Afri Ride’s latest update to change the future of Cashless transactions and Banking the Unbanked
Johannesburg, 26 June 2020: Currently, in order to go cashless you’ll have to join the formal economic sector by opening a bank account and receiving a bankcard, but nearly 32% of South Africans don’t even have a bank account and as much as 90% of all informal businesses in South Africa are completely dependent on cash for their daily transactions. This excludes a huge portion of our economy from many of the basic financial tools and hamstrings budding entrepreneurs that are crucial to South Africa’s growing economy.
Afri Ride, the innovative ride sharing app that is addressing the gap in the market for low income passengers looking for economical, convenient and safe transport solutions, will be launching a series of new features in their latest update on 1 July 2020. With new features such as their Afri Wallet and updates to their Mbira Chat feature they are posed to change the way the majority of South Africans complete transactions. We spoke to Afri Ride’s Managing Director, Joe Moyo, to learn more about how they are on the eve to change the way we interact with the technology in our daily lives all from one central point – the Afri Ride app.
“…We integrated the Afri Wallet primarily to empower our users. In technology, you have a serious domino effect: one thing leads to the other; to the other; then another. In this case we came to the realization that besides having a wallet for drivers that passengers can pay into when paying for their rides, there are some people who would also want to pay from their wallet instead of directly from their bank account for services. Users who receive multiple payments from ridesharing can choose to leave those funds in the wallet and withdraw the accumulated balance at a later stage. These dynamics proved to us that the users should have more autonomy over their money as well as modern added value services. Features such as peer-to-peer money sending, prepaid purchases (airtime), and a professional pdf statement of transaction was integrated to make transacting for the unbanked demographic simple.
Moyo also mentions a number of security features that they’ve implemented aimed at protecting the users such as using their secure payment gateway to load money that uses OTP protocols. “We have imposed daily and monthly transaction limits in order to prevent system abuse and criminal activities such as money laundering”.
According to Moyo, the Afri Wallet is a possible new transaction platform for the unbanked: “When talking about our users or potential users, we are also looking at a sizable number of people that are unbanked and essentially excluded from the formal economic system. With the Afri Wallet we’ve opened up a platform where users own a soft personalised digital wallet that they can performing transactions with.”
Moyo explains that because your Afri Wallet isn’t connected to your bank account or card, a bank account is not a requirement to have an Afri Wallet account. “Rather Afri Ride is forging into a fintech in its own right, all users are entitled to not only a digital wallet but also to a physical card for transactions that are not yet supported by the digital bank.
The latest update will also include more improvements to their multi-purpose Mbira Chat platform, such as a Dark Mode option, end-to-end encryption and an in-chat money sending option. Moyo explains the convenience of the in-chat money sending feature, “What it basically does is that while chatting to someone, you can decide you want to send them some cash. You don't have to exit the chat, you can simply press the sendcash option and transfer the desired amount”
The potential for this new payment platform is nearly endless, Moyo is already seeing the broader benefits of Afri Wallet beyond the ride share app. “We are electrified about the vast lives Afri Wallet will touch, we are going to revolutionise how people move money around. A project we are currently excited about is one that allows a QR code system which allows people to withdraw and make purchases at supermarkets and from street vendors.
They’re also preparing an on-demand food delivery option and restaurant table booking from the single Afri Ride app in the September. For more on their latest updates and features visit the Afri Ride website at www.afri-ride.com
About Afri Ride
Afri Ride is a fresh and innovative pan-African tech company that offers a new way of ridesharing, using an innovative mobile application that caters to commuters across the continent. We pride ourselves in promoting entrepreneurship and providing solutions that address the age-old issue of mobility in Africa. Our platform connects travellers in Africa through four primary features: Offer A Seat, Find a Seat, Offer A Car and Borrow A Car.
For more information about Afri Ride please visit: www.afri-ride.com