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I've been exploring the idea of building a mobile banking solution for Sudan for sometime now
// A thread
// A thread
1. The problem
Many cash machines in the Sudanese capital have run out of banknotes
The cash shortage, has created unexpected problems in an economy where people have been selling what they own to get by.
Many cash machines in the Sudanese capital have run out of banknotes
The cash shortage, has created unexpected problems in an economy where people have been selling what they own to get by.
The problems stem from the government's attempts to prevent economic collapse with emergency austerity measures and a sharp currency devaluation.
Big purchases such as house and car have two prices. a cheaper one for those who can pay with ready cash and a higher price cheque...
Big purchases such as house and car have two prices. a cheaper one for those who can pay with ready cash and a higher price cheque...
Why? because confidence in the banking system has been seriously eroded.
Sudan's economy is still very cash intensive, majority of services currently are paid in cash and It's Fintech space is ripe for Fintech solutions.
Sudan's economy is still very cash intensive, majority of services currently are paid in cash and It's Fintech space is ripe for Fintech solutions.
Not to mention, small businesses don't have access to formal financial services, Banks in sudan rarely offer loans and when they do it's for a elite group of people that don't need it.
2. Data
Let's look at the data
- Population of around 50 million
- Most banks in Sudan are foreign banks
- The Central Bank of Khartume mobile app has 1 million customers, and makes around 50k transactions monthly (This is validation)
- 17 Million smartphones
God, I'm ready!
Let's look at the data
- Population of around 50 million
- Most banks in Sudan are foreign banks
- The Central Bank of Khartume mobile app has 1 million customers, and makes around 50k transactions monthly (This is validation)
- 17 Million smartphones
God, I'm ready!
3. Market
Things are changing in Sudan as its banks partner with Visa to introduce payments systems.
The Bank of Khartoum, Qatar National Bank and United Capital Bank (Bank Almal) have all gotten approval to start using the systems, and they’ll get started in about three weeks
Things are changing in Sudan as its banks partner with Visa to introduce payments systems.
The Bank of Khartoum, Qatar National Bank and United Capital Bank (Bank Almal) have all gotten approval to start using the systems, and they’ll get started in about three weeks
4. Solution
Build a mobile banking solution to enable micro-businesses to transact digitally whilst offering P2P payments
I want to build the next generation mobile wallet that empowers anyone with a smartphone to open a financial account, and make payments
Build a mobile banking solution to enable micro-businesses to transact digitally whilst offering P2P payments
I want to build the next generation mobile wallet that empowers anyone with a smartphone to open a financial account, and make payments
We want to build a solution for the sudanese people by the Sudanese people. I believe everyone should be able to enjoy financial and social inclusion, without regard for physical borders, boundaries, or even social status.
Get in touch if you're a software engineer, Data scientist and/or familiar with the EBS model in Sudan
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