Tag Archives: mobile money

One Card To Rule Them All!

While some are skeptical about this product, claiming everything is going Mobile (ahem Mpesa), Coin is a remarkable product that resolves an existing problem with a practical solution.
Coin is a connected device that can hold and behave like the cards you already carry. Coin works with your debit cards, credit cards, gift cards, loyalty cards and membership cards. Instead of carrying several cards you carry one Coin. Multiple accounts and information all in one place.



Mpesa has been lauded by many to be truly a game changing revolution.

However there are some key features lacking in M-Pesa reduce its impact as an effective solution.

1. Automation and Management of End-to-End General Accounting Procedures

Mpesa should handle basic administrative financial processes from start to finish,which it does not. the solution leaves gaping holes in the financial accounting procedure cycle, were one truly utilize the product fully for business, it would be difficult to account for transactions.

2. Support for Worldwide Financial Processes

Support for multiple currencies and conversions, languages, country-specific laws and guidelines, and multi-national transactions – to better coordinate activities that span countries,nations,multiple departments and business units, and improve the execution and management of all financial tasks across all global locations.

This is the target of Zain’s Zap, who have a regional approach to the Mobile Money question.

3. Planning and Forecasting

Companies who utilize financial management software solutions have a dramatically enhanced ability to leverage historical data to predict future financial activities such as trends and patterns in income, revenues, and expenses.

In line with this, M-Pesa has been touted to provide a scenarion that would aid a basic business to develop a habit of saving and growth there businesses.

In this case therefore, M-Pesa should allow a trader to understand how certain potential conditions, can impact its financial status. This makes strategic planning more accurate and successful.

4. Cash Flow Management and Tracking

Tracking income as it is recognized and monitoring how funds are spent is a basic necessity for any application handling your money.

Can you imagine going to your bank and requesting to see a years statement and not being able to?

Well, that is the case with M-Pesa. One can not currently query the ststem for financial history, even after a day. If one requires such information, one has to go to an M-Pesa Agent and pay kshs.500/= for every three months of ones statements .

This is way higher than the rates that commercial banks have for their own statements and to this end M-Pesa is being unfriendly to the common man.

Zain Zap on the other hand have a provision right from the SIM Zap application for querying for ones financial history.

5.  Reporting and Analysis

One does not require third party applications to analyse ones own data.

If at all the solutions is to be robust enough, the capacity to view manage and draw trends in usage and expectations of payments should be a basic, especially when M-Pesa is to be the saviour of the Jua Kali trader.

At a minimum the solution should feed into a mobile application that is able to handle basic analysis of financial data.

If he be truly empowered, this little system should act like an entry level financial management tool with, at a basic level, the features of a fully fledged accounting solution.

The points in this note have been borrowed from “The Key Features of a Financial Management Software” which underscores the basic minimum a money transfer and management solution should do.

Over to you, Safaricom.