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Beyond Remittances: How to Expand Your Mobile Money Product Suite

Author: Alphina Jos, Graham A.N. Wright
Published: November 28, 2011

Abstract:

Remittance is the most common entry point for mobile money systems as it not only addresses significant pain points for customers but also builds trust in the system. However offering only remittance - the star product - is rarely sufficient. Expanding the product suite to offer other services and products is essential. Providers need to look beyond remittances both to drive profitability of mobile money systems and to cater to the huge unmet financial needs of the masses. However, it would be a mistake to assume that clients are essentially homogenous. The easiest way to get the product suite right is to listen to clients carefully and to match their needs with the organisation's capabilities. Broadening the product suite enables a mobile money platform to expand its client based, drive the number of transactions on the system and ultimately to reap the benefits of what are almost infinite opportunities.

Tags: Digital Financial Services , Retail banks , Remittance , Mobile banking , Business model , Product development , Kenya , Bangladesh , East Africa , SE Asia , M-Pesa , Grameen koota , BN113 , BN 113

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