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.


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


Hot startup of the month: Pan-African fintech KamaPay

This month's hot startup is pan-African fintech KamaPay, which helps individuals and businesses make cross-border payments on the continent.


Afretec awards $3.3M in grants to African research teams

The African Engineering and Technology Network (Afretec) has awarded grants worth $300,000 each to 11 university research teams across Africa to advance digital technologies.

More Innovation hub

Latest video

More videos

Sponsored video

More videos

Industry announcements

More Industry announcements

Flash poll

All polls

Africa Tech Perspectives


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.


Challenges and opportunities for women's tech careers

A new survey reveals that COVID-19, the cost-of-living crisis, skills shortages and a lack of mentorship have negatively affected women's career development over the past two years.


Survey: Opportunities for Women in Tech

Take our new survey for women across Asia, Europe and Africa looking at the biggest challenges and opportunities for women-led enterprises and trends in tech careers for women.

More AfricaCom perspectives

Upcoming events

London Tech Week
June 13-16, 2023
Queen Elizabeth II Centre, Broad Sanctuary, London SW1P 3EE
Cybertech Africa 2023
August 1-2, 2023
Kigali Convention Center, Kigali, Rwanda
Africa Tech Festival, Home of AfricaCom and AfricaTech
November 13-16, 2023
CTICC, Cape Town
More Upcoming events

Guest Perspectives


Omdia View: February 2023

By Omdia Analysts

In February 2023 key events in the Middle East and Africa included a major Internet project for Africa's underserved by Liquid Intelligent Technologies and Microsoft as well as a 5G launch in Tanzania – that and more in this month's Omdia View.


Omdia View: July 2022

By Omdia Analysts

Kenya and Zambia move towards 5G with new spectrum allocations while Tunisie Telecom plans to shut down its 3G network - that and more in this month's Omdia View.

More Guest Perspectives

Partner perspectives

All Partner Perspectives

Like us on Facebook

Newsletter Sign Up

Sign Up