R
The Voice for Banking and Finance in Africa
www.technologybanker.com
March 2013 £3.99
Ericsson: Its Past... Present and Future in Africa Remittances: Its Contribution to the Nigerian Economy
MTN on Africa’s Mobile Telecom Industry
Mobile Payments: Three Winning Strategies for Banks
Omolara Duke, Asst Director - CBN Research Dep’t, discusses the importance of remittances to the Nigerian Economy
Interview with Bornman du Toit, MTN Group’s General Manager for Products, Services and Innovation
Mobile Payment a hot topic in the financial industry and a top priority for banks, find out how to make it a success
Human Capital Performance Improvement Audit Are you completely satisfied with the Return on Investment (ROI) from your current training? Are your training budgets driven by business goals and Key Performance Indicators (KPIs)? Are you holding training vendors accountable for quantifiable business improvements? Based on over 25 years of providing the BEST! Training, Communication and Consulting Solutions to the banking industry worldwide, the leaders of Global Bankers Institute have designed the Human Capital Performance Improvement (HCPI) Audit. The HCPI Audit is the first-of-its-kind service to offer the following benefits: 1) Ongoing Performance Improvement Plan based on cascading Strategic and Operational Goals. 2) Comprehensive Training Plan with behavioral outcomes aligned to Key Performance Indicators (KPIs) and Key Performance Measures (KPMs) resulting in a concrete Return on Investment for all training. 3) Effective Training showing measurable benefits in Sales, Customer Satisfaction, Operations Productivity and Quality, Employee Motivation, Risk, and Compliance, as well as any other identified bank goal. 4) Efficient Use of Training Budget through improved curriculum priorities and vendor selection and negotiation. 5) Holding Training Vendors Accountable by making them partners in the HCPI Audit process and requiring that they accept responsibility for delivering measureable improvement through their programs. Please contact me to let us know how we may best serve you. Global Bankers Institute brings experience, innovation and value, providing the BEST! Training, Communication and Consulting solutions to the financial services industry.
Dr. Linda Eagle Founder and President Global Bankers Institute 245 Park Avenue New York, NY 10167 +1.212.579.5500 ext. 3106 +1.646.236.7538 (mobile) linda.eagle@globalbankersinstitute.com www.globalbankersinstitute.com
Global Bankers Institute
FROM THE EDITOR
Welcome to Technology Banker - Informing, Influencing and Insipiring Business First thing first, I’d like to make some corrections. In the February edition, page 22 with our interview with Carol Cowan, the company name was misprinted as Finserv instead of Fiserv. Now, let’s go onward and forward. Every industry has its own jargon, and in its most positive light, it is seen as professional and efficient shorthand. The problem with jargon is that, sometimes we use them interchangeably without thinking what they really mean. Like any industry, the finance industry is also full of jargons. The currently most common words are ‘mobile money’ and ‘mobile banking.’ Whether you call it mobile banking, e-banking, mobile money, e-wallet or mobile payments, they are all the same, right? Well, we don’t think so. And so do some of the industry experts. Find out from some of them how they differentiate mobile banking from mobile money. In keeping to our mobile banking and mobile money theme this month, is your financial organisation planning to dip its toes into mobile money? Perhaps you have already launched your own service. Can you say hand on heart that you have considered all the possibilities? Despite the popularity of mobile money, out of the many businesses that launched the service since 2000, very few have made it big. In fact, if you dig deep and look closer you will find that the road to mobile money success is littered with failures. In this issue of Technology Banker, SWIFT, a global provider of secure financial messaging services, discusses the challenges and opportunities that mobile payments present to banks. We also look at how mobile banking and mobile money changed Africa’s financial landscape in the last decade. Well, that will be it for this month.
Contact Details: Publisher - Stefan Grossetti Stefan.grossetti@technologybanker.com Editor - Hope Varnes Hope.varnes@technologybanker.com Deputy Editor - John Bennett John.bennett@technologybanker.com Sales & Marketing - Jenny Howard Jenny.howard@technologybanker.com Managing Editor - Remi Akinjomo Remi.akinjomo@technologybanker.com Head of Operations - Monika Derfinakova Monika@technologybanker.com Technology Banker Website www.technologybanker.com Technology Banker is a registered trademark of Technology Banker Group. All rights relating to the content of the publication are reserved to the rightful owners.
Technology Banker Offices: Head Office: Ground Floor, Breakspear Park, Breakspear Way Hemel Hempstead, Hertfordshire, HP2 4TZ, United Kingdom Tel: +44 (0) 1442 345 379 Fax: +44 (0) 1442 345 001 Registered Office: 10th Floor, 88 Wood Street London EC2V 7RS
We always value your opinion, and we would love to hear from you. If want to share your opinions regarding any topics we discussed in this issue or if you have company news and new product releases that you want to share with our readers, please feel free to e-mail me at hope.varnes@technologybanker.com Hope Varnes, Editor The contents of this publication are subject to copyright protection and reproduction in whole or part, whether mechanical or electronic is expressly forbidden without prior written consent of the editor. Views expressed in the publication do not necessarily reflect those of the editor or publisher. We welcome contributions, however, publishing it, is at the discretion of the editor. We also take no responsibility in the return of materials. Whilst every care is taken to ensure accuracy, we cannot be held liable for any inaccuracies. All rights reserved. ©Technology Banker 2013 ISSN 2051-9443
www.technologybanker.com | 3
CONTENTS
29
NEWS 16 17 25
Security News Telecommunication News Banking News
FEATURE Mobile Banking vs. Mobile Money: The Difference Do you know your mobile money from your mobile banking? Read on to find out
5 8
10
20 Executive Interview: MTN on Africa’s Mobile Telecom Industry Bornman du Toit, MTN Group’s General Manger for Products, Services and Innovation, gives us a lowdown on mobile telecom industry in Africa
NEW STARTUP 24
26
31
Executive Interview: MTN on Africa’s Mobile Telecom Industry Ericsson: Its Past… Present and Future in Africa
COMPANY NEWS 13
Mobile Banking: How It Changed the African Financial Landscape Find out how mobile banking has changed the African financial landscape in the last decade
VirtualBank Africa
EXECUTIVE INTERVIEW 20
27
Mobile Payments: Three Winning Strategies for Banks Remittances: How It Can Improve the Nigerian Economy and the Banks Role in the Promotion of Remittance Inflow Mobile Banking vs. Mobile Money: The Difference
CWG Boss to Bring ‘Lean Launch Pad’ to Nigeria
INFOGRAPHIC 18
Mobile Banking and Payments: Industry Map
OPINION
What Makes Mobile Transactions Safe and Secure for Everyone Find out how Advances in mobile technology seem to be accelerating at the speed of light, but unfortunately hackers find new vulnerabilities. Read on to find out
4 | Technology Banker March 2013
22
How Mobile Money is Shifting Africa’s Diverse Society
33
Events for your Diary
34
Vendors Directory
FEATURE
Mobile Payments: Three Winning Strategies for Banks In a world population of over 7 billion, there are 5.9 billion active mobile phone connections (according to Wireless Intelligence October 2012 data), but only 2 billion people have a bank account. What’s more, mobile phones are now widely embraced as a tool to pay for purchases. By SWIFT into mobile. E-commerce companies like Google are deploying wallets for contactless payments using NFC (Near Field Communications).
An immature business
Only a handful of these mobile payments services have succeeded in attracting a significant user base (over 1 million users). New initiatives may fail to go beyond pilot trials, and some services (like Nokia Money in India) have ended altogether.
Unclear business case
The mobile payment service industry is a fast evolving and competitive market that banks can’t ignore. However, it presents specific challenges for banks.
For many banks, the business case to do mobile payments is not clear. Mobile payments and linked commerce will represent USD 20-25 billion in revenue by 2016 from new revenue opportunities and potential loss mitigation. But this is a very different kind of payments opportunity for banks to pursue, as most of the revenue may be advertising related. Banks will need to compete for these new mobile value added services and revenue streams. In addition, banks need to determine which role to play in these new value chains. In a telco-centric model for example, the bank’s revenue share from providing the trust account function may be limited to 10% whilst 55% goes to the mobile network operator and 35% to the distributor.
New entrants
A complex matter
A
s of January 2013, based on the data by GSMA Mobile Development Intelligence, there are 156 mobile payment live deployments, and 110 more planned. It is predicted that Mobile Payment will increase to 900 million users and USD 1 trillion in transaction value by 2015. These realities make Mobile Payment a hot topic in the financial industry and a top priority for banks.
Specific challenges for banks
Many non-banks have entered the mobile payments market, often with innovative solutions. Mobile network operators like Vodafone, MTN, Orange and Airtel have deployed mobile payments services in several countries or have set up joint ventures between them, like Isis in the US or project Oscar in the UK. Money transfer operators like Western Union and MoneyGram, as well as card companies like Visa, MasterCard and Amex all have multiple mobile payments initiatives. Payment service providers like PayPal are throwing their full weight
Deploying a mobile payments service is not straightforward as legal frameworks across countries are not harmonised, technology is still evolving, there is a need for multiple partnerships, and in general, banks may feel they lack the expertise.
