Comparing MFS in Kenya, Philippines and South Africa under 7 P Evaluation Framework

Abstract

Mobile financial services has brought a revolution in developing nations. More and more people from the rural areas are now using financial services provided by mobile phones. Though still in its infancy its potential is tremendous. Mobile payment services have made it easy n cost effective to transfer money from one corner of the world to another improving the lives of many underprivileged worldwide. Different Payment systems by different providers are available in different developing nations. However the success of few mobile payment systemslike M-Pesa of Kenya, G-Cash and SmartMoney of Philippines and WIZZIT and MTN of South Africa are unprecedented. In spite of their cultural, social and economic differences, Mobile payment has been widely accepted and used in these countries. In this paper we have studied these successfully implemented paymentsystem around proposed a 7 P evaluation framework.

Leveraging Financial Inclusion Through Technology-Enabled Services Innovation

“…The significant attributes that an appropriate technology needs to have are; Suitable, Cost-Effective, secure, proven and scalable, longevity (Hoffmann, 2006). As per Chopra et al (2013a), financial inclusion requires broadening and deepening the reach of banking. Technology can have a critical role to play in making financial inclusion a reality.…”

“…Few technology options at the front end (directly accessed by people) and back end (indirectly accessed through BC) promise financial inclusion. Therefore, it has become apparent that continuous improvements and innovations in technological development are needed to meet the demand for more complex products and keep pace with growing business (Chopra et al, 2013a).…”