Applicant Type: Product
Headquarter City: Lagos
Headquarter Country: Nigeria
Innovation Name: Off-Line Banking Application that provides affordable banking services in off-line mode to the half a billion underserved and unbanked in Africa
Innovation Type: Product
Category: Digital Innovation
Status of Innovation: In-Market
Innovation Active Since: 05/10/2022
Innovation Description: The application is the industry’s first and only off-line banking application that provides banking services in an offline mode to the underserved in Africa. Our mission is to provide easy access to financial services across Africa.
Our solution enables Financial institutions across Africa to scale their business, offer cost effective banking services to their existing users while also being able to on-board the unbanked to open bank accounts with them.
Internet Access in Africa is quite expensive with one gigabyte of data in Africa costing about US$4.47 on average, with higher prices in the central, west, and southern parts of the continent. This average is the highest compared to other continents across the world.
Over half a billion people in Africa cannot afford to access financial services or are unbanked. This is largely due to the cost of internet access that is often required to access the majority of digital financial services. Those that do have access to the internet face the high transaction fees associated with alternative banking channels and fraud rates are usually high.
The key to solving this problem and providing financial services to the unbanked in African with a secure, affordable and off-line financial access is the RemitPlus off-line banking app, which enables financial institutions to offer customers a seamless transaction with their banks without the need to pay for a costly internet subscription.
The app works in off-line mode and due to the start-ups patented and proprietary technology, banks can lower the costs of transactions, promoting financial inclusion and removing barriers to financial services for all Africans.
With our off-line banking application, financial inclusion has finally become a reality in Africa.
Full Name: Ifeanyi Ifeabunike
Description: The Web Banking App we built for United Bank for Africa with over 20 Million customers
Description: The Web Banking App we built for Stanbic Bank with over 10 Million customers