Strategic Opportunities
For many banks, this competitive and fast evolving landscape creates doubt. What should they do: just stand by and watch or respond more pro-actively?
www.technologybanker.com | 5
There are three strategic areas of opportunity and actions for banks to use the mobile phone to forge closer relationships with their customers: • • •
Mobile banking: using a mobile phone to access a bank account and make payments Mobile commerce: using a mobile phone to buy products Mobile money transfers: using a mobile phone to send money to someone
Mobile banking Mobile banking is using your mobile phone to access your bank account; receive debit/credit alerts and statements via SMS; check balances and recent transactions by browsing a simple mobile-enabled website; conduct basic operations via a menu; or transfer funds and pay bills using an application on a smart phone. Many banks offer one or more of these options, like ICICI for example. Mobile can fundamentally change the retail banking experience and strengthen customer-bank relationships. Some banks also have mobile banking services for corporate treasurers, but these are often basic services to initiate and approve payments, receive transaction alerts and view account balances. The good thing here is that the bank is in total control: the mobile phone purely acts as a channel to access the financial application that is owned by and runs at the bank.
Mobile commerce Mobile commerce is using your mobile phone to buy digital or physical goods and services, remotely from a website or in proximity like a shop, metro station or vending machine. Not considered here as mobile payments are: 1.
2.
3.
Direct carrier billing, where purchase of e.g. digital content such as ringtones is charged to a mobile phone bill, and that bill is paid by a traditional payment method like credit transfer or direct debit. This practice is very successful. Examples of companies that facilitate this are boku, Zong, mopay and PaymentOne, each servicing 200 million to 3 billion customers for 250 - 300 carriers in 60-80 countries; Mobile point of sale; where a card reader is attached to a mobile phone or tablet to swipe a credit card. Whilst it has the potential to significantly increase the number of points of sale, the resulting payment is a traditional credit card transaction. Such card readers are provided by companies like Square, Intuit and iZettle; Mobile product scanning, where a mobile phone is used to scan a product’s bar code at an Apple store, for example, and links it to your iTunes account. In that case, your iTunes bill is settled by a credit card payment.
6 | Technology Banker March 2013
There is currently a buzz around NFC payments. Iit is used in Japan, and it has 65 million enabled handsets, 15 million customers initiating 30-50 million transactions/ month with 750,000 merchants; excluding transit. Several projects have been launched in some 35 countries in Europe, the US and China, but many have a long way to go to reach a mass market. Google Wallet is one example. Here, consumer and e-commerce companies are better placed than banks to develop these solutions since they own the product or can enhance the shopping experience: browse the web to find and compare products, locate a store nearby, select the product from a smart poster, receive a discount, and pay for it -all with a mobile phone, in one experience. Their interest is in generating uplift in business from a higher average ticket spend and visitor frequency or from selling advertising, rather than in the payment itself. Several telecom companies have started mobile wallet initiatives, but some have had to open up to reach a larger audience, ask for regulatory approval or delay projects12. Handset manufacturers may play a leading role by embedding their NFC chip in the phone. However, there is a large degree of uncertainty about wide-scale adoption. Retailers and users need to be convinced of its value over existing payments alternatives. There are concerns about security: we must make sure that account and credit card details will be safe if the mobile phone is lost or stolen. And there is a high degree of technology evolution: Where, for example, does the secure element sit to NFCenable the handset and store the financial application? A whole new business has emerged for banks to distribute their payment and credit card services over the air onto the mobile phone via a Trusted Service Manager.
Mobile money transfers In developing countries with a low banking and high mobile phone penetration, mobile wallets14 can bring basic payments services to the un/under-banked. Often starting with money transfers, these services become more sophisticated over time to include paying for bills and goods, pre-paid debit cards, ATM withdrawals, salary disbursements, etc. These are typically provided by mobile network operators using a mobile wallet. Two examples are SMART Money in the Philippines (launched by SMART in 2000, over 9 million wallets, connected to 9,000 ATMs, over 4,000 cash-in/cash-out centres, 15 partner-banks and 95,000 agents) and M-Pesa in Kenya (launched by Safaricom in 2007, 30,000 agents, 14 million users, 70% of all electronic transfers in Kenya, USD 1 billion transferred/month). Mobile network operators see this as an up-sell, a value-added service. Their business case comes from transaction or subscription revenues, reducing mobile
subscription top-up distribution costs and increasing customer retention. They have a large agency network that can be reused. They also have a better marketing and consumer deployment experience than many banks.
adopted a proportionate approach, balancing advancing financial inclusion with ensuring the stability and soundness of the country’s financial system.
Whilst successful in some developing countries, these cannot be replicated as such in developed markets because of specific success factors: • A strong, latent demand for remittances; • In a country with low banking, high mobile penetration; • With a legal framework that enables easy customer registration and is in proportion to the risk of very low value payments; • Starting with domestic remittances and mobile topup; • By a dominant player, motivated to establish a leading position in a closed system; and • Supported by a large agent network
Not one single bank or mobile network operator covers the whole world, so there is a need for cooperation and partnerships. Joint ventures between mobile network operators may not be obvious as they are very competitive on their core voice and data business. Joint ventures with banks may not be obvious as parties have different business objectives, different perspectives on revenue sharing, and different mind-sets (mobile operators are more agile while banks focus on robustness).
This agent network is ‘key’ for people to pay cash into their mobile wallet and to cash money out. The service provider must make sure the agents support its product and that there is sufficient liquidity in the network (if a person wants to cash out their salary, but the agent does not have any money, the SMS on their phone has no value, except to make other mobile purchases).
Interoperability
So where is the next big opportunity? Some readiness and condition frameworks, as well as, detailed country analyses are available. These, combined with population size (to develop a significant business), lead us, as an example to Nigeria, India, Pakistan, Brazil, Mexico and Colombia. Our recommendation: Banks should consider making a bolder move in mobile money transfers. They should take an opportunistic approach and individually partner with a mobile network operator for a specific deployment in one country, as well as work together to deploy a global mobile payments service for international money transfers and remittances.
Obstacles to growth in mobile money transfers
Cooperation
Examples include Equity Bank with M-Pesa, State Bank of India with Airtel, Banamex with América Móvil, Alfa-Bank with VimpelCom, Garanti Bank with Turkcell and Avea.
Today, most mobile payments services, are closed-loop systems whereby one customer cannot send a payment to a customer in another system, even within one country. Interoperability is the metaphorical elephant in the room: all agree it can boost volumes, but with their own company’s interests taking priority, nobody wants to let anyone in whilst expanding market share. Still, interconnectivity is growing. For example, G-Cash has bilateral agreements with several other systems. Western Union links to M-Pesa, while BICS’ HomeSend is a hub that includes communication protocol, as well as FX conversion. In India, IMPS is multibank by design, and is underpinned by the country’s ACH18, and we also see this model in the UK supported by VocaLink. By and large, however, mobile systems do not interconnect on a global basis.
Two-fold Recommendation: •
Whilst there are several domestic deployments, many still need to build their customer base or create the basic service. We see three obstacles to further growth and global adoption:
Regulation In several countries, there is already a regulatory framework for e-money and mobile payments while in others, it is still evolving. Conditions vary between countries on who can operate such a service, the transaction and wallet size, and the type of transaction allowed. Regulators are concerned about mobile payments being used for money laundering and fraud. Several have
•
Play to your strengths - Double-guessing under these circumstances can be costly. The path to success is to use clear criteria: respond to an obvious customer demand, use technologies that satisfy that need, and decide based on a clear business case. Use mobile payments to bring your customers closer to your bank
In conclusion, mobile payments are a strategic opportunity for banks, both as a defensive play against new entrants, as well as a growth prospect to convert cash into electronic transactions. SWIFT is the trading name of S.W.I.F.T. SCRL Contact: Wim Raymaekers, Head of Banking Market, +32 2 655 33 29, wim.raymaekers@swift.com
www.technologybanker.com | 7
FEATURE
Remittances: How It Can Improve the Nigerian Economy and the Banks Role in the Promotion of Remittance Inflow By Omolara Duke, Assistant Director, Research Department, Central Bank of Nigeria.
N
igeria is the 5th highest recipient of remittances amongst developing countries, recording an estimated inflow of US$21.0 billion in 2012. Remittances refer to financial and non-financial resources remitted by migrants to households in home countries. The United States remains the largest send country of remittances into Nigeria, due to the large population of highly skilled Nigerian Diaspora in the country. Remittance inflow and its uses in Nigeria have remained a private prerogative, with no government involvement unlike in India, Israel and Mexico, where the intervention by government in attracting inflows from the Diaspora had yielded significant external funding.
Omolara Duke, Assistant Director, Research Department, Central Bank of Nigeria
8 | Technology Banker March 2013
Evidence exist in the literature that remittance-receiving households in Nigeria have higher standard of living due to the additional income used for consumption, education and health. However, it would take government intervention to achieve a greater impact on the Nigerian economy. The involvement of government in the process of migration and attracting remittances through structured migration with various labour deficient countries for short-term migrants could be a starting point. During this process, pre-migration lectures amongst others would provide information on available remittances transfer channels. The government can also issue consular identification cards upon agreement with the host countries to enable more Nigerians patronize formal channels and increase inflow. A remittance regulatory framework on the responsibilities of the service providers to the customers such as disclosure on the type and cost of services as well as the rights of the customer is crucial.
CBN Headquarters Abuja, Nigeria
The Role of the Government It is well documented in the literature that Nigerians remit cash, commodity and service, either individually or as a group, as done by Home Town Associations in Mexico. On the part of the government, there should be collaborative projects with the Diaspora where funding are shared on projects, the latter are committed to, in particular, social infrastructure - education, health, roads, power and water, which would have multiplier effects on the economy. There should also be visiting Diaspora programmes where skilled Diaspora provides the technical expertise and also train home based professionals. Government can also develop special financial vehicles such as the Diaspora funds to promote inflows into the domestic economy. All these would have a multiplier effect on the economy. It is critical however that the government ensures the cost of remittance transfer is reduced and that the macroeconomic environment remains conducive for the inflow of capital.
