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BANKING ON-D-GO

92% of Nigerian has a registered mobile number while 45% and 65% of the population of over 200 million people are banked and  unbanked respectively. Majority of the unbanked individual are in the rural areas with no presence of a financial institution. We will get a model, channel and integrate all registered number and make them account number by default which will be house by a central database. The phone number will act as the account number and also as a wallet. Regardless of the type of phone a user is using, he/she will be able to perform financial transaction and can pay for bills. If i take a bus and the number of the Driver is paste in the bus, with a simple ussd code *12*PHONE NO OF DRIVER*AMOUNT#, then immediately, the driver gets value. The same apply to every business deal within the grass root and in the cities. Apart from the normal telecoms transaction code, a dedicated code will be design for cash transfers and interesting to know that for every value on the customers wallet will be equivalent to cash but not at hand which can be converter to physical cash from the agent outlet. Also looking at the situation where the call airtime value and the credit from transactions can be withdrawable at any agent location. By this you do not have to go to bank before you can bank. Your bank is on the go.

Define three specific objectives that you would like to achieve with your proposal.

My primary aim is to solve the problem of cashless economy by the mobile numbers of the 92% of registered mobile number users in Nigeria.  Integrate and automate them so that they can use it to perform financial services.

In addition, this model will also achieve and address the issue of financial inclusion for the rural areas, bank the unbank and breach the gap of going to cities to open an account. Because as much has you can communicate, regardless of the mobile phone type a user use, he/she can transact.

This will definitely reduce  money laundering, manufacture of fake currency and provide job opportunity.

What problems (particularly in value chain competitiveness and global disruption) are your community’s stakeholders facing due to the Covid-19 pandemic?

One of the problem we are facing in this part of the country is that we have few banks across the country with plenty customers. There is always crowd in all the banks and it is practically impossible to practice social distancing, making the spread of COVIC 19 spread easy.

Most innovative technology like this and more has not been put in place before the pandemic making us to prepare for war in the war zone.

Another major issue is the physical present in the bank before you can perform a banking transact. no matter how far you stay you have to travel the distance to the bank.

What minimum viable solution(s) are you proposing to address the challenge(s) in your community?

Just as easy has  making a call or send an SMS, all your financial transactions are been taken care of.

If there is no cash in your pocket and you enter a bus, with your mobile phone, you pay to driver account (which is the also his phone number) and if you enter a local canteen and eat, you pay with your phone and you enter a saloon, you can still pay. And eventually you can perform transactions and solve virtually all life issue without a physical cash with you.

Share your story (your narrative)

Five years after i joined the financial institution comes the policy of the CBN to change the economy into cashless economy in 2020. And ever since 2012, all hands has been on desk from all stakeholder to bring about the change. The questions is are we there? Yes we are somewhere but not there yet. Every effort from all angles are moving us to achieving this aim. From my research, i have been able to come up with this model of including every mobile user and enroll them as an account holder for both cashless and financial transaction activities. There will be an agent that will attend to cash deposit and withdrawal and everybody will be part of it because we can all communicate.

Please provide any additional relevant information that you would like to share.

We will have to warehouse  the mobile numbers from all the telecoms network provider in Nigeria, i.e GLOBACOM, MTN, AIRTEL and 9MOBILE in a central database and provide and monitor all the financial activities on all individual account.

edited on Jul 28, 2020 by Olajide Ogunmoroti
Public (12)
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James Kiruri Jul 29, 2020

Hello Olajide, mobile is definetely the convergence device for the 21st Century and beyond. Would encourage you to study what Mpesa has done in Kenya and draw insights. Is the monetisation purely from charging transaction fees? All the very best with this idea.

Olajide Ogunmoroti Jul 29, 2020

Hi James, Thank you for your sincere contribution. Monetization will definitely come from all the financial services that this solution will provide. For every service a user enjoyed, there will be a % of fee attached to it in other words, the service charge.

EUNICE KAJALA Jul 29, 2020

Hi Olajide,
How will you ensure the security and confidentiality of the registered users, under your mobile banking system?

