25 Apr Appzone integrates recharge vending solution in Microfinance services
Time has gone when apathy ruled the customer base of Microfinance banks (MFBs); but not anymore, as recent trends have seen them embrace technology. Some of the tech applications now embedded in the service offerings of these MFBs have made them virtually no different from commercial banks that people ordinarily have confidence to operate in.
Recently, one of Africaâ€™s leading providers of home-grown banking and financial technology solutions, Appzone, leveraged its BankOne platform (which serves microfinance banks) to introduce a USSD-based service that enables instant airtime top-up via mobile phones of MFB account holders.
This value added service provides MFB customers with an easier and more efficient way to buy airtime from their mobile phones even as it allows them to check their account balance.
AppZone’s Business Development Group Head for its Retail Banking Cloud division, Mr Adelana Adewusi, said that MFBs signed up to this service are assigned a unique code which can be dialed by their customers to get any denomination of airtime while the MFB, via AppZoneâ€™s BankOne platform, facilitates the automated deduction of the purchase amount from the customerâ€™s account
He added that for convenience, easy adoption and a seamless customer experience, no registration, app installation or configuration is required for customers to start using this mobile banking service. Rather, the service is available on any smartphone or feature phone currently in use.
According to Adewusi, “To enjoy the service and for security reasons, customers must use phone lines that have been registered to receive debit and credit alerts for transactions on their account. All a customer has to do is simply dial the specified code and key in the value of airtime required. The BankOne platform validates the customerâ€™s account number and verifies that the customer has sufficient balance. After verification, the customerâ€™s account is debited for the requested amount while his/her phone line is topped up instantly” he said.
The USSD mobile Banking service is also said to support other basic Banking functions like balance enquiry and inter-bank funds transfers.