The Role of the Banking Industry Commercial banks in Nigeria are the primary agents for Money Transfer Organisations (MTOs) operating in Nigeria, and as such, they are the first point of contact with recipients. The banks thus occupy a strategic position where they can impact on the level of remittance inflow through efficient and targeted customer service. Remittance inflow through banks occurs as account-to-
account and person to person on the MTO platform in Nigeria. The banks can borrow from the success story of other African countries where remittances have been integrated into mobile money. This would save recipients the extra cost on transportation and time it takes to receive remittances. Customer’s service must be able to create specialized bank accounts/financial instruments for the Diaspora to encourage inflows. In most African countries including Nigeria, recipients collect remittances from banks and that ends the transaction. A good customer service in collaboration with the credit department of the bank should be able to target recipients that collect remittances on a regular basis and be able to provide small credits to fund economic activities by securitizing the loan with the remittance inflow. This would encourage recipients redirect funds from consumption into economic activities, which would have a multiplier effect on the economy. Lastly, with the increase in the use of Automated Teller Machines (ATMs) in the country, recipients should be encouraged to open bank accounts and issued debit cards with which remittances can be withdrawn from ATMs. In order to encourage patronage, banks must ensure that the exchange rate offered to recipients must be comparable with that by the Bureau de Change to encourage recipients to use banks as a one-stop shop for remittance related services.
www.technologybanker.com | 9
FEATURE
Mobile Banking vs. Mobile Money: The Difference Mobile Banking and Mobile Payment are being used interchangeably that, sometimes we forget that the two terms can refer to different things. It is, therefore, high time to clarify the difference between the two terminologies. By Grey Thomas to a supplier’s bank account, applying for loans or opening new accounts.
S
o, how does mobile banking differ from mobile money? And, does it really matter knowing the difference? After all, whether you call it mobile money, mobile payment, m-wallet, m-transaction or mobile banking, one thing is for certain, they have transformed the way people bank. To answer the last question, and I know I am in danger of sounding anal; I think it is important to understand terminologies. Since most of your knowledge comes to you through language, you need to be clear of the meanings of words if you are to understand the information given to you, especially if these terminologies are part of your decision making process. Mobile Banking and Mobile Money exist independently. A banking institution can offer mobile banking, without offering mobile money. They are differentiated based on how the customers interact with their service providers. Simply put, Mobile Banking is a service allowing customers to use their mobile devices to access financial services such checking their bank balance and bank statements, processing bank transfers, direct payments
10 | Technology Banker March 2013
Mobile Money, on the other hand, allows customers to pay for their bills and other purchases, either remotely or at the point of sale. The transaction occurs in real time, and it does not require a customer to have a bank account. The first mobile money introduced in Africa, did involve person-to-person fund transfer, but it was technically not mobile banking as the transaction did not happen between banks. As mobile money allows customers to pay their purchases through their mobile phones, it is also referred to as mobile payment.
Difference in User Demographic
Mobile Banking and Mobile Money not only differ in their definition, but also in their user demographics. Mobile money is more useful to the segment of society with no easy access to traditional banking, or credit and debit cards. Hence, it is more popular in emerging economies like Africa. Customers, who have easy access to debit cards, credit cards and ATMs, have less need of mobile money. Hence, mobile money is not as successful in Europe. Mobile banking, on the other hand, provides customers with convenient and easy access to their bank accounts. It helps them manage their account anytime, anywhere. They don’t have to rely on a monthly statement or telephone banking to monitor their accounts.
Mobile Banking vs. Mobile Money: According to Experts Ademola Adewuyi - Head, Trade & Payment Unit - Airtel Nigeria Mobile payment is simply a mobile solution that allows you to pay for transaction using your mobile phone. For example, solutions like Paga from E-transact. While mobile banking solution allows you to carry out all your banking activities on your phone, such as moving money from Account A to B, making payment online checking your bank balances, moving money to Cards (ATM). From the above, mobile banking is more encompassing and robust when compared with Mobile payment solutions.
Engr. Segun Akinfemi - Head - Information Systems - Glomobile Benin Republic Mobile banking is conducting financial transaction through mobile devices while Mobile payment is basically the use of mobile devices to pay for goods and services. Mobile payment is a component of mobile banking and can also be referred to as mobile money. Its use is similar to debit/credit cards. Mobile banking on the other hand includes any financial transaction done through the mobile, for example: mobile payment, bank SMS alert, WAP access to account through web etc.
Bernard Kiema - Orange Money Product Manager - Telkom Kenya - Orange Mobile payment involves settling of financial obligations through a mobile wallet hosted by a platform usually provided by a telco or other firms offering mobile payment solutions. So, instead of paying for a utility bill in hard cash, the same is cleared through the mobile phone. Access to the wallet is through an STK menu (embedded in a SIM card), SMS, USSD, web or java downloads. It is a feature within the traditional mobile money transfer services. Mobile banking, on the other hand involves the provision of banking services through a mobile phone. Customers are able to conduct various bank transactions through menu items, which vary from bank to bank. Access modes would again vary but may include USSD, web and Java downloads. Some Telcos have collaborated with banks to embed banks menu into a SIM card what is referred to as mapped bank account. You will be able to make payments from your bank account, through your phone for services like payment for utility bills, tickets, goods, etc.
www.technologybanker.com | 11
Technology Banking & Finance Africa One Voice What works best today? What gives you the edge? How are your competitors exploiting new technology? And how can you find out all that’s going on in the world of banking and finance technology in Africa? Make decision making simple. Acquire knowledge.
Get an in-depth knowledge about African Banking and Technology sector. Check out updates on Technology for banking. Find out the best way to develop relationships with local business in Africa. Learn about new laws, regulations, standards and technical requirements that affect your business in Africa.
Read Technology Banker...The technology resource for banks and finance in Africa To receive further copies or to advertise call +44(0) 1442 345 379 or e-mail jenny@technologybanker.com
COMPANY NEWS
CWG Boss to Bring ‘Lean Launch Pad’ to Nigeria
Austin Okere (CWG Boss), flanked by co-authors Steve Blank (left) and Bob Dorf (right) at Columbia Business School, New York
C
WG Boss, Austin Okere, who just came back from Columbia Business School, New York, where he participated as an instructor at the Steve Blank “Lean Launch Pad” Class, plans to bring the novel concept to Nigeria. The Lean Launch Pad is joining forces with Startup Weekend, Udacity, TechStars and Startup America to offer some of the world’s most effective experiential entrepreneurship education. By combining content from the world’s leading expert in customer development with local mentors and leaders in an intensive flipped-classroom style course, the movement has been able to create a unique, effective experience for teams of entrepreneurs that are serious about growing a customer-driven startup.
The program is already being offered in 15 cities around the world, with another 25 programs launching in March. The goal is to expand the program to more than 100 cities in 2013. Thus far, seasoned entrepreneurs such as Steve Blank are teaching NEXT in Silicon Valley, Andy Sack (TechStars Seattle founder) in Seattle, Alex Farcet (founder of Startupbootcamp) in multiple European cities, Eric Koester (founder of Zaarly) in Washington, DC with countless others joining. The Eugene Lang Entrepreneurial Center at CBS, where Okere has been a guest lecturer since 2009, conveyed in their invitation their belief that his experience and contribution to entrepreneurial ship in emerging markets will provide unparalleled contribution to the class of aspiring entrepreneurs.
www.technologybanker.com | 13
Austin Okere CWG Boss teaching at CBS
Austin Okere, CWG Boss (center) with Entrepreneurship students at USIU, Nairobi, Kenya The Computer Warehouse Group, whose case study is a regular feature at Columbia Business School and the Massachusetts Institute of Technology, Boston, as well as many other institutions in Africa, including the prestigious Lagos Business School, chronicles the trials, challenges and triumph of entrepreneurship in the challenging environment that characterizes Sub Saharan Africa. The Lean Launch Pad course provides real world, handson learning on what it is like to actually start a high-tech company. It is a practical class where the goal is to create an entrepreneurial experience with all of the pressures and demands of the real world in an early stage start up. The syllabus for the course is drawn majorly from the bestselling book, The Startup Owner’s Manual, coauthored by serial entrepreneurs Steve Blank and Bob Dorf, and the revolutionary new book, Business Model Generation co-authored by Alexander Osterwalder and Yves Pigneur. These two books provide insights into powerful, simple, tested tools for understanding, designing, reworking, and implementing business models, through a business model canvas, that defines unique value propositions for specific customer segments, and the relationships and channels to deliver these to the customer to maximize revenue. It also helps the entrepreneur identify key resources, partners and key activities to be performed and at what cost. The course provides a comprehensive step-by-step guide to getting startups right. It walks entrepreneurs through
14 | Technology Banker March 2013
the customer development process that gets them out of the building to develop wining products that customers will buy. There is an increasing global focus and emphasis on entrepreneurship as the most viable vehicle for job creation. According to the Global Entrepreneurship Monitor (GEM) 2011 report, there is an upsurge in entrepreneurship around the world, with a total number of about 400 million spread across 54 countries. The GEM in its 2006 report revealed that there was a systematic relationship between a country’s level of economic development and its level of entrepreneurial activity. It noted that countries with similar per capita GDP tend to exhibit similar levels of entrepreneurial activity. At low levels of per capita GDP, industrial structure is characterized by the prevalence of many very small enterprises. As per capita income increases, industrialization and economies of scale allow larger and established firms to satisfy the increasing demand of growing markets and to increase their relative role in the economy. On his involvement in the Block Week Course at Columbia Business School Okere said “I believe that it is better to have a thousand millionaires than a ten billionaires. It is better still to have a million people with access to a hundred thousand dollars, if they can be taught how to nurture and grow it through entrepreneurial endeavor; and I intend to do something about it, so when I was invited, I did not hesitate in accepting, with a view to bringing the concept to Africa”.
