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TOOLKIT #5: CREATE OWN MOBILE BANKING CHANNEL HOW to SUCCEED in YOUR DIGITAL JOURNEY: I a SERIES of TOOLKITS for FINANCIAL SERVICE PROVIDERS

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TOOLKIT #5: CREATE OWN MOBILE BANKING CHANNEL HOW to SUCCEED in YOUR DIGITAL JOURNEY: I a SERIES of TOOLKITS for FINANCIAL SERVICE PROVIDERS HOW TO SUCCEED IN YOUR DIGITAL JOURNEY: A SERIES OF TOOLKITS FOR FINANCIAL SERVICE PROVIDERS TOOLKIT #5: CREATE OWN MOBILE BANKING CHANNEL HOW TO SUCCEED IN YOUR DIGITAL JOURNEY: i A SERIES OF TOOLKITS FOR FINANCIAL SERVICE PROVIDERS TOOLKIT #5: CREATE OWN MOBILE BANKING CHANNEL PART 1: BUSINESS MODEL DESCRIPTION By PHB ACADEMY and MICROLEAD Mobile banking agent at UOB Rwanda Courtesy of PHB Development MM4P MOBILE MONEY FOR THE POOR HOW TO SUCCEED IN YOUR DIGITAL JOURNEY: A SERIES OF TOOLKITS FOR FINANCIAL SERVICE PROVIDERS TOOLKIT #5: CREATE OWN MOBILE BANKING CHANNEL ii ACKNOWLEDGEMENTS We would like to thank the management and staff of Accion Microfinance Bank in Nigeria, Equity Bank in the United Republic of Tanzania, Fidelity Bank in Ghana, Mwanga Community Bank in the United Republic of Tan- zania and Urwego Opportunity Bank in Rwanda for contributing to this business model and accompanying case studies. We thank them for their time and for sharing their information, lessons learned and recommendations, to enable other financial service providers to succeed on their digital path. We would like to thank in particular the following individuals for their time and effort in preparing this toolkit: • Oladapo Famuyide from Accion Microfinance Bank in Nigeria • Andrew Tushabe from Urwego Opportunity Bank in Rwanda • Joseph Iha, Stephen Mwaniki and Mwita Rhobi from Equity Bank in the United Republic of Tanzania • Hamisi Chimwaga from Mwanga Community Bank in the United Republic of Tanzania • Daniel Amankwah-Aboagye and Merene Botsio from Fidelity Bank in Ghana AUTHORS PHB Development: Chris Statham, Aurélie Wildt Dagneaux and Isabelle Musat United Nations Capital Development Fund – MicroLead: Pamela Eser, Hermann Messan and Ivana Damjanov REVIEW COMMITTEE United Nations Capital Development Fund – MicroLead: Sachin Bansal and Alejandro González Caro PHB Development: Aurélie Wildt Dagneaux Mastercard Foundation: Ruth Dueck-Mbeba and Amos Odero EDITOR Chela Cea October 2017. Copyright © UN Capital Development Fund. All rights reserved. The views expressed in this publication are those of the author(s) and do not necessarily represent the views of UNCDF, the United Nations or any of its affiliated organiza- tions or its Member States. The designations employed and the presentation of material on the maps and graphs contained in this publication do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations or UNCDF concerning the legal status of any country, territory, city or area or its authorities, or concerning the delimitation of its frontiers or boundaries. HOW TO SUCCEED IN YOUR DIGITAL JOURNEY: A SERIES OF TOOLKITS FOR FINANCIAL SERVICE PROVIDERS TOOLKIT #5: CREATE OWN MOBILE BANKING CHANNEL TABLE OF CONTENTS iii iv List of figures 18 Financials for mobile 43 SUMMARY: THIS IS THE banking RIGHT MODEL FOR A iv List of boxes 19 Education of clients on FINANCIAL INSTITUTION v List of tables mobile banking IF… vi List of acronyms vii Definitions 20 SECTION 3: DIVING INTO 44 MICROLEAD AND PHB THE PERKS TOOLBOX 01 INTRODUCTION: 20 Perspective of the financial OVERVIEW OF THE institution TOOLKIT PROJECT 21 Perspective of the clients 45 About MicroLead 22 Perspective of the partners 45 About PHB Academy 46 About UNCDF SECTION 1: EXECUTIVE 04 About Mastercard SUMMARY 46 31 SECTION 4: INGREDIENTS Foundation FOR SUCCESS 31 Prerequisites 07 SECTION 2: DESCRIPTION 33 Challenges and risks to OF THE BUSINESS MODEL anticipate 07 Distribution of and access to the mobile banking channel SECTION 5: RECIPE FOR 09 Products and services 35 SUCCESS, OR ‘HOW TO’ offered through the mobile banking platform 37 Step 1: Opportunity/ Market assessment 12 Fees for mobile banking transactions 38 Step 2: Market entry 13 Partnerships and/or strategy commercial agreements for mobile banking 39 Step 3: Pilot preparation 13 Technology used for 40 Step 4: Pilot mobile banking 41 Step 5: Launch/ 18 Team for mobile banking Implementation 42 Step 6: Performance improvement HOW TO SUCCEED IN YOUR DIGITAL JOURNEY: A SERIES OF TOOLKITS FOR FINANCIAL SERVICE PROVIDERS TOOLKIT #5: CREATE OWN MOBILE BANKING CHANNEL iv LIST OF FIGURES 05 FIGURE I 11 FIGURE V 21 FIGURE IX Interface model 1: Interface with Steps performed by customer Agent transactions at Equity each partner for a withdrawal with a mobile Bank Tanzania, 2014–2016 money agent 05 FIGURE II 31 FIGURE X 11 FIGURE VI Interface model 2: Interface with Prerequisites for using this aggregators Steps performed by customer model for a withdrawal with a financial institution agent 10 FIGURE III 35 FIGURE XI Steps