Connecting Africa is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.

FinTech

One Global Pitches Mobile Finance App at Africa, Middle East

Article Image
Over-the-top (OTT) applications specialist One Global is seeking to bolster its position in the digital finance sector with the launch of a mobile app and a new name for the Africa and Middle East region.

The Kuwait City-based firm has renamed its digital financial transactions platform, formerly called PayIt, as Og Money and launched a mobile app in an effort to add to the existing user base of 900,000.

The company believes there is still a significant market for digital financial services and that its platform, which offers mobile wallet capabilities, banking, merchant and checkout facilities, virtual stores and turnkey dealer solutions, can play a unifying role in the region. Here's its pitch:

    "Og Money serves the banked, under-banked and unbanked with a full suite of mobile and digital financial services. It allows users to receive remittances, wages, and government subsidies, make purchases at stores, provide funds for vouchers and gift cards or pay utility bills and school fees," One Global Founder and CEO Mohammed Al-Rashidi said.

    "Og Money acts as a seamless platform to connect consumers, banks, telecommunication operators, foreign exchange providers and merchants, all via the convenience of a mobile phone. Broadening access to financial services through digital platforms like Og Money can help boost trade, reduce poverty, empower women and unlock societal-wide economic benefits."

The potential benefits are well understood, based on the impact that other services such as M-Pesa have had in markets such as Kenya. (See M-Pesa Reaches the Big One-O.)

And in its launch announcement for Og Money, One Global cites a September 2016 report by the McKinsey Global Institute that suggests the "widespread adoption and use [of digital finance] could increase the GDP of all emerging economies by six percent or $3.7 trillion by 2025." (See this report and the graphic below for more details.)

That's an attention-grabbing number for sure, but fulfilling that potential is tough -- a lot of market education is required and there are others wanting to be the foundation of Africa's mobile commerce and banking revolution. (See Examining the Digital Transformation for Financial Services , Microsoft Teams Up With Ecobank for African Digital Transformation Strategy, Shell Partnership Bankrolls Orange Money Across Africa and Mastercard Targets Farmers in East Africa With m-Commerce Platform.)

In addition, changing brands is tough -- and did anyone mention to the One Global marketing team that the initials "OG" stand for "own goal" in soccer-loving nations?

For One Global's sake, let's hope the decision to introduce a new name doesn't come back to haunt it.

Ray Le Maistre, Circle me on Google+ Follow me on TwitterVisit my LinkedIn profile, Editor-in-Chief, Light Reading

Innovation hub

Story

Five mobility startups to watch in 2024

Connecting Africa has compiled a list of five mobility startups that are making a difference in the communities they serve.

Story

Orange Ventures, Digital Africa promise more funding for startups

Orange Ventures and Digital Africa are teaming up to invest more in tech startups in Africa and the Middle East through Digital Africa's Fuz program and the Orange Digital Center network.

More Innovation hub

Latest video

More videos

Partner perspectives

All Partner Perspectives

Sponsored video

More videos

Follow us on X

Industry announcements

More Industry announcements

Upcoming events

Africa Tech Festival 2024
November 11-14, 2024
Cape Town, South Africa
More Upcoming events

Africa Tech Perspectives

Story

Uber's Marjorie Saint-Lot on inclusion and sustainability in Africa

Uber's Country Manager for Ghana and Cote d'Ivoire, Marjorie Saint-Lot, shares how the ride-hailing company is approaching public-private partnerships, environmentally friendly initiatives and gender inclusion in Africa.

Story

The 100 most influential African leaders in 2023

A new report from Africa Tech Festival and Connecting Africa puts a spotlight on the top 100 African leaders in the telecoms and technology sector in 2023.

Story

Deep dive into East Africa's tech startup ecosystem

New survey reveals a lack of access to investors, reliance on international VCs and global recession trends as the biggest barriers for East African tech startups to access funds.

More Africa Tech perspectives

Guest Perspectives

Story

How e-mobility could transform Africa's transport sector

By Francis Hook

ICT analyst Francis Hook delves into Africa's e-mobility sector and unpacks the challenges faced locally and the benefits the move to electric vehicles could bring to urban transport systems.

Story

Omdia View: April 2024

By Omdia Analysts

April 2024's telecoms highlights in the Middle East and Africa included a license for Starlink in Ghana, new mobile termination rates in Ethiopia, and 6G trials in Bahrain – that and more in the latest Omdia View.

More Guest Perspectives

Like us on Facebook

Newsletter Sign Up


Sign Up
Tag id test-002