Okere whose entrepreneurial advocacy has taken him on similar teaching expeditions across Africa; through Nigeria, Kenya and Tanzania also remarked “I like to put the story of the Computer Warehouse Group out there because such success stories contribute immensely to the attraction of capital to the region, which combined with the entrepreneurial acumen and the youthful population unleashes waves of economic boom, which in turn lifts the pile at bottom of the pyramid into the more desirable networked economy of the emerging global village. Besides, it provides the perfect opportunity to be a brand ambassador for Africa”. Okere, one of Nigeria’s foremost entrepreneurs has made quite a name for himself over the past 20 years, growing the Computer Warehouse Group into a $130 million revenue company, with 650 staff spread across Nigeria, Ghana, Uganda and Cameroon. In 2012 he was named ICT Man of the Decade by ICT Watch Africa Digital Network, and CWG was named Conglomerate of the Year. The organizers cited CWG’s immense contributions toward the growth and development of Information and Communications Technology (ICT), youth empowerment through ICT education, and nation building. In 2011 Austin was equally named the ICT Personality of the year by Technology Africa, and the most outstanding ICT Personality of the Decade in 2010 by ICT Watch Africa. He has also received the IT Personality of the Year award by the Nigerian IT and Telecom Awards, among many others. The Computer Warehouse Group was recently ranked among the top 50 Technology Companies in West Africa, and also bagged the Award of the ICT Company of the Year 2012 by Technology Africa. Okere who shall be participating at the Economist Group’s Nigerian Summit in March intends to take his entrepreneurial advocacy very strongly to the Forum to attract the much needed focus.
I believe that it is better to have a thousand millionaires than a ten billionaires. It is better still to have a million people with access to a hundred thousand dollars, if they can be taught how to nurture and grow it through entrepreneurial endeavor; and I intend to do something about it, so when I was invited, I did not hesitate in accepting, with a view to bringing the concept to Africa”. Austin Okere
Executive Profile: Austin Okere Founder & Chief Executive Officer Computer Warehouse Group Mr. Austin Okere is the Founder and Chief Executive Officer of Computer Warehouse Group, one of the fastest growing Information and Communication Technology companies in Africa today. Mr. Okere founded CWG in September 1992. It has grown over the years from just a computer hardware supply company to a Pan-African Multinational Systems Integration Corporation with direct operations in Nigeria, Ghana, Uganda and Cameroon, and serving customers in 17 other African countries. From an initial annual turnover of under a million dollars, CWG now has a turnover of about US$120 million, and staff strength of about 550 professionals. He holds a BSc (Hons.) degree in Computer Sciences from the University of Lagos, and an Executive MBA degree from the International Graduate School of Management (IESE), Spain. He has had 25 years industry experience covering roles in systems analysis, sales and marketing, and corporate management, with 20 years as Chief Executive Officer of the Computer Warehouse Group. The journey to these achievements has been documented in a Case Study by the Columbia Business School, and has been used in various Entrepreneurship Development Centres and Business Schools in the United States, Nigeria, Tanzania, and Kenya. Okere’s ardent interest in inspiring young entrepreneurs has been globally recognized through his invitations by the Eugene Lang Entrepreneurial Center to guest lecture at the Columbia Business School over the past five years, and also at MIT’s Legatum Center for Development and Entrepreneurship in Boston. He recently facilitated the Lean Launch Pad Block week at Columbia Business School with serial entrepreneurs, Steve Blank and Bob Dorf, co-authors of the Start-up Owner’s Manual. Austin is a Fellow of the Institute of Directors of Nigeria and serves in many other professional bodies including Frontier 100 (Initiative for Global Development IGD), Nigeria-South Africa Chamber of Commerce, Nigeria Economic Summit Group (NESG) and Nigerian Computer Society (NCS). He has been recognized in many publications across the continent as one of the pillars of African entrepreneurship. He is happily married to Sola, his wife of 18 years, and they are blessed with two lovely sons, Omimi and Chimezuo.
www.technologybanker.com | 15
SECURITY NEWS
Sophos’ Mobile Device Management Solution Now on Android Sophos, a network security provider, reveals that Sophos Mobile Control 3.0 is now available as both on-premise and as-a-service. It is the newest version of the company’s Mobile Device Management solution, which extends its coverage and support over Samsung SAFE devices as well as defines policies and control in BYOD environment. Sophos Mobile Control 3.0 can be integrated with Sophos Mobile Security 2.0 to provide a security and defense for Android phones as well as tablet PC’s. Android devices sale significantly increased over the last 2 quarters of 2012 reaching about 72.4% increase in just the Q3 of 2012. Since the use of Android devices in work places are in demand, it creates higher vulnerability to the device’s security. The Sophos Mobile Control provides a built in antimalware solution and can be easily setup a secure BYOD for various organizations.
HP Launches New Security Solution The effect of security breaches on its target organizations is getting significantly costly and damaging. According to the research firm, Ponemon Institute, the United States has recorded an average cost of $8.9 million to security breaches experienced by various organizations. The help its customers, HP has introduced a new security solution to help companies to counter act and mitigate the effect of security breaches on the spot. HP Security Breach Management Solution is a combination of HP security services and security intelligence software for an enhanced and efficient security on every organisation’s system. According to the Country Manager of Enterprise Services at HP, Helen Rich, security breach is difficult to prevent but given the tools to be able to counter act while there is an ongoing attack may minimize the impact and severity of the attack.
Cyber Attacks to Affect Online Gamers Kaspersky Lab concludes that about 7,000 attacks were intended to target online gamers daily in 2012. Cyber-attacks aimed to collect personal user accounts including bank details, which online gamers use or access while connected. It appears that in 2012, the most common target countries of online gamers were in China, India and Russia. According to Kaspersky’s Lab Malware Expert, Sergey Golovanov, gamers can protect themselves against malware attacks while playing online by familiarising themselves and following the internet conduct. Players must be watchful and vigilant of emails they receive while online. These phishing attacks come in forms of email representing the game’s admin. Once the gamers click it, they will be directed to a phishing site. Golovanov advises gamers to be observant of the game patches that are available. Most of them are Trojan viruses, which will penetrate and put their system and pertinent information at risk.
Malware and Social Networking Attacks to Continue this 2013 According to the 2012 Annual Security Report r by PandaLabs of Panda Security, a security solution provider, the year 2012 was the year for mobile data theft and social networking attacks. The report showed that about 31.98% of all computers were infected with malware. PandaLabs has also seen about 27 million of new strains of malware in the same year alone. The numbers of new variants are also on the rise, as confirmed by the sheer number of incoming new threats each year. Mobile has been the most common target of security threats in 2012, as there has been a growing take up of Android devices. Among the social networking sites, Facebook and Twitter were noted to be the top ranked target of the attacks. The trend of attacks will continue this year and consumers are advised to take extra protection against new attacks.
16 | Technology Banker March 2013
TELECOMMUNICATION NEWS
Algerie Telecom Introduces SMS via Gmail Algerie Telecom has expanded its SMS coverage by enabling all of its subscribers to send SMS via Gmail. The service is ready for rollout and will be supplied by Mobilis. Some Mobilis customers will be able to receive SMS from a Gmail account sent free of charge. They are also able to chat with Gmail contacts overseas, using SMS via Gmail chat, while only paying the same as national SMS rate. Algerie Telecom also offers free five national SMS for every Mobilis customers that replies to the messages received through the new service. The free national SMS can be used for on-net numbers in which each is entitled to a maximum of 50 free national SMS.
Kenyan Operators Block Over 4 million SIM cards Mobile phone operators in Kenya including Yu Mobile, Safaricom, Orange Kenya and Airtel have already turned off more than 4 million unregistered SIM cards from the earlier established 6.1 million unregistered SIM cards in circulation. Currently, only 70% of Kenyan consumers are compliant with the SIM card registration process. Consumers left using unregistered SIM cards may see their services cut off in the next couple of days. The regulator has given the operators a 30-days extension to switch off remaining unregistered SIM cards. Operators, that fail to comply with the directive will incur a KES 300,000 penalty for each unregistered SIM card. Consumers has also been given an extra 90 days to register their SIM cards. Otherwise, operators have to switch them off permanently.
Safaricom Launches Internet Sambaza The newest service offering of Safaricom, Internet Sambaza enables its subscribers to share data among different devices via peer-to-peer transfers. The new service is outlined through the Airtime Sambaza Safaricom introduced way back in 2005 which allows transfer of airtime credits between pre-pay and post-paid customers. It is structured to provide uninterrupted internet connectivity by eliminating factors of retail access to purchase additional data bundles. Internet Sambaza also supports to achieve an increased rate on mobile internet penetration in the country.