Olajide Ogunmoroti Jul 30, 2020

Hello Eunice, I appreciate you for taking your time to go through my idea. However, the system is leveraging on two security model.
1) We are dealing with registered subscriber from the telecoms company in which there SIM CARDS has been duly register with valid ID card and passport photo taken. This is the first KYC.
2) Second level KYC will also be conducted for withdraw above certain threshold. Remember that the transactions will be from phone number which is the account number to another customer phone number which happen to be his/her account number. In other word from Mr. A to Mr. B, so the system knows from and where transactions go.
3) Every mobile device can be track and trace. So it will be part of our security model.
Thank you.

Jaymer Jayoma Jul 29, 2020

Hello Olajide,

This is a good proposal. However, I'm not quite if this becomes a solution in which more problems will surface like security risk, scam and fraud. The system you will going setup is very complicated, hence it should be discussed in detail.

Please discuss on these issues so that the public will trust your system including banks, service providers and clienteles that the money they working so hard will not go the others pocket.

Regards,

Jaymer

Olajide Ogunmoroti Jul 30, 2020

Dear Jaymer
In respective of the fact that the phone numbers belong to the customer, there will still be a PIN authorizing transaction.
For every cash withdrawal from agent, there will be a KYC in place which will be updated to customer profile.
For every fraudulent transfer as a result of compromise of PIN, the transaction will be trace and there will not be lose of money in the system.

Sunday Bawa Jul 29, 2020

How is this different from the ussd codes Nigerian banks have provided for the un-banked to seemlessly open and maintain and transact with a bank account from a phone that isn't even Java enabled? Except if you're solution is a USSD that works even when network is unavailable ? Now that would be something great! In between idea looks nice

Olajide Ogunmoroti Jul 30, 2020

Dear Sunday,
The traditional banking USSD is for the people with bank account number. From statistics, 45% of Nigeria population has a bank account and less than 25% make use of the bank USSD code. Suffice to say that 92% of Nigerian has a registered mobile number that our will convert to account number and they can transact within each other without going to the bank nor pass through the stress of opening a bank account. So transactions will be between phone numbers to phone numbers and will basically ussd.

Olajide Ogunmoroti Aug 29, 2020

Dear Sunday,
Thank you for taken time to go through my idea.
The traditional banking make use of a generated number from fro there data base called account number. And from what i am proposing, the mobile number will replace account number making every body that has a mobile line to have an account number. so The banking institution will run as normal business and this will complement there work. The good thing is that with the introduction of this ussd code all mobile phone is compatible. Thank you

Samuel Mugabi Jul 29, 2020

Hello;
Do you have plans of expanding this to more countries eg a service of remittance?
Do you have any plan of making a savings scheme as well?

Olajide Ogunmoroti Jul 30, 2020

Thank you Samuel,
Obviously obvious, the solution for one can be solution for many. My target is from Nigeria then to other western African countries where we still have a lot of unbank rural dwellers

Nabuyuni Sankan Jul 30, 2020

Hello Olojide.

Great concept with the mobile concept ,What will be your Unique selling point for the project as many advancement of Used technologies are being created in the banking industry?
Also kindly elaborate this statement....." In addition, this model will also achieve and address the issue of financial inclusion for the rural areas, bank the unbank and breach the gap of going to cities to open an account. Because as much has you can communicate, regardless of the mobile phone type a user use, he/she can transact.
This will definitely reduce money laundering, manufacture of fake currency and provide job opportunity" I believe if you extract the details we will be able to have a better understanding as risks arise.

Good Luck.
Best Regards.

Olajide Ogunmoroti Aug 29, 2020

Hello Nabuyuni,
I appreciate your effort in going through this great concept, I want to say that the unique selling point is the unique mobile that serve as automatic account number without coming to the bank to waste your time on account opening documentation procedure.
Also kindly elaborate this statement....." In addition, this model will also achieve and address the issue of financial inclusion for the rural areas, bank the unbank and breach the gap of going to cities to open an account. Because as much has you can communicate, regardless of the mobile phone type a user use, he/she can transact.
This will definitely reduce money laundering, manufacture of fake currency and provide job opportunity" simply means mean since you can start and complete your financial transaction on the go, there will be more to which you can achieve financially. And if you can agree with me, cashless transactions eliminate fake currencies.

