Instant and convenient banking for the excluded population of Mozambique

Instant and convenient banking for the excluded population of Mozambique

Written by: Denise Alves, Communication Manager of FSDMoç

On Thursday February 15th 2018 a team from DFID and FSDMoç visited Banco Letshego Project LetsGo – Blue Box Solar power Agency Banking, in Maputo City. The team was composed by 13 people (8 from DFID, 3 from FSDMoç and 2 from Banco Letshego).

The Project LetsGo – Blue Box Solar power Agency Banking is an innovative and differentiated Agency banking model which uses solar power (in areas where there is no energy) to support biometric registration and transaction authentication, simple blue box depositing, biometric withdraws, and payment services, these model allows rural consumers in remote areas to have a simple to open, inclusive basic account and offers the client an opportunity to start saving and carrying out basic financial transactions.

The LetsGo Blue Box is equipped with: Mini solar panel and an eco-friendly battery, a tablet/smartphone, inclusive of a high definition camera, location tracking, and customizable data capture forms. Additionally, a fully integrated biometric and Bluetooth printer, this LetsGo – Digital Blue Box enable agents to collect biometric KYC[1] information including pictures, geographical coordinates, open accounts in real time and print receipts, this solution brings formal banking transactions to even the most remote areas. The Blue Box is connected to the Letshego core banking system (real time as per Central Bank regulation) with the capacity to conduct selected non-financial transactions in offline mode.

The project began its implementation in September 2017, Piloting in Inhambane and then Maputo Provinces, so far they have 60 Agents registered in Maputo and 2.863 clients.

LetsGo Blue Box is designed to help register rural customers into a financial ecosystem in a simple, quick and cost effective manner. Once registered, customers will be able to Save, Transact, get insurance or have access to credit simply by using their basic mobile phones PIN or authorization with only fingerprint.

In a time when there are other options for digital money transactions, such as Mpesa when asked to customers why they prefer LetsGo, the answer is simple: “I prefer to use LetsGo because it is safer, for example someone at home can take my Phone and have access to my PIN code but with LetsGo I have the option of digital printing/ fingerprint.” Said a costumer.

[1] Know your customer (‘KYC’) is the process of a business identifying and verifying the identity of its clients.

Denise Alves

Leave Comment :