Safaricom Raises Mobile Money Rates Kenya: Safaricom has raised its mobile money rates despite the opposition of its consumers. Safaricom subscribers even urged the Kenyan government as well as the Communications Commission of Kenya (CCK) to step up and arbitrate the price hike. According to the CCK, the Customs and Excise Duty Act, was modified and was implemented on 8 March 2013. The new set of Safaricom M-Pesa rates include an increase of 10% on tariffs for transactions worth over KES 101 while no increase on transactions worth below KES 100. Kenyan customers still urge the government to impose a regulation to control rate increases when the quality of service is not improving.
www.technologybanker.com | 17
Mobile Banking and Payments: Industry Map M
obile Banking and Mobile Payment are uppermost in the strategic plans of financial institutions (FI), mobile network operators (MNO) and payment providers, not only in emerging markets but also in developed markets. The mobile technology has given MNOs and FIs the opportunity to expand their consumer cover and engagement. And for emerging markets, like Africa, mobile technology has allowed MNOs and FIs to serve the large unbanked population and help them keep their money safe. In this issue, Technology Banker maps the market and partnership opportunities and competitions with in the mobile banking and payments market.
18 | Technology Banker March 2013
INFOGRAPHIC
www.technologybanker.com | 19
EXECUTIVE INTERVIEW
Executive Interview: MTN on Africa’s Mobile Telecom Industry There is no doubt that Africa is a hot bed for Mobile Banking and Mobile Money. In this issue, Technology Banker catches up with Bornman du Toit, MTN Group’s General Manager for Products, Services and Innovation, to get a lowdown on mobile telecom industry in Africa.
And then we have MTN Mobile Money, which is transforming lives across the continent. MTN believes that for consumers in Africa to be full participants of the digital world, they need access to financial services from every device. We are working towards making that a reality for all our customers through MTN Mobile Money.
Since its introduction, the service has served to improve access to financial services for millions of the continent’s previously unbanked. It is available on the most basic handset. Our various operating companies (Opcos) use agents on the ground to help customers register for MTN Mobile Money. The agents also serve to educate customers on how to use their Mobile Money accounts, deposit and withdraw funds from their Mobile Money accounts, and assist with any transacting difficulties, as well as transfer knowledge of new products launched on Mobile Money. The service is present in 13 of our markets with Uganda and Rwanda showing tremendous uptake and growth.
Bridging the digital divide is also a core focus of ours. In remote areas of Rwanda, for instance, which are not connected to the power grid, MTN’s Comeka ReadySet, which is a portable solar energy system MTN launched recently, is improving access to energy and telecommunications for all Rwandans.
Understanding the role of ICT in empowering enterprises, MTN launched the trial of MTN Cloud in December, focusing on SMEs in six of the Group’s key markets in Africa - South Africa, Cameroon, Cote d’Ivoire, Ghana, Nigeria, and Uganda. Described as pay-as-you use IT, cloud computing is the latest offering in IT. It is intended to assist businesses run efficiently using fewer resources while at the same time reducing operation costs.
Q A
Can you tell us about MTN and the service and products the company offers?
MTN understands that each customer is different from the next and hence we endeavour to tailor solutions according to customers’ immediate and future needs, yet being aware of the financial and technological barriers they face.
We have therefore embarked on a drive to lower barriers to entry like ultra-low cost handsets, low denomination recharge vouchers, up to 100% discounts on voice calls via our global MTN Zone service and then digital services like the MTN Opera Mini Browser to lower cost of surfing the web and enable faster downloads speeds.
International Airtime Transfer is yet another service that allows customers residing outside the borders of our territories to top-up their loved ones, via our business partner’s far reaching distribution networks. At the core of our offering is making connectivity easier and affordable, thereby enabling friends and family to be connected, and businesses to operate efficiently and drive economic growth.
Last year, we launched the revamped MTN Play, which is all about bringing our customers news, lifestyle and infortaining content on a platform that is engaging and easier to use and navigate. This is content that is unique and relevant to the customer’s interests and geographical location.
20 | Technology Banker March 2013
Q A
What part of Africa does MTN cover?
MTN Group has operations in 21 countries in Africa, Asia and the Middle East. In Africa, we operate in Ghana, Benin, Botswana, Cameroon, Cote d’Ivoire, Guinea Bissau, Guinea Republic, Liberia, Nigeria, Republic of Congo (Congo Brazzaville), Rwanda,
South Africa, Swaziland, Uganda, and Zambia. MTN has mobile (GSM) licences in 21 countries and internet service provider (ISP) businesses in 13 countries
Q A
in February 2010. Since then it has become a major success story in Rwanda’s telecom industry. With over 3.2 million customers, MTN Rwanda now has slightly more than 700,000 MTN Mobile Money users and has transaction volumes of over $150 million by the end of 2012. This is just in three years of operation.
Can you describe the telecom market in Africa? Is it saturated or is there still room for competition?
The telecom market in Africa is exciting and challenging at the same time.
The market continues to present immense opportunities for growth, particularly when you look at mobile penetration levels, population growth, and economic growth in Africa.
According to research by Informa Telecoms & Media, Africa’s mobile subscriptions will reach 1-billion before the end of 2015. This can only be considered good news for the industry.
That said, competition in some of our markets is tightening up. This is slightly concerning, particularly in the relatively small countries where you have a high number of players. We don’t think that is sustainable in the long term as such “saturation” leads to fierce price wars, which are not healthy for anyone.
For MTN, it is important that all our customers be part of this bold, new digital world that is changing how people access basic services such as health, education and financial services.
In communities where MTN Mobile Money has gained significant traction, the result has been a fundamental shift in the rural and peri-urban economies.
For example, traders and fishermen in remote villages in Rwanda and Uganda now use MTN Mobile Money to receive payment for their product, and also pay for goods and services that they order. The key benefit in this instance, other than convenience, is that these entrepreneurs now no longer face the risk associated with carrying large sums of cash.
The service is just as popular among working professionals in the cities. Many of them use Mobile Money to purchase airtime, send funds to friends and families, pay school fees, pay their utility bills, and even transfer money out of the country with Western Union seamlessly on their mobiles. The service is safe, easy to use, convenient, and reliable. It is also available even on the most basic of handsets.
Q
Is voice traffic still an important part of the telecom business in Africa or is data outperforming it? If data is to outperform voice, how can telecom companies face up to the challenge?
A
As MTN, our view is that data traffic is going to continue to grow quite significantly for a while.
If you look at the fact that the penetration of data in most of our markets, South Africa included, is still relatively low, we think that there is a great opportunity as far as data is concerned.
We belief that data traffic is going to be important in the future and this is why MTN is investing in infrastructure to ensure that we have the capacity to be able to handle the data traffic as we get higher levels of penetration in terms of devices and handsets.
Q
Mobile banking and Mobile money are very strong in Africa, what role has MTN played in the development of mobile banking/mobile money in Africa?
A
MTN has long believed in the potential of mobile phones to transform the lives of customers in emerging markets. This is why MTN launched MTN Mobile Money, which is already the most popular method of conducting transactions in many of our markets, and is driving the growth and expansion of this service.
In future, we foresee Mobile Money services growing to also include savings and online purchases.
Q A
In your opinion, what does Africa needs to make it a world leader in technology innovation?
Universal access to broadband services, which is what MTN through its focus on digitisation, wants to drive. We believe that digitization is a great equalizer. It will eliminate the distinction between the first and third worlds, and enable Africa to compete effectively with the rest of the world, operating on an equal footing, at the same time driving creativity and innovation on the continent.
The telecom market in Africa is exciting and challenging at the same time. The market continues to present immense opportunities for growth, particularly when you look at mobile penetration levels, population growth, and economic growth in Africa.
In Uganda for example, MTN Mobile Money customers have reached a staggering 3.5 million users. This is just in over 3 years since the service’s launch in that country. It repeated the same feat in Rwanda, where MTN introduced MTN Mobile Money
www.technologybanker.com | 21
OPINION
How Mobile Money is Shifting Africa’s Diverse Society By Raj Signh, COO Chase Bank Kenya
L
et me mention here that Africa is a huge continent made up of 52 countries (I hope I am not missing any). The continent is economically and culturally very diverse, with different regional economic zones or blocs with its own challenges. The financial systems in these countries are also as diverse as the countries themselves. There is a very rapid spread of mobile phones in Africa and what it essentially means that the number of mobile users have exceeded the number of banked people or number of people with bank account in many low income countries. Mobile Banking has a very positive impact on informal intermediary development in African banking and financial sector or I should say African society as a whole. We must realize and understand that in Africa there is a growing role of informal finance which I think is very much obvious like in any developing region or country. In countries with fairly large retail banking customer base, such as Kenya, Nigeria, South Africa and Zimbabwe, banks have added mobile banking offerings as additional channels for their existing products and it has really changed the way customers used to access their financial needs. Signing up to a mobile money service is easy since the service requires minimal sign-up details and takes advantage of the mobile-phone ownership. However, generally Central Banks across the world worry about the risks involved herein and therefore a bit hesitation in giving the go ahead. But Most East African countries are a notable exception - the Central Banks in these countries has taken the risk of allowing mobile operators to provide money transfer services, which a very commendable step. Money moves around the economy far more efficiently and quickly and in that sense, a higher level of financial inclusion has been achieved.
22 | Technology Banker March 2013
We should also realize that in order to encourage innovation and financial inclusion - positive, creative regulation is needed, rather than restrictive regulation. In Africa and especially in mobile banking space regulation and innovation have found an optimum coexistence. There are various different models which have really helped the growth of mobile banking in Africa viz; Pure bank driven, Joint venture, Non-bank led, Non-bank driven. There are significantly more mobile subscribers than bank accounts. Mobile banking has played a highest role in bringing the unbanked class in Africa in to financial inclusion. If I mention about mobile banking service, M-Pessa in Kenya, today workers living in city can immediately with a click of button send money to their family in far villages, whereas earlier they had to depend either on some expensive courier type services or they had to travel themselves to make the money available to their families. We can imagine the change and convenience it has brought in to the life of those families enjoying such facilities. Some mobile operators in Africa also offer popular airtime transfer services. Say for a fee, one pre-paid customer may transfer a portion of his/ her airtime to another user on the same network. The characteristics of this service have led some to suggest that airtime is a de facto form of e-money or alternative currency in such cases. I would leave it to readers to draw their conclusion…….but I will reiterate that mobile banking has positively changed the African financial market.
