MyBucks and Bibimoney are SIM-Skin kings of Africa
Frankfurt’s MyBucks and UK-based Bibimoney have launched a joint venture aimed at the African microloan market through SIM-Skin technology.
The smart Skin-heads say that SIM-Skins are a hardware developed and owned by Bibimoney which consist of a thin plastic membrane that can be attached to any mobile phone SIM card.
Once the SIM-Skin is attached to the SIM card, it enables the Bibimoney app to function on any mobile device (both smart and feature phones) and includes an interoperable mobile wallet, on which the customer will be able to receive and deposit funds.
The firms say the mobile wallet has full transactional capabilities, such as P2P payments, bill pay, merchant payments, cash-out and will also include functionality to apply for, obtain and repay microloans.
Bibimoney CEO Shiraz Jessa says the “interoperable mobile wallet platform will help expand financial inclusion and open a much wider market for both organisations”.
As part of this joint venture, MyBucks will credit score any mobile wallet user applying for a micro or nano loan and will also embed into the mobile wallets other unspecified financial products and services.
Furthermore, the relevant MyBucks subsidiary for each market will ensure that all regulatory requirements are met and that mobile wallet users can access the “full product offering of MyBucks, on demand”.
Meanwhile, Bibimoney will provide the interoperable SIM-Skin and its supporting technological infrastructure, which “will be accessible from any mobile phone on any mobile network in every country”.
Staying on this African theme, back in April, MyBucks and Finsbury Investments launched a fully operational branch of its banking network – New Finance Bank Malawi (NFB) – at the Dzaleka refugee camp based outside of Lilongwe.
The organisers describe the initiative as a “world-first” that will enhance financial inclusion and better the lives of Malawi-based refugees.