Customers are the key to any successful business. This is as true for a mobile money venture as it is for any other enterprise that serves customers. Yet a detailed understanding of the needs of customers has not been adequately addressed by many MFSPs. Mobile money businesses around the world are trying toidentify the customer value propositions and the killer application(s) that will lead to large volume adoption. This document provides some insights to the elements of the value propositions that are emerging. In most mobile money conversations, the term “customer” refers to the retail consumer - the individual that will require the service for their financial needs. But that is only one category of customer- and in some markets the retail consumer might not even by the most important customer.
Authors
- Disclosure Date
- 2024/08/27
- Disclosure Status
- Disclosed
- Doc Name
- Customer Value Proposition
- Pages
- 13
- Published in
- United States of America
- Unit Owning
- IFC
- Version Type
- Final
- Volume No
- 1
Table of Contents
- Figure 1. Mobile Money Customer Categories 2
- Figure 2. Retail Customer Segmentation 3
- Convenience 4
- Figure 4. Customer Convenience Measures 5
- Figure 5. Monthly Income Cycles 6
- Lower transaction costs 6
- Increased security Ease of use 7
- Enrollment 7
- Education 7
- Marketing 7
- Give customers control 7
- Incentives for agents 7
- Research is the key 7
- Trust 8
- Establishing an Anchor Product 9
- Figure 6. Examples of Anchor Products 9
- Figure 7. Mobile Money Usage in Kenya 10
- Technology Adoption 11
- Figure 8. Technology Adoption Life Cycle 11
- Creating Awareness 12
- Figure 9. Kenya Mobile Phone Usage 12
- Figure 10. Marketing Opportunities 13