FEATURE
Predicting the Most Sought After Applications for Mobile Banking What to Look for in 2013 According to market analysts, 2013 will be the year when mobile banking is the norm for most banks. Even emerging markets that never had hardwired ATMs in place will jump head first into wireless remote access. By Aisha Benson
T
his presents a number of challenges to bankers and ATM manufacturers but in the end, it is expected that the number of customers utilising mobile banking will more than quadruple in number. Following are some key areas, which are expected to become the key focus for 2013.
programs like Microsoft Exchange interface with their infrastructure and other times the APM will ascertain whether or not security software has been breached. All aspects of performance are analysed and the beauty is that the APM can often make changes without waiting for human interaction.
Increased Awareness of the Importance of Monitoring
Financial Institutions Will Focus on Maximising IT Investments
With ever increasing numbers of ATMs being located around the world, it is becoming evident that this will leave vulnerabilities in security greater than any seen in the past. Not only is the physical machine itself open to theft, but the network it is connected to is susceptible to cyber-attacks. Banks that have an existing network of ATMs will increase best practice security measures whilst banks new to ATMs and mobile (smartphone app) banking will need to develop a programme from the ground up. Long gone are the days of hiring a security guard to stand in a bank to protect customers and cash transactions because most customers now access their accounts from remote locations. This places a huge burden on financial institutions to guard the integrity of each and every transaction - thus an increased awareness in terms of monitoring the network over which data is sent.
Utilisation of Application Performance Management
Once the importance of constant monitoring is driven home in the mindset of bankers, it’s time to understand the best way to protect vital information transference. The name for this type of monitoring is Application Performance Management (APM) and it does exactly what it says. Software is developed that can track the applications utilised by banks and consumers so that a report can be generated as to the performance of popular apps. Sometimes the APM software will assess how
Since Information Technology is the core of mobile (remote) banking, banks would be well served to maximise their investments by providing cutting edge technology to monitor and control their systems. This is one area where it does not pay to cut costs because so much is at stake. Market analysts believe that those financial institutions not utilising state-of-the-art monitoring and security systems will be in for a rude awakening. Everything from the initial transaction to cyber security is done in real time. Only the latest software, which is updated continually, will have the capability to handle this kind of load. Banks, that provide instant access and ultimate security, will grow their customer base exponentially. Finally, 2013 is predicted to be the year with a focus on analytics. As mentioned, IT professionals will design and develop software that can make adjustments as needed without the need for a programmer to go in and edit the code. This is a new day in mobile banking and banks are encouraged to find mobile applications that are up to the job. In fact, this is such a new concept in cyber technology for banks that many new companies will be formed to specialise precisely in this. Unless the bank’s infrastructure is built on a platform with self-programming adaptability, there will be flaws in the system that can bring operations down in a nanosecond. This year will see more advances in mobile banking than all previous years added together - that is the consensus.
www.technologybanker.com | 23
NEW STARTUP
VirtualBank Africa This Zimbabwe-based start-up is dedicated to offering a socially responsible and much-needed financial service to Africans at the bottom of the pyramid with a financially sound business model built to maximize investor value while keeping risk to a minimum. Join us as we interview Mr. Clifford Brody, Senior Advisor to VirtualBank and Founder and CEO of Global Bankers Institute (http://www.globalbankersinstitute.com)
Q A
Mr. Brody, please tell us what makes VirtualBank Africa unique?
VirtualBank Africa (http://www.virtualbank.co.zw) is the first company in Zimbabwe to offer the ability for Zimbabweans with or without bank accounts to make internet payments as well as to provide a cheaper, more reliable and more secure way for Zimbabweans in the Diaspora to send remittances back to Zimbabwe. It has a strong and dedicated management team led by Mr. Tawanda Kembo CEO. You may know him as the founder of the web site “I Paid A Bribe” (http://www.ipaidabribe.org. zw) – the most popular way of reporting corruption in Zimbabwe. VirtualBank Africa is getting ready to launch and I believe it will take the market by storm!
Q A
How did you get involved in this project Mr. Brody?
I have been a longtime advocate for microfinance and for new channels that provide access to critical financial services to a huge segment of the population for whom traditional banks accounts and credit cards are not available. The ability to transfer funds and to make internet payments is more important than ever in an increasingly wired world – and there is a huge economic gap between those who have it and those who do not. That’s why when I was approached by Mr. Kembo nearly two years ago with his concept for VirtualBank Africa, I was immediately supportive. I am volunteering my time to VirtualBank Africa because it is both a cause I believe in and a business concept that I know can work – all run by people I trust.
Q A
How big are the remittance and payments markets in Zimbabwe?
In Africa the remittance market is over $50 billion USD each year. In Zimbabwe alone, there is about $1.5 billion USD coming in each year. Currently the volume of internet payments in Zimbabwe is low – under a half million USD – but that is because like most African countries Zimbabwe has no PayPal or Google Checkout alternative – and that is exactly why VirtualBank is so well-positioned.
24 | Technology Banker March 2013
Q A
How does VirtualBank make its money?
We decided that we wanted to make things as simple as possible so VirtualBank is charging a simple transaction fee of 2% on all transfers and payments.
Q A
What are the problems in the current remittance market in Africa?
The formal market for money transfers to Africa is relatively young and faces the challenges typical of emerging markets. These issues include: Uncertainty about the volume of remittances - 85% of the money remitted to Africa is sent using informal channels; Limited competition – Two companies have 65% of the market; High transfer costs – people usually pay 10% to 15% of the money remitted; and finally a general lack of technological innovation.
Q A
And what do you see as the problems in the online payments market in Zimbabwe?
As in much of Africa, merchants and retailers have no capacity to accept online payments and this has hampered the take-off of e-commerce in Zimbabwe. 70% of Zimbabwe’s population does not have bank accounts. Only 8% of Zimbabweans have either Credit or Debit cards which can be used to make Online Payments. And, as in many countries, Zimbabwe has no PayPal or Google Checkout alternative.
Q A
Finally Mr. Brody, what do you see as the future for VirtualBank?
Zimbabwe’s Mobile broadband subscriber base grew by 18% in the last 3 years. There is a 90% mobile penetration rate. Africa is the fastest growing region in terms of cellular connections and yet 95% of Africa’s population do not have bank accounts. We have figured out how to capitalize on this huge need and at the same time provide a socially responsible service for hundreds of millions of individuals in Africa.
BANKING NEWS
Ecobank persuades customers through getting rewards Kenya: Ecobank has launched a campaign to encourage customers to raise their deposits and participate in the bank’s new promotion, and earn rewards. The newest Ecobank promotion dubbed as “Angukia Doe na Ecobank,” which started on 12 March 2013, will run for three months. Last year, Ecobank introduced a similar promotion, which offered the winner a brand new house. According to the Managing Director of Ecobank, Tony Okpanachi, customers must make a minimum deposit of Sh2000 to qualify to the promo. Succeeding deposits made will entitle the customers to more entries meaning more chances of winning. The grand prizewinner is set to receive a monthly income of Sh100,000 for twelve months, while the 2nd prizewinner will receive a monthly income of Sh75,000 for the same period.
First Bank Offers Customized MasterCards Nigeria: First Bank has introduced its new card product, Expressions. It aims to promote the uniqueness of individuals by customizing each MasterCard according to the cardholder’s preference. Customers of Debit Naira MasterCard have the opportunity to design their own cards. They can use any preferred designs including favourite icons or images of themselves or loved ones. This new product restates the bank’s commitment to its customers in continuously delivering innovative ways to keep their customers happy.
Mobile Banking Penetration at 80% in Nigeria Nigeria: The country has seen a growth in mobile banking penetration as customer traffic in bank branches has reduced over time. According to the MD of Enterprise Bank Limited, Mallam Ahmed Kuru, there is an upward trend in online banking. He added that customers are now choosing to use the online facility provided by their banks. Nigerian customers are now embracing the convenience and ease of access of online banking. To meet the growing demands, Nigerian banks are under pressure to enhance and upgrade their online platforms. Banks are now focusing on building new infrastructures to support its electronic platforms. Additional investments on internet and mobile banking as well as ATMs are the goal of most banks these days.
Central Bank of Uganda Releases Banks’ Lending Rates Figures Uganda: According to the record released by the Central Bank, Citibank and Barclays are the only banks that provide a lending rate under 20%. Most banks in the country charges a lending rate of between 20% - 25%. According to the latest figures, Citibank’s lending rate is 19% and Barclays is 19.8%. The bank with the most expensive rate is ABC Limited and Housing Finance Bank (HFB) at 25%. The Central Bank has maintained its 12% reduced rate over 3 months, therefore there no further reason for other banks to keep its high lending rates. Figures show that the records of bad debts recorded in September 2012 at 4.7% were reduced to 4.2% in January 2013 as a result of the reduction in the CBR. The Central Bank of Uganda expects to see the positive effects of the low CBR within the next two years.
www.technologybanker.com | 25
EXECUTIVE INTERVIEW
Ericsson: Its Past… Present and Future in Africa Ericsson started life as a telegraph repair workshop in 1876 in Sweden. Now, it is one of the most respected companies in the telecommunication and IT industry. Technology Banker catches up with Shiletsi Makhofane, VP Marketing & Strategy, Ericsson sub-Saharan Africa, to find out more about Ericsson’s work in the continent.
