At Slush 2014, one of the key themes will be emerging markets and creating entrepreneurial, market-based solutions to social, environmental and infrastructural challenges worldwide. Consumer readiness for fintech is high in markets where more people have mobile phones than bank accounts and the existing finance infrastructure is characterised by high transaction fees and proneness to theft.
IroFit Payments is working on a mobile card payment platform for merchants’ and small business entrepreneurs’ use. The IroFit system allows merchants to accept card payments through an all-purpose credit card reader, without requiring online connectivity.
The Kuopio, Finland and Lagos, Nigeria based company is about to launch their product in Nigeria during fall 2014. Co-Founder Olusola Folorunso tells that partnering with small business owners has helped IroFit go to market faster, since news about its product spreads word-of-mouth to the merchant community.
Mistral Mobile, based in Oulu, Finland, approaches financial services from a mobile platform viewpoint, offering their technology as white-label, front-end solutions for a vast clientele in retail banking and payments.
Mistral Mobile recently carried out their solution implementation for India based Adarsh Credit Co-Operative Society which operates a banking agent network of more than 90,000 agents across the country. Before Mistral, the banking transaction process was cumbersome; deposits were not made in real time and information was collected manually with pen and paper.
“As the transactions are done real time, customers now get instant SMS receipt when the deposit is made with the banking agent, increasing their confidence that the money they deposited is sound and safe”, says Peter Ollikainen, co-founder and SVP, Product Marketing of Mistral Mobile.
According to Ollikainen, mobile will play a transformational role in the banking sector for the global emerging market consumer profiles: “Mobile is the only way to drive financial inclusion – reaching out to the masses in the rural areas is not feasible through traditional branch networks.”
Image: IroFit Payments
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