The move to digital has been accelerated and given greater importance by the Corona virus pandemic. We have had numerous request from Governments and government agencies to assist at this time of lockdown as they simply cannot physically distribute grant and other payments - mainly in cash. They simply have to move to digital payments. this begs the question as to how the recipients actually get the payment if they do it have an account or wallet into which the digital payment can be made. This is forcing Regulators to adopt a risks based approach to KYC - something that we have been advocating for the last 15 years.
Secondly the purchase of essential services - water, electricity and communication has to be done digitally as the stores that previously sold prepaid coupons are either not accessible or they do not have stock. The Pandemic has forced such purchases to be digital.
The third major area is in remittances - which for many people are their only means of survival. Real time is the name of the game and innovative banks are jumping on this opportunity.
Out of the disaster of the pandemic their are opportunities but we have to move quickly
Brian Richardson | CEO |