Mobile Money Merchants Direct Liquidations Qorus-Infosys Finacle Banking Innovation Awards 2024

Concept and Objectives Our project aims to revolutionize the financial operations of Telecom mobile money merchants by facilitating instant money movement between their mobile money wallets and dfcu Bank accounts. The solution is designed to: - Enable instant fund transfers to and from a merchant's mobile money wallet and bank account. - Provide seamless reconciliation and real-time reporting of transactions involving wallet transactions.

How It Works The process is simplified as below: - Merchants initiate a liquidation instruction through a mobile application or USSD to the bank platform. - Funds are credited to the merchant's dfcuBank account in real-time. - Reconciliation is promptly handled, allowing merchants to know almost instantly if the funds have been reflected.

Reasons Behind the Innovation Mobile Money Merchants in the country frequently face cash shortages, impacting their ability to serve retail customers. Despite this, their bank accounts are often well-funded. Additionally, merchants were facing issues saving the money they already had in their wallets. They always had to withdraw it, walk to the bank, and deposit the funds. Our solution addresses these gaps by enabling merchants to seamlessly transfer those funds to / from their bank accounts of choice right from the comfort of their homes, ensuring they have the necessary cash flow for daily operations.

State of Competition While there are mobile money solutions in the market, our project stands out due to its real-time fund transfer capability, robust reconciliation process, and seamless integration between banking and mobile money platforms.

Sources of Inspiration The inspiration for this project stemmed from the operational challenges faced by Telecom Mobile Money Merchants. Observing their struggle with cash flow management, we aimed to develop a solution that not only addresses these issues but also enhances their overall financial efficiency and service delivery.

Main Results So Far Since our launch in December 2023, the project has shown remarkable success growing each month with: 249,326 transactions processed and USD 23,389,702 in overall turnover as of early June 2024.