Vulnerable communities like the poor in South Africa are not included in the formal economy because the poor have little or no access to financial services. Nearly 5 million SMME's are survivalist businesses and micro-enterprises and have little or no access to formal financial services and access to capital.
Access to Mobile Financial Services not only provides significant benefits to the poor, it is also a boon to the country’s overall economic health.
MMOOLAH will enable both banked and un-banked consumers to process secure contactless payments with formal and especially informal merchants(businesses) across all sectors promoting financial inclusion for all. We will be enabling nearly 12 million Banking Partner Mobile Money customers to send money across SA and pay at any MMOOLAH merchant without the need to carry cash.
We are solving the everyday challenges small businesses face with smart business financial management tools that brings a rich view to the financial workings of a merchant’s business. We bring key suppliers in-store, keeping them front of mind for merchants and deepening relationships.
Together with our supplier partners we will play a crucial role in facilitating and supporting SMME’s taking micro-, small and medium enterprises on a journey from personal development to sustainable success. We will lead in the alleviation of poverty, create jobs, generate income, and broad-based economic empowerment (BBEE) that will result in the enhanced sustainable human development in South Africa and ensure financial inclusion for every citizen.
Efforts to on-board the first 20,000 merchants between now and February are being stepped up with a targeted 165,000 merchants to be on-boarded over the next 18 months while engagements with FMCG nationals like Coca Cola SA, SAB and others are already underway to enable our integrated supply chain ordering, group buying and payments as merchants manage their business, inventory, ordering and cashless payments with MMOOLAH's mobile point of sale with integrated rewards and business development support.
During the upcoming year our contactless payments will be expanded to public transport and other sectors with efforts continuing for the implementation and launch of the MMOOLAH Mobile Money wallet, micro-loan and cross border remittance services as part of the phase 2 implementation and continued efforts to promote financial inclusiveness for everyone citizen.
Funds being raised will be used to cover basic operating costs for administration and especially traveling expenses to facilitate FMCG engagements, the merchant on-boarding strategies to secure the first 20,000 merchants already to start generating revenue in anticipation of an official launch in February 2020.