Remain Relevant and Compete with a Digital Wallet

Accelerate growth of Digital Customer Base
Reach new customers
Enable banks to compete within the Digital Wallet Market
More easily target the unbanked
Execute a Digital Payment Strategy

Digital Payments made easy can help banks compete and differentiate in their market. Our Digital Banking Platform offers a broad scope of payment capabilities and innovative ways to transfer money. BankWorld Wallet is a Digital Wallet that enables banks to offer customers the ability to easily and instantly make purchases or send and receive money through their smartphone.

This Digital Wallet empowers banks to reach remote and rural communities in emerging and developing regions by providing Digital Wallet services encompassing banking, remittances bill and other payments. Where there is a widespread usage of smartphones and a significant population of unbanked, BankWorld Wallet allows for an extremely low cost of entry into banking with high customer acquisition.

The launch of the Amole Digital Wallet in Ethiopia highlights the flexibility of the platform to meet the needs of local services and access technologies required – Mobile App, Internet and USSD, which are used to pay bills, purchase concert tickets, airline tickets, pay taxi cabs, mobile top ups, DStv bills, airtime and more. The Digital Wallet seamlessly integrates to Dashen Bank’s digital banking channels.

Drive your Digital Customer Base with Services that are Relevant for your Customers

BankWorld Wallet allows banks to offer a comprehensive Digital Wallet and a personal payment platform resulting in increased revenue and customer acquisition.

Increase revenue

Fees can be charged against the transaction on wallet accounts.

Increase Digital Customer Base

A simple four step customer journey onboards new customers quickly and cost efficiently via mobile. Onboarding is also available via the internet and USSD.

Digital Wallets can encourage users to open other bank accounts such as savings and loan accounts.

Managed by the Bank

Accounts managed by bank – float available to the bank

BankWorld Wallet shares a pool account in your bank’s back office, so it will act as a standard account on any back office. All regulatory requirements can be managed by the bank in line with their Central Bank’s mandates. A KYC (Know Your Customer) registration capability is included in the solution.

Features of BankWorld Wallet

Overflow Accounts

System limits allow the bank to define how much can be held in a wallet account. Once these limits are exceeded the excess is moved into an overflow account.
Overflow accounts for non-bank customers are also BankWorld accounts shared in a single pooled back office account.
Existing bank customers can nominate another account as their overflow account

Simple Payment Transactions

The payment transaction is usually as simple as issuing a ‘Pay’ command with the phone number and the amount.

Multi-lingual

The services are available in multiple languages so that customers can operate in their language of choice.

KYC Registration

A portal for bank staff to complete KYC (Know Your Customer) registrations at branches allow for quick and seamless onboarding.

Limits

The system includes limits for:

Maximum balance in a Digital Wallet
Maximum volume and velocity of Digital Wallet transactions

Amole Success Story

Dashen Bank wished to strengthen their position in the Ethiopian market and build their digital customer base. They sought to create a digital platform that offered a broad range of products and services via digital payments, which also seamlessly integrated to their digital banking channel. The bank partnered with Moneta Technologies and set about developing a digital wallet for the Ethiopian market.

Amole allows both retail and business customers to access an extensive range of rich content available to purchase via electronic payments and money transfer options, across one of Africa’s largest and fastest-growing economies. It offers ease of use and convenience when purchasing airline tickets (Ethiopian Airlines), school fees, retail payments, eCommerce, concert tickets, taxi cabs, mobile top ups, DSTV bills and more.

The platform offers a set of access points that are relevant to the Ethiopian market today which include USSD, mobile app, internet, social media and Agency Banking and offers an easy onboarding process, allowing users to self-register over a range of channels.

For banks such as Dashen, AMOLE offers incredible potential including:

Process high volumes of new customers
Dramatically increase deposit mobilisation
Domestic payments and international transfers
Position the bank as the dominant force in Ethiopia’s payment space
Differentiate locally by offering:
- Seamless integration between the Digital Wallet and the Dashen bank account
- Self-service registration, omnichannel experience and a 360 view of the customers
- A rich network of products and services that is demanded and relevant to millions of Ethiopians today, leading to high levels of customer loyalty, stickiness and high active daily user rates.

AMOLE has transformed Dashen’s digital customer base with almost 4 million accounts already registered on the platform.

Read the Amole Case Study

Agency Banking

Over 2.5 billion people worldwide do not have access to bank accounts. The largest percentage of unbanked adults in the world is in Sub-Saharan Africa, where an estimated 80% of adults are financially unserved. Agency Banking is an effective channel that efficiently reaches consumers through a low cost network of affiliated merchants and business entities.

CR2’s Digital Banking platform provides an effective platform for managing and controlling Agents. Through bank driven monitoring and process guidelines, Agents can provide key digital payment services which are essential for enabling financial inclusion. This is achieved through a cost effective managed account, which is serviced through multiple customer touch points.

Many of the BankWorld functionalities and services that are targeted at the Agency level overlap with the BankWorld functionalities and services that are targeted at banks branch staff. This includes, comprehensive remittance services, delegation, bill payment services, KYC, account origination services, etc.

Acquire new customers
Reach the financially excluded
Decongest branches. Agents have more locations, shorter queues, better opening hours
Target underserved areas, without having to invest in ‘bricks and mortar

Offer a variety of banking services
Compete against the telcos, enabling banks to push new products via their agents quickly, in response to ever-changing market needs
Expand geographic coverage
Reduce the cost to serve the customer

Account opening and KYC
Cash deposits
Cash withdrawals
Money Vouchers (Digital Cheque)
Pay Bills through Agent
Request One Time Passcode for ATM access
Balance enquiries
Transaction histories
Transfer funds to existing and new consumers
Transfer funds to existing consumers and Agents using Public Identifiers
Remittances
Loan Origination