Q
Africa is currently going through a rapid technology transformation, what do you think is Ericsson’s major contribution to the continent’s technology development?
A
Ericsson serves approximately 400 customers including major network operators on the continent. We are responsible for the design implementation, maintenance and upgrade of these networks, and we also offer end-to-end solutions for our customers. For example, Ericsson introduced an SSR 8020 platform for wireless IP core network in 1997, which saw the introduction of a prepaid solution. Prepaid has been largely responsible for the rapid uptake of voice telephony on the continent.
Shiletsi Makhofane, VP Marketing & Strategy, Ericsson sub-Saharan Africa
26 | Technology Banker March 2013
We also provide connectivity to the Millennium Villages Project (MVP) - an initiative that uses ICT to help rural communities lift themselves out of extreme poverty - alongside proven interventions. Leveraging on innovative tools and technologies, the MVP that we are doing in partnership with Earth Institute at Columbia University is active in 79 villages, in 11 countries, and has changed the lives of over 500 000 people.
Through innovative use of ICT, Ericsson addresses challenges ranging from health, education, agriculture and business development. In 2010, Ericsson co-founded a global education initiative, Connect to Learn to leverage the power of ICT to bring high quality education to students everywhere. Today, more than 40% of the world’s mobile traffic passes through networks provided by Ericsson. The networks we support for operators serve more than two billion subscriptions. More than 2,000,000,000 subscribers around the world now use Ericsson charging and billing solutions.
Q
Having been an established international technology company in Africa, Ericsson must have seen how the continent has evolved. What do you think is the major effect of technology advancement in Africa, in term of financial inclusion?
billing systems. Ericsson works through partnerships with leading financial-services companies, such as Western Union, and also has close collaboration with telecom operators around the world, providing an easy way for them to offer their subscribers mobile wallets. 2012 saw Ericsson and Western Union announcing a strategic agreement designed to accelerate the interconnection between the m-commerce eco-system and the existing financial world.
A
In Africa, many people are likely going to own a SIM card than have a bank account; this is largely due to unavailability of banking infrastructure and the relative ease of getting connected. Mobile and broadband connectivity have drastically changed the money remittance landscape on the continent. Through mobile banking, friends and families can safely and securely send and receive money, pay their utility bills, schools fees etc. Mobile money has opened up a whole new industry and has incorporated people who have, until now, no access to banking facilities.
The first step of this agreement will result in seamless platform integration between the Western Union Mobile Money Transfer network and the Wallet Platform enabling mobile operators to access the company’s global money transfer network of more than 480,000 Agent locations across 200 countries and territories. M-commerce has the potential to stimulate economic growth on all levels in Africa, which is now on the frontline of innovation on the road towards the cashless society. Ericsson will continue to share this knowledge and experience with all stakeholders in the region.
Q
Having presence in major countries across the world, Ericsson must have a great understanding of consumers’ attitude and behaviour towards technology. As such, what do you think is the driver of technology consumption in Africa? Is it the same as the other continent?
A
Voice still accounts for the large chunk of traffic on the networks, but data is fast catching up. Internet penetration on the continent remains low, but its consumption is increasing steadily with the bulk of this consumption being driven by handsets. According to research conducted by Ericsson’s ConsumerLab, video will account for the bulk of the traffic on the network in the next few years. Consumers in Africa have the same needs as consumers around the world. They are looking for a seamless user experience such as coverage, the right pricing and products bandwidth so that they can tap into a host of telemetry solutions.
Q
There is a strong focus on mobile banking in Africa, what is Ericsson’s position about this industry? What role has Ericsson played in the development of mobile banking in Africa?
Q A
What do you think is the future of mobile banking in Africa?
Ericsson believes that mobile banking has a promising future in Africa. We see mobile banking evolving as it matures and redefining the m-Commerce landscape. This is a technology that, to a large extent, is driven from Africa and is having an impact on how it is deployed in the rest of the world.
Q A
Do you think mobile banking will finally replace ATM in the continent?
We believe there is a market that ATMs are serving and those served mobile banking. Often there is a cross-pollination between the two, which is great for consumers. We believe that ATMs and mobile banking cannot only co-exist but can thrive alongside each other.
A
Ericsson is already an established player in the field of mobile financial transactions with 2.0 billion subscribers served by the company’s charging and
www.technologybanker.com | 27
FEATURE
Mobile Banking: How It Changed the African Financial Landscape Mobile banking may have come of age in mid-2000s, but it can trace its history as early as 1992 in Finland, when Merita Nordbanken offered mobile bill payment to their customers. By Hope Varnes
In 1999, the same bank became the first in the world to handle banking transaction through WAP, allowing their customers to check their transaction logs and bank balance on their mobile phone. In May of the same year UK’s First Direct Bank launched a service, which used SMS to alert its customers when their account balance reached below a specified amount. Customers were also able to set the service to send them a mini-statement through SMS. Early initiatives in Finland never gained traction, while on the other side of the world, Smart Money was launched by a company called Smart in the Philippines and from their launch they still remain strong. However, it was not until 2007, when Safaricom launched M-Pesa, that mobile banking and mobile payment got serious global attention.
Six Years On
Three years after the introduction of M-Pesa, which was a mainly a mobile money transfer for low-income customers, Safaricom launched M-Kesho, in partnership with Equity Bank. Unlike M-Pesa, M-Kesho is aimed at customers who have the ability to save money. It is an inexpensive savings account. Customers can start saving from just Ksh 1 and customers can deposit and withdraw money at their convenience. Previously unbanked Kenyans now have access to bank accounts. Like traditional saving bank account, M-Kesho attracts interest, offers micro-credit, deposit, withdrawals and personal accident related micro-insurance. Safaricom claims that M-Kesho does not only offer inexpensive financial services, but also encourage low-income groups to save.
www.technologybanker.com | 29
The decision to pay workers’ wages through their mobile was not only advantageous to the workers but also to the company. According to Evans Kidero, Managing Director of Mumias, workers used to leave work for a day or two to get their money from pay points. As a result, they don’t harvest enough cane, reducing the factory’s cane supply. In Rwanda, teachers now receive their salary on time through their mobile phone and Kenyan pensioners also receive their pensions through their mobile phone. In Ivory Coast, employees of Société Africaine de Plantation d’Héveas (SAPH), the main producer of rubber in Africa, also receive their salary through their mobile phones.
Top 7 Mobile Network Operator in Africa Late in 2012, Safaricom also launched another financial product, M-Shwari, in partnership with Commercial Bank of Africa. M-Shwari is another low cost, interest bearing account, which also allows customers to apply for loans. Customers don’t have to fill any forms or visit the bank to access the service. Customers can start saving as little as Ksh 1 and have access to emergency loan from Ksh 100. Following the success of M-Pesa in Kenya, various operators in Africa also launched their own mobile banking and mobile money products. MTN Nigeria offers mobile banking services to its subscribers who bank with ABSA, Standard Bank, First Bank Nigeria and Nedbank.
MTN Nigeria-43.2m subscriptions Vodacom-37.7m subscriptions Vodafone Egypt-37.5m subscriptions MobiNil-32.4m subscriptions MTN South Africa-23.5m subscriptions
MTN Ghana also launched its mobile banking service in Ghana in November last year, this time in partnership with Fidelity Bank. MTN Ghana subscribers who bank with Fidelity Bank can move money from the mobile wallet to their bank account and vice-versa. They will also be able to check their balance, access mini-statements and carry out cardless cash withdrawals from Fidelity Bank ATMs.
Etisalat Misr-22.9m subscriptions
MTN Ghana is not the only operator that launched mobile banking in Ghana in 2012. Bharti Airtel has also partnered with Standard Charted Bank, Ecobank Ghana, United Bank of Africa and Zenith Bank Ghana, to offer mobile banking.
I can now speak on how mobile banking has changed the Nigerian market. Essentially, the availability of mobile banking services has provided an additional and comfortable means for account holders to transact at their convenience. The wide reach of mobile phone services means that this channel has limitless potentials to further change the way banking services are rendered as we currently know it. However, there is still a lot of work to be done in convincing account holders to switch to this channel because of the desire more often than not for the need to have a human touch in carrying out banking transactions by a wide variety of people
Easier Banking
Apart from access to financial services, mobile banking has also made banking easier for Africans. Customers don’t have to travel miles and endure long queues to carry out banking transactions. In Western Kenya 13,000 cane cutters employed by Mumias Sugar Company don’t have to visit their banks to receive their salary. They now receive it on their mobile phone, and from there, they can pay their bills and save for the future, although, at the moment, they don’t earn interest.
30 | Technology Banker March 2013
Glo Mobile-22.0m subscriptions
Tolulope Oguntoyinbo IT Service Manager Banking Industry, Nigeria
FEATURE
What It Takes to Make Mobile Transactions Safe and Secure for Everyone Advances in mobile technology seem to be accelerating at the speed of light, but unfortunately, as quickly as developers close back doors and institute safety features, hackers find new vulnerabilities. By Lara Gibb
W
ithin the past few years, smartphones and other mobile devices have come into their own and many customers now access accounts and make financial transactions on these handy pocket-sized gadgets. They are convenient, yes; but are they safe? Learn what it takes to make mobile transactions safe and secure for everyone from customers to merchants and/or financial institutions.
that was previously unheard of. Traffic volumes were reduced in local branches and customers were not limited by bank hours of operation. Having access to an ATM meant that customers could make a balance enquiry, deposit or withdraw money virtually 24 hours a day, seven days a week. ATMs are never closed, depending on the location, so it is possible to deposit or withdraw money even on bank holidays.
