Enabling Financial Inclusion To The Underbanked With Its Cash-In Cash-Out Solution
The World Bank reports that 2.4 billion people lived on less than US$2 a day in 2010. They are the migrant workers, the very old, the unemployed etc. – they are the underbanked. They have limited access to banking services and they rely heavily on cash for daily transactions. So how do they pay for utilities bills, school fees, micro-loans, top-up airtime for their mobile phones? Currently, many of them have to travel a considerable distance to make these micro-payments in cash.
In January 2012, Numoni was formed in Singapore to bring financial inclusion to the underbanked with its Cash-In Cash-Out solution. Numoni created and developed the user-friendly Cash-Transaction terminal – NUGEN – to empower the underbanked community with e-transactions.
This simple self-service NUGEN terminal enables micro remittances, micro payments and micro loans.
It allows the underbanked to use cash to (1) Recharge their prepaid mobile airtime, recharge vouchers, stored value cards and wallets; (2) Remit prepaid mobile airtime and money; (3) Repay utilities bills, school fees, and installment loans; (4) Release donations; (5) Receive micro-savings and donations and (6) Make Retail voucher purchases.
In 2014, there were more than 70 NUGEN terminals installed in Singapore. Most of them installed in dormitories to provide prepaid airtime top-up to migrant workers who might otherwise have to travel to convenience stores for the same service.
The Numoni NUGEN solution also comprises a comprehensive backend support system with a whole suite of management components. It is able to manage products, licensees, terminals, product-shelf lives, suppliers and a dynamic pricing structure. The solution is fully scalable to manage one terminal or thousands of terminals.