ISYS 3215 Lecture Notes - Lecture 4: Google Wallet, Sub-Saharan Africa, Unbanked
8 May 2016
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Document Summary
Focus on west africa nigeria main focus. Very large and extensive with many regions challenging with many different cultures. Mmit: based in newton with other locations in london and nigeria: founded in 2010, initially it was strictly money transfer company p to p. Saw new opportunity around mobile wallets: business model very different from m-pesa. Emerging market for mobile money is more advanced than richer areas beat us in mobile money: 70% of population was unbanked before mobile money. People would come to major cities to find jobs and leave family in countryside. Needed a way to send money back to family would give people going in the same direction to give to people. Risk involved because person could take the money and run. People were saving money in their homes. Someone can break in, house fire etc: over million over m-pesa daily.
