Card As A Service - Neobank - African

📃 Problem Statement/Requirements

A social impact aid organization operating in East Africa aimed to foster the Neobanking realm by utilizing its existing agent network under an assisted model.
The primary goal was to attract a considerable number of bank accounts without the need to establish physical bank branches or make significant investments in staffing. The approach centered on delivering banking services directly to customers' homes through the agency network.
Special emphasis was placed on upholding compliance standards and adhering to KYC (Know Your Customer) regulations.
The organization aimed to offer a comprehensive array of financial and non-financial services through this channel.
This initiative was undertaken in the region with the purpose of facilitating Neo Banking without the complexities of opening traditional bank accounts.
To accomplish this, the organization sought a technology partner capable of both developing the necessary technology and providing guidance on devising a collaborative business strategy with local startups.

💡 Solution

Agent Network Expansion: A team of experts formulated a strategy to enhance and broaden the current agent network, guaranteeing comprehensive coverage in urban as well as rural areas. They meticulously crafted a targeted matrix to guide the selection and appointment of agents throughout the region. These appointed agents are now serving as direct links to customers, offering support for account opening and aiding in the provision of various financial services.
User-Centric Neobank Mobile App:Created a user-friendly Neobank agent application that empowers customers to conveniently access a diverse array of financial services when visiting any agent location. The app seamlessly incorporates a feature that facilitates bank account opening with the assistance of agents. Additionally, the platform encompasses capabilities for cash deposits, cash withdrawals, and the submission of loan applications.
Robust Compliance Framework:Team also drafted a robust compliance framework that adheres to KYC regulations and ensures the security of customer data. Implement advanced authentication methods to prevent fraud and unauthorised access.
Localized Customer Support:Provide localized customer support through the app and agents, offering assistance in local languages and addressing customer queries promptly

📝 Conclusion