SSEMPALA EDWARD Aug 14, 2020

Hello Olajide, The 92% people is Nigeria, do they have extra money to bank! Cause many people in the rural settings are hand to mouth earners. How are you gona make life easier for them with their little income?

Olajide Ogunmoroti Aug 29, 2020

Dear Edward,
Thank you for the question. However, The rural dwellers also perform financial transactions. And if they are financially included, then there will be increase in there financial transactions.

Marabe Ditshego Aug 17, 2020

Good day Olajide,
I wish to convey my gratitude for your well-being.

Let me congratulate you on your idea.

Allow me to share a few questions and remarks for your consideration.

1. There is no mention whether users will be required to load a balance which will be used for the various payments and if so, how and where this will be done?
2. There is no explicit mention of whether users will also be able to receive money and if so, how and where they’ll be able to withdraw it?
3. Is there any other value-added services that you intend to add whether in the initial or at a later stage?
4. Are there existing platforms that perform similar function in Nigeria and if so, what will be your competitive advantage?
5. Consider changing your objectives into SMART objectives that reflect on the steps you will take to develop your idea into a prototype in the years to come. Visit https://thedigitalprojectmanager.com/project-objectives/ for a detailed explanation.
6. Consider adding sources or citations for the facts/stats quoted throughout your post, more especially in the description and problem sections in order to give them more credibility.

Regards.

Users tagged:

Olajide Ogunmoroti Aug 29, 2020

Dear Marabe,
Thank you for taken time to digest my idea. Let me quickly attend to your questions if you go through my ideal most of your questions are already answer i quote
"Apart from the normal telecoms transaction code, a dedicated code will be design for cash transfers and interesting to know that for every value on the customers wallet will be equivalent to cash but not at hand which can be converter to physical cash from the agent outlet. Also looking at the situation where the call airtime value and the credit from transactions can be withdrawable at any agent location. By this you do not have to go to bank before you can bank. Your bank is on the go.

Muyunda Kaonga Aug 21, 2020

Hello Olajide, great idea. Mobile banking is slowly becoming the new normal. In regards to your idea how will you manage to disrupt the market because currently there such services been offered by Telecom companies. In my country we had such a service called ZOONA which originates from Mpesa but when telecom moved in by making every phone number have access to mobile banking the company shut down. What do you think you are going to do differently?

Olajide Ogunmoroti Aug 29, 2020

Dear Muyunda,
Thank you for the feed back. My services is actually different from ZOONA. I am going to work with telecom company to achieve my goal. It implies as long as there is telecom company, my services will always stand. Thank you.

Joshua GBEMISOLA Aug 24, 2020

Hi Olajide,

The idea is nice, it is a way to financial inclusion. However, how will you handle micro payments which are as low as #50 for short distance fares and #10 sachet water considering USSD setup/maintenance fees in such a way that your business and partners do not run at a loss and travelers/buyers will be willing to use the app to pay? I would advise that you do a research on the charges of your competitors and look for the important services they are not currently offering and include them such that such will be super side attractions for users to use your app. I think this may be helpful.

Olajide Ogunmoroti Aug 29, 2020

Dear Joshua,
Thank you very much for your great contribution. All the modalities will definitely be put in place.`

Alex Carle Aug 26, 2020

Hi. An interesting concept. there are a lot of big actors in this space which you could partner with to convert to your idea. Taking fromt he Grameen banking for the poor approach, community savings groups etc. Also BUNQ is an excellent online bank which would have some useful things to learn from. they provide account numbers but it is all cyber. The difficulty is the identification. you need to have a clear identity and location for a bank due to money laundering regulations where as this is less necessary for banks. An important devide to crack though. best of luck

Olajide Ogunmoroti Aug 29, 2020

Dear Alex,
Thank you for that in dept contribution.

DJ Koeman Aug 26, 2020

Ho Ola, nice! However, knowing the Nigerian market a bit, you may face some challenges on the regulatory side. For mobile money, you will require a license if I am not mistaken. Have you thought about that?
In the meantime, you may want to have a look at our idea and vote for it if yo like it: https://cocreate.itu.int/post/3496670

Olajide Ogunmoroti Aug 29, 2020

Dear DJ
License will not be a problem.