This daily series focuses on business ideas for those looking to launch new ventures in Nigeria (and Africa in general). The short ideas are archived here.
There are many mobile money systems in Africa. These systems are supported by banks, telcos, money transfer organizations, mobile money operators and broad financial institutions. Largely, these systems are disparate and disconnected from one another across Africa. Indeed, a system like Kenya’s M-Pesa is not connected to another mobile money system like Ghana’s Airtel Money at end-customer level.
There is a clear need to link these mobile money ecosystems across Africa. In other words, there is a need for an aggregator that can integrate and link all these systems together. That way, someone with Airtel Money in Ghana can seamlessly remit and transfer money to someone using M-Pesa in Kenya in a way that location is eliminated with all compliance issues automatically handled by software.
Develop an API that will enable mobile money systems to become members of the aggregator system. Once connected, all their customers can then remit and transfer money across regional and national boundaries and borders while complying with all local regulations at receiver end. The aggregator system should support banks, mobile money operators, mobile transfer institutions, and companies with end-users in mind.