Bango and MMIT have released M-Iflọ, a safe payment solution that enables online transactions for digital content. M-Iflọ navigates the complex mobile payment environment in Sub-Saharan Africa and is tailored to the needs of the industry leaders in mobile content.
Africa’s growing population of smartphone users are young, tech savvy and early adopters by instinct. But when it comes to payment for mobile apps and content, African consumers are shut out, excluded from mobile commerce because merchants are fearful of the risks of doing business in Africa. M-Iflọ addresses those concerns and will unlock a world of mobile payments in Africa.
Mobile billing has been held back across much of Africa, limited by a range of technological and political risk factors. Political instability in a number of Sub-Saharan countries has resulted in unclear regulatory environments and a lack of proper infrastructure to support stable carrier-grade billing systems. Settlement and collection of funds is complex, with rapidly fluctuating exchange rates, varying taxes, and transfer fees. Further, As Jide Akindele, CEO of MMIT commented “unfortunately corruption remains a substantial risk within the mobile money industry in Sub-Saharan Africa. This has resulted in a reluctance from the world’s app stores and mobile brands to engage the African market.”
The two companies have combined to build M-Iflọ, a billing mechanism and verification portal for digital wallets. M-Iflọ is designed to fit the cash-exchange culture of Africa and offer reassurance to app stores and digital merchants. M-Iflọ will give millions of Africans the ability to make mobile payments for apps, games and other smartphone content.
M-Iflọ is a payment verification portal that acts as a safe entry point for mobile content providers to reach the African market. M-Iflọ allows consumers with a mobile wallet account in Africa to pick their wallet provider as a payment option at the checkout page of a content site. The wallet holder enters their mobile wallet number for account verification and obtains the content.
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