performed by customer 16 FIGURE VII Steps to take for successful for a deposit with a mobile implementation money agent Interface model 1: Interface with each partner 35 FIGURE XII 10 FIGURE IV 16 FIGURE VIII Workstreams to assess Steps performed by customer for a deposit with a financial Interface model 2: Interface with institution agent aggregators LIST OF BOXES 24 BOX 1 27 BOX 2 Creating its own mobile banking Creating its own mobile banking channel—The case of Accion channel—The case of Urwego Microfinance Bank in Nigeria Opportunity Bank in Rwanda HOW TO SUCCEED IN YOUR DIGITAL JOURNEY: A SERIES OF TOOLKITS FOR FINANCIAL SERVICE PROVIDERS TOOLKIT #5: CREATE OWN MOBILE BANKING CHANNEL LIST OF TABLES v 06 TABLE 1 20 TABLE 8 37 TABLE 15 Examples of financial Growth at Equity Bank Tanzania Opportunity/Market assessment institutions that developed of branches versus agents, activities and key success mobile banking in Africa 2013–2016 factors 07 TABLE 2 21 TABLE 9 38 TABLE 16 Summary of the three options Benefits vis-à-vis increased Market entry strategy activities for building a proprietary agent client trust for Fidelity Bank and and key success factors network its customers and agents 39 TABLE 17 09 TABLE 3 22 TABLE 10 Pilot preparation activities and Reasons for a mobile network Account growth at Fidelity key success factors operator and a financial Bank, 2013–2016 institution to form a partnership for mobile banking 40 TABLE 18 25 TABLE 11 Pilot activities and key success Short codes for mobile TABLE 4 factors 13 banking transactions at Accion Fee models by transaction type Microfinance Bank 41 TABLE 19 18 TABLE 5 32 TABLE 12 Implementation activities and key success factors Example costs from financial Basics to have in place for this institutions that have deployed model mobile banking 42 TABLE 20 33 TABLE 13 Performance improvement 19 TABLE 6 activities and key success Most common challenges with factors Example operational this model expenditures from financial institutions that have deployed 43 TABLE 21 mobile banking 36 TABLE 14 Summary of this model Analysis of strengths, weaknesses, opportunities and 19 TABLE 7 threats of this model 43 TABLE 22 Example training provided by financial institutions that have Analysis of strengths, deployed mobile banking weaknesses, opportunities and threats of this model HOW TO SUCCEED IN YOUR DIGITAL JOURNEY: A SERIES OF TOOLKITS FOR FINANCIAL SERVICE PROVIDERS TOOLKIT #5: CREATE OWN MOBILE BANKING CHANNEL vi LIST OF ACRONYMS ADC alternative delivery channel MM mobile money AMfB Accion Microfinance Bank MNO mobile network operator API application programming interface N Nigeria naira* ATM automated teller machine OpEx operational expenditures CapEx capital expenditures PIN personal identification number CBS core banking system POS point of sale FI financial institution RF Rwanda franc* FSP financial service provider SMS short message service HR human resource(s) SOFIPE Société de Financement de la Petite Entreprise IFC International Finance Corporation STK SIM application toolkit IT information technology UOB Urwego Opportunity Bank KPI key performance indicator UNCDF United Nations Capital Development Fund MCBL Mwanga Community Bank Limited US$ United States dollar* MFI microfinance institution USSD unstructured supplementary service data MIS management information system VSLA village saving and loan association *Currency symbols: UNCDF uses the currency symbol ‘N’ for the Nigeria naira, ‘RF’ for the Rwanda franc and ‘US$’ or just ‘$’ for the United States dollar. HOW TO SUCCEED IN YOUR DIGITAL JOURNEY: A SERIES OF TOOLKITS FOR FINANCIAL SERVICE PROVIDERS TOOLKIT #5: CREATE OWN MOBILE BANKING CHANNEL DEFINITIONS vii CONCEPTS DEFINITIONS CONCEPTS DEFINITIONS Refers to when clients can transact on their Refers to ‘any third party acting on behalf of mobile wallet and financial institution account a bank, mobile network operator or other fi- AGENT either directly themselves or through assis- nancial service provider to deal directly with tance from a third party (e.g., agent). Note that customers.’a AGENCY BANKING deposits (cash-in) and withdrawals (cash-out) require an agent as intermediary. In Toolkits #3 ‘Cash-in is the exchange of cash for electronic CASH-IN/CASH-OUT value (e-money); cash-out is the exchange of and #4, the type of transactions and the interac- (CICO) tions between the mobile money and the bank electronic value (e-money) for cash.’a account are detailed. Is ‘a monetary value represented by a claim on Comprise new distribution channels that have the issuer that is stored in electronic form, in- developed over the past 10–15 years: Internet cluding magnetic; issued immediately against ALTERNATIVE ELECTRONIC MONEY banking services, mobile banking services, delivery of funds of an amount not less than the DELIVERY CHANNELS (E-MONEY) monetary value issued; and accepted as means (ADCs) agency banking
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