bibimoney Global Limited

Finalist category: Tech4Good for Africa Award


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Finalist, Tech4Good for Africa Award, 2019

bibimoney Global Limited is a UK based fintech company that provides highly differentiated mobile money services to increase financial inclusion and enable economic growth in developing countries – through partnering with local financial service providers and merchant and agent networks.  They have invented, developed and patented a unique piece of technology in the form of a micro-thin overlay made from a membrane substrate with a flexible, programmable circuit board, called the SIM-Skin.

Their vision is that anyone with a mobile phone (ANY phone, ANY network) should have access to a full suite of financial services, empowering the un- and under-banked, giving them the tools to ensure their own financial security and creating financial inclusion.

The SIM-Skin, along with the bespoke nazmo mobile payments platform, creates a fully interoperable, device-agnostic, mobile money solution which provides secure mobile money wallet services that work on any phone (non-smart or smart phone) and on any network without the need for data connectivity – it communicates via encrypted SMS. This unique solution enables the user to perform a full suite of financial services: send money person to person, person to merchant, to complete bill payments, make airtime top-ups, bulk distributions, remittances and cash-in/cash-out transactions, receive salary or social payments, as well as other nano- and micro- financial services, such as borrowing, savings, pensions and insurance.

The unique mobile money solution provides access to  100% of the 7.7 billion mobile phones globally, interoperability and offers partners a solution which makes powerful inroads into driving up financial inclusion, eradicating poverty and financial disenfranchisement through its ability to:

  • reach the last mile with a full suite of tailored financial services;
  • reach any phone (whether smart or non-smart);
  • target financial inclusion at previously disenfranchised groups e.g. women
  • operate seamlessly across all networks – both domestically and cross-border;
  • distribute social funds and financial aid securely and transparently to any user; and
  • to enable significant cost reduction in delivering financial services.

bibimoney’s solution is able to reach 100% of mobile phones (both smart AND non-smart phones) and does not need data. They offer customers with non-smart phones access to a full suite of financial services from payments to receiving salaries to savings to insurance, micro-loans etc. Domestic and cross border interoperability is also possible, which can be a problem for many. Often, other mobile money solutions require that both parties to a transaction are  subscribed to the same network, and if they do not, either they cannot transact or it is prohibitively expensive. The impact of bibimoney being network agnostic, means that it doesn’t matter which network each party subscribes to – the technology allows them to transact and does not charge prohibitive fees to do so.

There is also a single source of transparent cash distribution and impact reporting. This means that NGOs and other organisations seeking to make bulk cash distributions (e.g. for aid distribution and distribution of social benefits) can use the technology to perform these at the click of a button and with complete transparency. Secure in the knowledge that 100% of the funds will reach the intended recipient, which also allows the impact to be reliably and easily measured.

bibimoney’s  aim is to reach over 1 million end users by the end of 2019, and they have over 40 countries and partners in the pipeline. Products are currently available in two countries, with plans to launch another four countries by the end of Q3 2019, and a further two by the end of 2019. They are continuing to seek partnerships with other organisations whose objectives align and are constantly seeking to innovate product offerings and to expand their portfolio and geographical reach.

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