Beyond Remittances – How To Expand Your Mobile Money Product Suite

This Note discusses the need for mobile money systems to move beyond remittances. It recommends that providers should expand the product suite to offer other products and services.

Remittance is the most common entry point for mobile money systems. But, providers need to look beyond remittances to drive profitability and to cater to peoples unmet financial needs. They need to expand the product suite to offer other services and products. Listening to clients and matching their needs with the organization's capabilities is the easiest way for providers to get the product suite right.

Broadening the product suite enables a mobile money platform to expand its client base and drive the number of transactions on the system. Key strategic considerations include:

• Value proposition has to be market driven, scalable and profitable to ensure sustainability in the long run;
• Product mix must be simple and appropriately designed, offering real value to consumers;
• Alliances, partnerships and vendor support should be well planned with clear synergies and backed with detailed contracts and key performance indicators;
• Technology should be proven, scalable, secure and cost-effective with adequate longevity.