Mobile payment, also referred to as mobile money, mobile money transfer and mobile wallet, is any of various payment processing services operated under financial regulations and performed from or via a mobile device. Instead of paying with cash, cheque, or credit card, a consumer can use a payment app on a mobile device to pay for a wide range of services and digital or hard goods. Although the concept of using non-coin-based currency systems has a long history, it is only in the 21st century that the technology to support such systems has become widely available.
Near-field communication (NFC) is a set of communication protocols that enables communication between two electronic devices over a distance of 4 cm or less. NFC offers a low-speed connection through a simple setup that can be used for the bootstrapping of capable wireless connections. Like other proximity card technologies, NFC is based on inductive coupling between two electromagnetic coils present on a NFC-enabled device such as a smartphone. NFC communicating in one or both directions uses a frequency of 13.56 MHz in the globally available unlicensed radio frequency ISM band, compliant with the ISO/IEC 18000-3 air interface standard at data rates ranging from 106 to 848 kbit/s.
Paisa is a monetary unit in several countries. The word is also a generalised idiom for money and wealth. In India, Nepal, and Pakistan, the paisa currently equals 1⁄100 of a rupee. In Bangladesh, the poysha equals 1⁄100 of a Bangladeshi taka. In Oman, the baisa equals 1⁄1000 of an Omani rial.
Telkom Kenya is an integrated telecommunications provider in Kenya. It was previously a part of the Kenya Posts and Telecommunications Corporation (KPTC) which was the sole provider of both postal and telecommunication services. The company was established as a telecommunications operator in April 1999, after the split of KPTC into the Communications Commission of Kenya (CCK), the Postal Corporation of Kenya (POSTA) and Telkom Kenya. As of 2023, the company is fully owned the Government of Kenya.
Mobile banking is a service provided by a bank or other financial institution that allows its customers to conduct financial transactions remotely using a mobile device such as a smartphone or tablet. Unlike the related internet banking it uses software, usually called an app, provided by the financial institution for the purpose. Mobile banking is usually available on a 24-hour basis. Some financial institutions have restrictions on which accounts may be accessed through mobile banking, as well as a limit on the amount that can be transacted. Mobile banking is dependent on the availability of an internet or data connection to the mobile device.
The term mobile commerce was originally coined in 1997 by Kevin Duffey at the launch of the Global Mobile Commerce Forum, to mean "the delivery of electronic commerce capabilities directly into the consumer’s hand, anywhere, via wireless technology." Many choose to think of Mobile Commerce as meaning "a retail outlet in your customer’s pocket."
Safaricom PLC is a listed Kenyan mobile network operator headquartered at Safaricom House in Nairobi, Kenya. It is the largest telecommunications provider in Kenya, and one of the most profitable companies in the East and Central Africa region. The company offers mobile telephony, mobile money transfer, consumer electronics, ecommerce, cloud computing, data, music streaming, and fibre optic services. It is most renowned as the home of M-PESA, a mobile banking SMS-based service.
M-PESA is a mobile phone-based money transfer service, payments and micro-financing service, launched in 2007 by Vodafone and Safaricom, the largest mobile network operator in Kenya. It has since expanded to Tanzania, Mozambique, DRC, Lesotho, Ghana, Egypt, Afghanistan, South Africa and Ethiopia. The rollouts in India, Romania, and Albania were terminated amid low market uptake. M-PESA allows users to deposit, withdraw, transfer money, pay for goods and services, access credit and savings, all with a mobile device.
Hormuud Telecom Somalia Inc. is a privately held telecommunications company based in Mogadishu, Somalia. It is the largest telecommunication company and largest private-sector employer in the country, and also Somalia's first private enterprise to be internationally ISO certified.
Eko India Financial Services Pvt. Ltd. is an Indian fintech company, servicing the State Bank of India (SBI), ICICI Bank, and Yes Bank, and provides banking services and mobile banking. With Bharti AXA Life Insurance Company, it provides Bharti AXA Life - Bachat Bima, micro-insurance policies.
Frugal innovation or frugal engineering is the process of reducing the complexity and cost of a good and its production. Usually this refers to removing nonessential features from a durable good, such as a car or telephone, in order to sell it in developing countries. Designing products for such countries may also call for an increase in durability and, when selling the products, reliance on unconventional distribution channels. When trying to sell to so-called "overlooked consumers", firms hope volume will offset razor-thin profit margins. Globalization and rising incomes in developing countries may also drive frugal innovation. Such services and products need not be of inferior quality but must be provided cheaply. While frugal innovation has been associated with good-enough performance, in some sectors such as in healthcare, frugal innovation must offer maximum performance without compromising on quality.
EatOut is a Kenyan technology company that provides information and reviews on restaurants in East Africa. They also operate Yummy Magazine, a lifestyle publication with a focus on food and drinks, as well as various food events in Nairobi.
Unconditional cash transfer (UCT) programs are philanthropic programs that aim to reduce poverty by providing financial welfare without any conditions upon the receivers' actions. This differentiates them from conditional cash transfers where the government only transfers the money to persons who meet certain criteria. Unconditional cash transfers have developed on the premise that giving cash to citizens allows them to have autonomy over their own lives.
Finserve Africa Limited is a mobile virtual network operator (MVNO) in Kenya. It is a wholly owned subsidiary of Equity Group Holdings and is using the Airtel Kenya network as its carrier.
Orange Money is the mobile phone based money transfer service of French telecom company Orange S.A., available in most of the group's affiliates in Africa. Its users can deposit money into an account linked to their mobile phone number, and then access a range of services, in particular transferring money domestically and internationally, paying bills and buying airtime top-up.
M-Kopa is a UK-headquartered emerging maket fintech platform that provides affordable smartphones and digital financial services. M-Kopa was launched commercially in 2012 and is headquartered in London. The company is currently operating in Kenya, Nigeria, Ghana, Uganda and South Africa.
BebaPay was a form of electronic ticketing platform in Nairobi, Kenya, that was developed by Google in partnership with Equity Bank. The product was launched in April 2013, after one year of piloting.
VugaPay is a cross-platform payment service owned by Vuga Ltd, a Rwandan company. It allows businesses and users to transfer money across major payment systems, including credit card networks, mobile money and Bitcoin via an application programming interface, unstructured supplementary service data interface, a mobile phone app, or a web interface. It processed over 5 million transactions in 2016. As of December 2016, VugaPay offers instant payments to and from 40 different mobile money networks/carriers in Rwanda, Kenya, Uganda, Niger, Malawi, Congo Democratic Republic, Ghana, Tanzania and Zambia.
Topyster Namasaka Muga, is a Kenyan telecommunication and fintech specialist, who is the chief executive and founder of Prosper App. Before launching her own venture in July 2020, she was senior director of Financial Inclusion Africa, at Visa Inc., based in Nairobi. Prior to that, she headed Airtel Money in Kenya.
Michael Joseph is a South African businessman. He is currently Chairman of Kenya Airways, a position he has held since October 2016, and also chairs the Safaricom PLC board, having been appointed in August 2020. He was previously the CEO of Safaricom from July 2000 to November 2010, as Founder and CEO, and then again as acting CEO from July 2019 to March 2020. He is also Chairman of the M-PESA Foundation and the M-PESA Foundation Academy. He was until recently Vodafone's Director of Mobile Money and was responsible for leading the strategic growth and development of successful M-PESA proposition across the Vodafone footprint.
