adminBy TechnoMag Staff
In an economy where 5,5 million people are using mobile money services compared to 1,1 million conventional bank account holders, the unprecedented growth in mobile money proves that mobile and internet banking is certainly the future.
Innotec (Pvt) Ltd, a leading Zimbabwean socio? Economic research and advisory services organisation that is working with different people and organisations around the globe to provide practical and sustainable solutions to the vast social and economic development challenges affecting the greater African community, will next week be hosting the second Mobile Markets And Financial Services Forum and money markets.
This year`s forum will be held in Harare at Cresta Lodge from October 29 to 30 under the theme “Embracing Technology for Financial Innovation and Economic Development.”
With a deeper appreciation of the impact of mobile banking, this conference seeks to demonstrate how banks, MFIs and other payment service providers can accelerate the spread of financial services through mobile and e-channels to previously neglected industries and customer segments. Mobile technology will also enhance service delivery by Local Authorities, Public Utilities and other public service providers, including health.
Innotec’s interest in the ICT industry stems from what this industry can do for the development of the marginalised majority. The prospects of financial inclusion, insurance and pension coverage for rural people and those in the informal sector, who constitute over 85 percent of the employed people in this country, were an attraction for Innotec to delve into this industry, working with industry experts, academics, authorities and regulators to discuss opportunities and how to overcome challenges.
Innotec’s executive director (Research & Development) Mr Tidings Chaitezvi said that their motivations is to ensure that various sectors of the economy makes use of mobile money to expand their services. “Our desire is to see a situation where, for example insurance companies and pension funds can leverage on mobile money to provide coverage to all people,” he said.
Speaking on the same subject Mr Madhu Vazirani of Accenture Research said that there is potential of today’s low income customers becoming tomorrow’s premium prospects and as such mobile micro-insurance and pension schemes would provide a platform for every citizen to access social security, which presents huge prospects for growth for the pension fund and insurance sectors.
“We are hoping that participants will come up with ways that will contribute to accelerated economic development in line with the aspirations of Zim Asset,” said Mr Chaitezvi.
The forum is expected to increase awareness among high level non-technical managers in all sectors, of the vital role ICT plays in their business strategies, and the range of technologies and systems available. According to the organisers this will help them increase knowledge among top managers and professionals in the financial services sector of latest international trends and technologies and their application in the country, region and internationally.
Previously, Innotec has created synergies with different public and private sector organisations from within and outside Zimbabwe including: Ministry of ICT, Postal and Courier Services (Zimbabwe); Zimbabwe National Chamber of Commerce (ZNCC); Regional Centre for Social Responsibility (RCSR); Association of Certified Fraud Examiners (ACFE); MN Capital, FRMB and African of South Africa; and United Kingdom based Africonomie among others.
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