Financial Inclusion in Action

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Open Application Programming Interfaces (API): Purpose and Possibilities

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Application Programming Interface or API, a software programme, acts as a bridge between disparate applications. It performs the intended function when a set of instructions are provided through a user interface (UI). The front-end of UI is usually a website or mobile application. The following diagram illustrates the basic architecture of any API-based business model:… Continue reading

Over the Counter (OTC) Money Transfer in India: Mapping the Customer Experience (CX)

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In our previous blog, OTC Money Transfer in India: The Remittance Silver Bullet for Migrants, we explained how OTC remittances work in India, and described the typical transactional processes. In this blog, we map the customer’s experience (CX) while conducting OTC transactions. To understand the real experience of customers, MicroSave staff posed as customers, visited… Continue reading

Over the Counter (OTC) Money Transfer in India: The Remittance Silver Bullet for Migrants

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“Ready money is Aladdin’s lamp”― Lord Byron Globally, mobile money services are being offered primarily over the counter (OTC). This underlines the demand for readily available, quick and convenient fund transfer services. For instance, 90% of WING’s transactions in Cambodia, 70% of EasyPaisa’s transactions in Pakistan, and 50% of bKash’s transactions in Bangladesh are OTC based. Due to… Continue reading

Over The Counter Transactions – Liberation Or A Trap? Part III

The first blog in this series Over The Counter Transactions – Liberation Or A Trap? (Part I) highlighted that over the counter (OTC) transactions alone cannot deliver the digitally enabled financial inclusion many of us are working towards. The second Over The Counter Transactions – Liberation Or A Trap? (Part II)  noted that despite this OTC transactions… Continue reading

Over The Counter Transactions – Liberation Or A Trap? Part II

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In the previous blog Over The Counter Transactions – Liberation Or A Trap? (Part I) I looked at why over the counter (OTC) transactions alone cannot deliver the digitally enabled financial inclusion many of us are working towards.  A later blog in the series will examine the implications of OTC for providers and customers – many… Continue reading

Over The Counter Transactions – Liberation Or A Trap? – Part I

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The Cause For Concern I am back obsessing about over the counter (OTC) transactions again. Before we dive in let’s quickly define OTC transactions as they come in many forms in different markets – from the direct deposit by the agent into the end-user’s wallet in Kenya to the transfer of money from one agent… Continue reading

Market Readiness for Mobile Money Interoperability

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Interoperability of mobile financial services potentially offers great benefits for the wider ecosystem. The value to consumers is obvious. This, in turn, leads to wider adoption; higher transaction volumes; greater velocity of money in the ecosystem; all of which are advantageous to service providers. It is now well established from both MicroSave’s Helix Institute of Digital Finance and CGAP studies that… Continue reading

Non-Bank-Bank Partnerships: Break-ups, New Dates on the Cards?

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Until this month RBI maintained the view that only licensed commercial banks can offer cash-out services. As a result a number of banks and non-banks formed partnerships. In fact, the RBI’s view hasn’t changed. The RBI has simply decided to regulate non-banks offering business correspondent services too, as differentiated, Payments Banks (PB). Business correspondents (BC)… Continue reading