly seek to deliver solutions that bring equitable access to financial services, which is key in reducing poverty in Africa. A look at the EcoCash service in Zimbabwe, one of our key partnerships in mobile money, shows that women constitute 52% of the customer base, a figure that rises to 60% for specific products such as EcoCash Savings Club, underlining the inclusive nature of our products.
A combination of deep industry expertise, experience with agent networks, astute compliance practices, strategic partnerships, and customer insights is what differentiates Cassava from its competitors.
Combining these capabilities with our best-in-class approach has enabled Cassava to build a track record of success in all African countries where we operate.
The impact of community-based savings schemes on an African community’s well-being cannot be overstated, especially in resource-poor environments. Children are fed and educated through the proceeds from initiatives such as rotating savings clubs. Supporting such initiatives in order to create a savings culture has become an economic imperative and can enable community development programs without any need for external funding.
Cassava’s savings solutions allow mobile wallet users to form savings clubs that earn interest– all on a mobile phone. The solutions provide an opportunity for a more disciplined savings approach and culture to build more financially independent communities.
The concept of savings clubs is common across Africa such that there are local names in each country as captured in the illustration below.
Mobile Credit / Micro-loan
‘When one needs it most’
Emergencies are inevitable in life and being able to access even the smallest loan amounts to relieve a situation or meet a need can make a world of difference. Cassava’s unique capabilities and smart partnerships enable our clients to offer emergency credit solution through the mobile wallet that is designed to help families in times of need.
Our mobile credit solution provides a controlled, secure and easily accessible credit facility for mobile wallet users and no amount is too small to request. For the credit vetting, our solutions utilize specialized algorithms that take into account the customer’s usage patterns across mobile operator services such as voice and data, as opposed to traditional methods such as savings history.
The loan could be used for use cases that range from airtime purchase to other serious needs such as buying a meal for survival, health services or education for children.
Other Use Cases
Mobile money has experienced phenomenal growth over the past five years, and MNOs in virtually every country in Africa have been vying to grab the opportunity this has presented. However, a few years later, the reality is that not many of these services have been successfully adopted as originally envisaged.
As Cassava, we have solutions that leverage best practices, customer insights, and extensive industry expertise to support our clients in launching, operating and successfully managing mobile money services. As we do so, we are focused on aligning service delivery with the operator’s strategic and business objectives.
In markets like Zimbabwe, Burundi and Lesotho, we have helped our partners to establish and grow EcoCash into a household brand relied upon by over 7.5 million customers. EcoCash has processed $16 billion in transactions since launch, with over $6 billion in the last year alone (as at May 2016).
Above all, our experience in these markets has enabled us to build robust proofs of concept for a number of innovative use cases that we continue to introduce, which we can use to replicate this success across Africa.
Mobile Money Transfers
Cassava provides an easy to use, secure and instant mobile money transfer solution for the end-user. With a wide African footprint, our mobile money transfer solution allows mobile wallet users to send and receive money locally and across borders in Africa (i.e. domestic money transfer and international remittances). Mobile wallet users also have the option to cash-out through the agent networks set up for the partner by Cassava. Cash shortages in some African countries are driving the rapid adoption of mobile money. This move has gone a long way in mitigating the high demand for hard cash.
Part of the Cassava offering is designed to enable the integration of mobile wallets and banking services, allowing mobile wallet users to transfer money between a mobile wallet and bank account and vice-versa. With nearly 800 million unbanked people in Africa, the Cassava banking service on mobile money provides our partners with the opportunity to start banking the unbanked.
Payroll & Bulk Payments
Our payroll and bulk payment services allow companies and organisations (profit making/ non-profit making organisations) to make bulk money transfers and disburse salaries into mobile wallets using mobile money as the channel to transfer funds. The Cassava payroll and bulk payment function provides a secure, affordable, convenient and ideal payroll administration solution, especially to the large population of the unbanked in Africa.
We offer an integrated mobile payments solution that provides opportunities for cross transacting within the mobile ecosystem. The Cassava bill payment solution provides an expanded payment solution, an alternative to the conventional cash transactions for billers such as retailers, municipalities and other service providers.
The bill payments solution provides increased convenience to end-users as they can pay their bills anywhere and anytime through their mobile phones.
Benefits to the biller:
Biller payments help enhance customer experiences.
It’s a secure cashless billing system that helps avoid the risk of having large sums of cash at biller premises.
Reduced queues and foot traffic at biller premises.
May result in cost savings by reducing frontline headcount.