The Advent of ATMs & the Evolution of Mobile Banking
Unfortunately, there were some downsides as these machines were costly to operate, a bit unreliable in the early days and there were some major communications issues over hardwired connections. Once mobile phones
When ATMs were introduced to the banking sector, this added a level of service and convenience to customers
www.technologybanker.com | 31
PINs, were utilised so that only the customer would know this number even if someone was able to get a hold of the account number. With such things as key loggers, even PINs were insufficient to protect a bank’s customers. Next, the focus shifted to determining how to prevent a phone’s memory from being replicated.
inundated the market, the financial sector envisioned a powerful tool for customers to use to log into their accounts to handle financial transactions. Although, it isn’t possible to make deposits or withdrawals from a mobile device, consumers could transfer money from one account to another, pay bills and check balances or track down outstanding transactions. However, this too presented its own set of issues which needed to be dealt with.
Mobile Banking Security Issues Earlier mobile phones were fraught with vulnerabilities when it came to communicating personal data over the airwaves. It was easy for hackers to intercept information which led to a good bit of fraud which needed to be dealt with. Short Message Service, SMS, was the predecessor to current mobile applications and enabled users to make basic enquiries as to the status of their accounts. This, in itself, did eliminate some of the cost involved with ATMs but security became a problem. SMS enquiries did not prove to be secure or reliable all of the time. As smartphones and a new generation of handsets hit the market, browsers for web-based connections and a number of downloadable applications were developed; consumers could now have a greater sense of security that their private information couldn’t be as easily hacked - or could it? It became a concern as to how to securely transmit data without being intercepted. Keep in mind that not all users had smartphones and SMS transactions were not encrypted.
Possible Solutions to Mobile Security The first step banks began taking involved setting up ways in which customers could authenticate themselves as the account holder. Personal Identification Numbers,
32 | Technology Banker March 2013
Those phones with SIM cards were found to be quite vulnerable to replication. As a result, unique identification codes were assigned to each phone which made it almost impossible for hackers to replicate the stored memory. This was viewed as a second level or layer of secure authentication. Encryption of data made phones much more secure, but as we saw above, not all phones have this capability and not all users desire to upgrade at this time.
Informed Customers Make for Satisfied Customers Whilst mobile technology provides enhanced convenience for customers and lower cost for financial institutions, there are still security concerns which need to be addressed. There is a definite tension between additional costs to users (i.e. upgrades on phones or SIM cards) and the cost effectiveness mobile connectivity offers banks. Banks are still trying to resolve some of these issues for low-end users whilst providing this service for the convenience of all. Some customers recognise the risks involved and are willing to take their chances but others shy away from mobile banking for this very reason. It is safe to say that whilst technology is being developed to resolve these issues, it is incumbent upon financial institutions to inform their customers of potential shortcomings in mobile banking security. Once informed of these risks, they can choose to make traditional ATM transactions or to utilise their phone on-the-go. You may be looking to save a bit on the cost involved in ATMs but if customer satisfaction suffers, you’ve gained nothing. Keep them informed and keep them happy.
EVENTS FOR YOUR DIARY
What: CeBIT 2013 When: 5 - 9 March 2013 Where: Hanover, Germany Website: http://www.cebit.de/en/about-the-trade-show/programme/ cebit-global-conferences
What: Banking Information Technology Summit (BITS) & Exhibition When: 6 March 2013 Where: JW Marriott, Mumbai Website: http://www.banknetindia.com/bits13.htm
What: Future Bank Africa 2013 When: 11 - 12 March 2013 Where: Johannesburg, South Africa Website: http://www.terrapinn.com/exhibition/future-bank-africa/ index.stm
What: Information Security World When: 11 - 12 March 2013 Where: Johannesburg, South Africa Website: http://www.terrapinn.com/exhibition/infosecurityafrica/ index.stm
What: Cards and Payments Africa 2013 When: 11 - 13 March 2013 Where: Sandton Convention Centre, Johannesburg Website: http://www.terrapinn.com/exhibition/cards%2Dand%2Dpay ments%2Dafrica/?pk_campaign=Terr-Listing&pk_kwd=Africa
What: AITEC Banking and Mobile Money West Africa LAGOS 2013 When: 13 - 14 March 2013 Where: Eko Hotel Lagos, Nigeria Website: http://aitecafrica.com/event/view/90
What: 6th Mobile Commerce Summit ASIA 2013 When: 19 - 21 March 2013 Where: Hotel Novotel Clarke Quay, Singapore Website: http://neo-edge.com/event-line-up/telecom-it/6th-mobilecommerce-summit-asia/
What: Fraud Conference 2013 When: 26 - 27 March 2013 Where: Grange Tower Bridge Hotel, London, UK Website: http://www.fraudconference.co.uk/
www.technologybanker.com | 33
VENDORS DIRECTORY
Products/Service: automation solution for business processes and operations, infrastructure, Managed Services, Software Lincensing, Connectivity (Radio, Fibre, VSAT, Internet) Contact: 234-1- 2704674-5, 8516813, info.cwl@cwlgroup.com
Products/Service: Business Process Management (BPM), Enterprise Content Management (ECM), Customer Communication Management (CCM) Contact: +973-1-619-8002 www.newgensoft.com
Product/Service: banking security platform (online banking, mobile banking, card transactions) Contact: +27 21 815 2800 info-africa@entersekt.com Website: www.entersekt.com
Product/Service: satellite service for transactional applications, standard Internet access including web surfing, email, VoIP and similar applications Contact: +32 478 541 999 Website: www.satadsl.net
Product/Service: products that enable voice, messaging, IP multimedia services and business communication for fixed and mobile access Contact: +46 10 719 00 00 Website: http://www.ericsson.com
Product/Service: Secure financial messaging, operational equipment, & business intelligence Contact: Wim Raymaekers, +32 2 655 33 29, wim.raymaekers@swift.com Website: http://www.swift.com
Product/Service: training and consulting support for banks and financial institutions and companies around the world Contact: +1 212 579 5500 inquiries@globalbankersinstitute.com Website: www.globalbankersinstitute.com
Product/Service: serves as an online deposit account and a low-cost, internet-based alternative to traditional money transfer methods such as cheques, money orders and wire transfers support@virtualbank.co.zw Website: http://www.virtualbank.co.zw
Not listed on this directory? Product: core banking, mobile banking, e-banking Contact (EMEA): +44 776 651 0099 Website: www.infosys.com/finacle
34 | Technology Banker March 2013
Contact Jenny Howard on: +44(0)1442 345 379 or email jenny@technologybanker.com
AFRICA CONFERENCE & EXPO
HYATT REGENCY HOTEL, JOHANNESBURG, SOUTH AFRICA 27-29 MAY 2013
Keep Pace with the Accelerating Commercial Opportunities in Mobile Money Introduction to Mobile Money Africa 2013 The 5th annual Mobile Money Africa offers an unbeatable forum for mobile money professionals wanting to succeed in Africa. No other event brings so many industry thought leaders together or such dedicated coverage of mobile money developments from across the whole of Africa. The Mobile Money Africa conference and co-located exhibition brings over 250 mobile money professionals together under one roof for an intensive discussion on driving growth for all industry segments. Over 65 operator representatives attended in 2012 to share their experience of commercial mobile money services, and 17 global solution providers presented their innovative mobile money offerings. Now is the time to secure your place amongst the leaders of the mobile money movement in Africa.
Top Speakers: Betty Mwangi-Thuo, General Manager, Financial Services, Safaricom
New for 2013 - Speed Networking more facilitated 1-to-1 meetings with operators - Mobile Money Awards Africa categories to be announced soon
Hot topics for 2013: • Keeping Pace with a Changing Mobile Payments Industry
Habil Olaka, CEO, Kenya Bankers Association
• Business Models for Mobile Payments in Competitive Markets
Albert Matongela, Leader - Southern Africa Development Community Bankers Association Payment Project (SADC BA Payment Project), FNB Namibia
• Successfully Monetise New Services & Next Generation Technology
Ngoni Simelane, Head: Technology & Innovation; Beyond Payments, Standard Bank
• Reducing Risk & Focusing on Security
Vanesha Palani, Head: Channel Management; Nedbank Digital, Nedbank
Brian Richardson, Founding Director & CEO, WIZZIT, South Africa Lowell Campbell, Branchless/Agent Banking, Standard Bank Africa
• Mobile Money Case Studies • Plotting the roadmap for NFC payment implementations • Crystal Ball Session: What will be the ‘game-changer’ services going forward?
Current Sponsors Include:
http://www.mobile-money-gateway.com/event/mobile-money-africa-2013
#MMAFRICA
www.clearpathanalysis.com
UPCoMing REPoRTs To DownLoAD foR fREE...
data & teChnoloGY for emploYee benefits
fund & asset manaGement teChnoloGY
PUBLISHED 1st OCTOBER
PUBLISHED 29th OCTOBER
asset manaGement for insuranCe, europe
auto-enrolment for pension plans, uk
PUBLISHED 25th FEBRUARY
PUBLISHED 14th JANUARY
EDUCATE THE
MARKETPLACE Collaborate with us on informative finanCial and bespoke reports
for more information visit: www.clearpathanalysis.com t: +44 (0) 207 936 9450 e: marketing@clearpathanalysis.com