Africa has seen great progress in banking, especially in mobile payments. However, it still relies largely on face-to-face meetings, existing personal relationships and multiple layers of bureaucracy. This outdated system is hampering the massive strides being made across the continent in education, technology and trade.
Its cost and efficiencies are felt by many across the continent. Even the ‘best’ service is cumbersome and expensive. Transactions take too long, rates are unfavourable for consumers and currencies fluctuate dramatically. There is little integration with mobile banking and ‘digital’ banking stretches only as far as websites that are barely fit for purpose.
Customers are, rightly, disaffected by a system that is not always transparent and promotes pay-day loans. Members of the diaspora who wish to send money to relatives in Africa encounter high costs and an unwieldy system. Receiving funds is even more difficult.
So many people seek better value by simply going outside formal banking channels to send and receive money.
Simply speaking, the current situation is crying out for change. So lets change it!
African banking is growing at the second fastest rate in the world. McKinsey predicts that by 2022, 450 million Africans will use banking services. That is half the adult population, creating revenues of $129 billion (of which $53bn will be in retail banking). Namiri will accelerate this process by developing a seamless digital platform.
Back in 2017, 40% of Africans expressed a preference for digital banking even though many had no access to it at all. The ground-breaking Africa Continental Free Trade Area has created the biggest, most innovative trade deal on earth, and has made an Africa-wide banking app possible.
Either the continent waits for banks to adopt their own proprietorial, digital system, or a telco/ fintech company takes the initiatives and takes the lead with cutting-edge technology and outstanding levels of service.
How Namiri Will Disrupt the System
We are not importing an off the shelf product and adapting it for Africans. We will create a new and better digital service, built by Africans for Africans.
Namiri is a forward-thinking, young bank, so where better to start, than in a forward-thinking, young country like Rwanda.
Namiri needs to find its feet in a country run by a stable government with low levels of corruption. Not only is Rwanda a place where technological innovation is booming, but the majority of the population speak English, French and Swahili.
Volkswagen has shown how quickly Rwandans can adapt to new technology and opportunities with the development of its community car-sharing service. While the Mara Group have announced Africa’s “first high-tech smartphone factory” in Rwanda.
Rwanda has all of the elements to create instant lift-off for Namiri, and will ensure the development and growth of Namiri is smooth and seamless.