Huawei recently launched a financial inclusion solution featuring mobile payment and micro finance.
The solution helps financial institutions provide fast and affordable services, bringing the world a step closer to financial inclusion. Huawei will continue working with ecosystem partners and using new ICTs to advance mobile payment and build a prosperous business ecosystem.
Banks use mobile payment and micro finance solutions, including cloud technology and SaaS, to build tailored business models and a thriving ecosystem on super apps. Huawei's financial inclusion solution covers mobile wallet, mobile payment platform, super app open framework, and financial product platforms. With these, banks can quickly introduce various financial services.
Huawei claims that its financial inclusion solutions have already been successfully implemented in several countries.
For example, Huawei worked with KBZ Bank in Myanmar — the largest local bank — to build a new digital wallet called KBZPay based on the public cloud. KBZPay integrates various marketing tools to deliver a fully digital experience to users and help merchants attract customers. In just two and a half years, KBZPay on-boarded over 8 million registered users, making it the leading digital life payment brand in the country.
In Kenya, Huawei cooperated with Safaricom — the largest local carrier — to build a payment brand called M-Pesa. Not only does the platform support bank transfers, it also offers several services for daily life. At the same time, it helps KCB Bank, NCBA Bank, and Safaricom provide micro and small loans to individuals and merchants. On the market for 14 years, M-Pesa has significantly contributed to increasing financial inclusion in Kenya, which has shot up from 23% to 85%.
