A Primer for Applying Alternative Data to Credit Decisioning

by PaymentsJournal 0

Og Money providesdigital financial services to reach the two billion people and 200 million businesseswithout credit or savings in emerging economies

Accordingto the GSMA, 54% of people in the MENA region are unbanked, with mobile moneyaccount registrations growing by 11%

900,000customers in the Middle East and Africa already rely on the Og Money platformfor digital financial services

Encouragingfurther adoption of digital transactions could boost annual GDP of all emergingeconomies by $3.7 trillion by 2025

Nearly80 percent of adults in emerging economies have a mobile phone, but only 55percent have bank accounts

Kuwait City, Kuwait – 7 March 2017: One Global has launched a mobile app today as a single, secure platformfor all digital financial services across the Middle East and Africa. The OgMoney platform, formerly known as PayIt, already has 900,000 customers acrossthe region.

Og Money is the nextevolution of digital financial services, going beyond digital payments to provideusers with mobile wallet capabilities, banking, merchant and checkoutfacilities, virtual stores and turnkey dealer solutions.

“Og Money serves the banked,under-banked and unbanked with a full suite of mobile and digital financialservices. It allows users to receive remittances, wages, and governmentsubsidies, make purchases at stores, provide funds for vouchers and gift cards orpay utility bills and school fees,” One Global Founder and CEO MohammedAl-Rashidi said.

“Og Money acts as aseamless platform to connect consumers, banks, telecommunication operators,foreign exchange providers and merchants, all via the convenience of a mobilephone. Broadening access to financial services through digital platforms likeOg Money can help boost trade, reduce poverty, empower women and unlocksocietal-wide economic benefits.”

Almost 470 millionpeople and small businesses in the Middle East and Africa transact exclusivelyin cash and they have no secure method to save money. This lack of access tocredit prevents individuals from engaging in economic activities that couldtransform their lives, something that is taken for granted in more establishedeconomies.

A September 2016 report by the McKinsey Global Institute quantifyingthe economic and social impact of digital finance in emerging economies found widespreadadoption and use could increase the GDP of all emerging economies by six percentor $3.7 trillion by 2025.

Mr Al-Rashidi foundedOne Global in 2004 and has helped grow Og Money into one of the leading digitalpayments platforms available in the Middle East. It currently has more than900,000 regular users, thousands of merchants on the platform and manages millionsof dollars of transactions every day through the app.

“Og Money opens up aworld of opportunity for people without credit facilities, while alsoconnecting businesses with vast, untapped customers in emerging markets. That’swhy we have engineered Og Money to be the most secure, reliable, user friendlyand convenient one-stop-shop app for facilitating digital transactions andboosting the cashless economy,” said Mr Al-Rashidi.

One Global is aMicrosoft partner and Og Money has received official authorisation and compliancecertification from the Central Bank of Bahrain, Kuwait Finance House, WarbaBank in Kuwait, Bank Misr in Egypt, Tadhamon International Islamic Bank inYemen and many other banks across the region. It’s also PCI/DSS compliant and maintains the highestsecurity level within the financial services industry.

Og Money consumer isavailable for download from the Apple iTunes App Store and Google Play Androidmarket. More information is available at www.oneglobal.co


About One Global:

Founded in 2004, One Global is a leader in digital innovations to helpconsumers and businesses achieve a mobilised lifestyle. Operating across 17countries in the Middle East and Africa, One Global provides value-added mobileservices across the digital finance, health, mobile content, tourism and marketingsectors. Almost 1 million customers and thousands of partners rely on OneGlobal apps every day to improve the way they do business.