NEW DELHI: To evade rampant use of cash in emerging African markets, Beyonic, headquartered in Nairobi, Kenya, will partner with Mobile Accord steering Beyonic to be the largest mobile money aggregator in Africa.
Beyonic currently operates in Uganda and Kenya, and will leverage Mobile Accord’s expertise in building mobile solutions and relationships with leading mobile carriers to bring its platform to 25 additional countries. Beyonic’s online platform enables businesses to quickly deploy, track and manage two-way mobile money payments over multiple mobile carriers with one, easy-to-use system.
Mobile Accord has direct relationships with 78 mobile carriers in 44 countries in Africa and Asia and will use its connectivity to expand Beyonic’s reach. Together, Mobile Accord and Beyonic will work to implement a roadmap for expansion, starting with 10 key markets: Cote D’Ivoire, Ghana, Liberia, Malawi, Mozambique, Niger, Rwanda, Sierra Leone, Tanzania, and Zambia.
Mobile money allows those in emerging markets to pay or receive money through even the most basic mobile phones. For NGOs and businesses working in emerging markets, mobile payments enable fast, secure money transfers and reduce losses associated with cash payments. Beyonic indicates that the company’s cross-carrier solution allows businesses to manage payments in multiple countries through one intuitive platform.
Commenting on the partnership, Beyonic’s CEO Luke Kyohere said, “For those working in emerging markets, cash payments are riddled with security and logistical issues. Over the past few years, mobile money has become popular both for businesses looking to move away from cash, and for individuals who do not have the means to open traditional bank accounts. Beyonic’s system allows NGOs and businesses to utilize mobile money for expenses with very little set-up, and we are excited to expand this important tool across Africa.
Explaining in detail, Beyonic’s executives indicated that by using Beyonic’s online interface, companies can manage payments to employees, aid beneficiaries, and vendors. The ability to make and track payments across any network opens up mobile money to businesses that previously did not have the resources to connect to every carrier in a country.
Beyonic has already collaborated with prominent mobile money systems including MTN and Airtel in Uganda and Safaricom’s m-Pesa in Kenya, and has been used by organizations including Save the Children, Educate, and Innovations for Poverty Action to reduce the need for cash payments and increase operational efficiency.
