M-commerce is Taking off in Namibia

I just love how connected Namibia is becoming digitally. I mean, can our president's Twitter and Facebook pages get verified already? Ok, fine, I'll have a bite on that topic in future. 

Today I scribble on FNB's e-wallet, mobi-pay and Ebank.

Namibia is soo moving in the right direction. Turtle pace? Definitely but this probably has the potential to be the single most significant innovation. The establishment of the above-mentioned mobile payment platforms in Namibia has provided solutions for people without bank accounts.

Ebank, which is linked to the first lady, has a unique approach, targeting Engen Service Stations, and in doing so, they are hitting potential target audiences such as cab drivers. However, Engen Service Station isn't the bank's only affiliate; Agra, Woerman n Brock, Cymot and Spar accept deposits and payout on Ebank transactions. 

Mobipay is the first company that lured MTC into the mobile payment market. MTC, the telecommunications company, had 2.2 million prepaid mobile subscriptions by December 2013 (according to CRAN 2014 market report). The partnership has resulted in MTC Money, a payment solution that allows MTC subscribers to conduct money transfers, make withdrawals, and deposit money. The service also allows for buying airtime, payment for utility bills and POS payments at any MTC Mobile home, and transferring funds between people, as long as they have a mobile number. 

However, in my humble opinion, I believe FNB's eWallet is the sweetest slice of the pie sowaar. This USSD option allows customers to send money to anyone with a valid Namibian cellphone number. The money is transferred instantly and can be used to withdraw cash from FNB ATM'S, buy prepaid airtime and send money to another cellphone.

All 3 players provide really delicious services. We will hopefully only find out whether the market is reacting to them in the 2015 Market report.

In 2011, Google launched a phone to replace credit card transactions. 4 years later, this has become a reality in Namibia for the past year thanks to mobile phone technology and innovative nation-building partnerships. The local consumer is fed with options that could mean that banks will have to be innovative in retaining and engaging new customers, FINALLY!