Kelvin Manjong of Hitech-cm has had difficulties when it comes to receiving payments from his clients online. The conventional money transfer made business slow for him due to the delay from the processes involved in receiving cash from these money transfer operators.
Kelvin decided to try mobile money services two years ago and since then, Mobile Money has become his predominant channel to receive payments. He integrated the service to his e-commerce platform so as to enable online buyers to pay via mobile money. As a result, payments come directly to the platforms mobile money account which could be withdrawn when he wants to.
When mobile money was introduced into Cameroon, the population was reluctant to it. You could hear complaints of all sorts. It doesn’t work. Where is the money stored? Is my telco a bank? and so on. However, SMEs are starting to welcome the service to scale their businesses.
A major factor supported mobile money for brick and mortar SMEs is the fact that the entrepreneurs can trust bus agencies to deliver their goods to customers. But that’s a talk for another day.
Mobile money is more convenient and safer as your money gets to your phone and it’s up to you on where and when to withdraw it. This makes it worth going for.
It is possible to bank your money in their mobile money account for emergencies and unplanned purchase.
Mobile money is the gateway to foster financial inclusion in Africa.
This service permits low-income earners to indulge in e-commerce transactions using just their mobile money accounts to buy online.
“Mobile money supports our e-commerce efforts by making our sales and accounts receivables a piece of cake’’
Will Mobile Money Kill the Conventional Money Transfer?
From my perspective, Mobile money services will gradually overthrow the conventional money transfer services. I say so because mobile banking and financial inclusion is the future. People feel convenient transferring money from the comfort of their phones as oppose to wait time spend at money transfer agencies.
In my opinion, to outsmart keen completion, conventional money transfer companies should build technologies to deliver their services and also adopt mobile banking and have a fair share of the market.