Tech company says 'unbanked' public key to e-commerce revenue boost

At the fifth MobileMoneyExpo 2015 seminar held in Lagos, InlaksComputers has emphasised the need for Nigeria to cash in on its unbanked population to further boost revenue from e-commerce sales.

The MobileMoneyExpo is an annual event that brings together top executives from mobile network operators, banks, regulators, card processors, switch providers, systems and application providers.

Speaking on ‘Charting Africa’s cashless future’, Inlaks, through its representative at the seminar, Mr. Jide Oladipo, said “the strategy and brainstorming sessions should be characterised by the need to reach the people at the bottom of the pyramid, more of the unbanked.”

Oladipo enumerated five key factors that were driving cashless initiatives in Africa as continued economic growth, experience in other markets, technological advancements, readiness of African consumers for the payment revolution and regulations.

He also pointed out that Africa had the world’s fastest growing population and its market accounted for four of top 30 global markets for mobile payment readiness.

Inlaks also recommended a war on cash with a drastic reduction in cash-based payments in Africa by developing short-term measures with high impact on the economy.