1. Mhonda Sibanda
The Executive Financial Services
14 July 2016
AGENCY BANKING & DIGITAL
FINANCIAL SERVICES
CONFERENCE & AWARDS
2016
2. Introduction
• The conference comes just after the launch of
the NFIS Strategy.
• In the context of Zimbabwe, financial inclusion
is defined as the effective use of a wide range
of quality, affordable & accessible financial
services, provided in a fair and transparent
manner through formal / regulated entities,
by all Zimbabweans.
3. Introduction
• NFIS 2016 - 2020 revolves around four main pillars:
– Financial innovation.
– Financial capability.
– Financial consumer protection.
– Microfinance.
• The Telecoms Industry has embraced the strategy
by leveraging on advancements in Information
Technology, offering varied financial services
outside conventional branch networks of financial
institutions
4. Aim
How are the Industry Players Leveraging Electronic
Inclusion to Achieve Financial Inclusion?
5. Electronic Inclusion (EI)
• A phenomenon that seeks to bridge the digital
divide by shrinking the gap between the technology
empowered communities and technology excluded
communities.
• EI propelled emerging technology drivers:
– Digital Convergence.
– Information technology standardization
– Cloud Computing & Managed Services.
– Proliferation of Affordable Smart Phones.
– Tumbling Internet Costs
– Social Media & OTTs
– Data Analytics
6. How are the Electronic Inclusion
Drivers
Propelling
Financial Inclusion?
7. Digital Convergence
• The convergence of four industries into one
conglomerate, IT, Telecoms, Consumer Electronics
and Entertainment.
• Previously separate technologies such as voice, data
and video can now share resources and interact
with each other seamlessly.
• Ensures customers can access different financial
services from the same device.
• Affording multi-channel access.
• Has increased the convenience and reduced the
transaction costs for the customer.
8. Technology Standardization
• Has seen the creation of interchangeable and
interoperable hardware, software, network devices
and data through standard protocols and processes
• Maximizes compatibility, interoperability,
repeatability and quality of service, leading to
proliferation of affordable interoperable over-the-
top products and services.
• Allows customers to transact across different
services, networks and geographical boundaries
increasing the adoption of mobile financial services.
9. Cloud Computing and Managed
Services
• Enable ubiquitous, on-demand access to a shared
pool of configurable computing resources which
can be rapidly provisioned and released with
minimal management effort.
• Improve time to market products and services.
• Reduce cost of service.
• Increase competition and improves quality of
services.
• Increase adoption of financial services.
10. Proliferation of Affordable Smart
Phones
• Increased access to Internet and Information
Services.
• Improved financial literacy.
• Increased participation by financial services
providers thus reducing costs.
• Enhancing user experience through user friendly
and efficient applications.
• Operators deploying a rich suite of financial and
value added services.
11. Tumbling Internet Costs
• Increased access to information and improved
financial literacy for the BOP.
• Enhancing user experience through user friendly
and efficient applications.
• Operators deploying a rich suite of financial and
value added services.
• Rapid services deployment and time to market.
12. Social Media & OTTs
• Used to share information about the new financial
services being rolled out by different operators.
• Creates platforms for debate, dialog and
accountability by service providers.
• Empowers the consumer.
13. Data Analytics
• DA is the science of examining raw data with the
purpose of drawing conclusions about that
information.
• Operators using DA to extract information about
consumer behaviour, preferences, location,
spending power, etc.
• Has helped operators to customize services based
on DA metrics, thus improving consumer
satisfaction and adoption of the financial services.
14. Conclusion
• Modern technology, that underpins the
foundation of Electronic Inclusion has become
a total phenomenon for social equity and
economic emancipation, the defining force of
a new social order in which Financial
Inclusiveness is no longer an option but a
necessity imposed on all human activity.
• Operators please adapt or you will be
adopted.
