Customer Trust Key to Mobile Money Growth in DRC
Regulatory Boost for Mobile Money Industry in Congo
The Central Bank of Congo has issued a directive aimed at enabling mobile money policies in the country. This move is expected to boost the growth of the mobile money market, but experts say it all depends on how much effort players will put into educating customers.
Customer Education: The Key to Success
According to Mireille Kabamba Mwika, Director of Mobile Money at Airtel DRC, “The directive is a positive step towards regulating the mobile money industry in Congo. However, its success hinges on our ability to educate customers about the benefits and risks associated with mobile money transactions.”
- Customer education is crucial in building trust between customers and mobile money operators.
- When customers understand how mobile money works, they are more likely to use it.
The Central Bank’s Directive #24
The regulation sets out definitions for key terms such as electronic money, acceptors, agents, and electronic money institutions. It also requires electronic money institutions to:
- Establish a distribution network
- Hire agents
- Provide customer education
- Set up prudential rules for the supervision of these institutions
Industry Players’ Perspective
Airtel DRC has already begun educating its customers about mobile money through various channels including social media and in-store promotions. The company is also working with agents and acceptors to ensure that they are well-equipped to handle mobile money transactions.
- Industry players say that the regulation will help to increase transparency and security in the mobile money market.
- With this directive, we can ensure that our customers’ transactions are secure and that they are getting the best possible service.
Challenges Ahead
Despite the potential for growth, experts say that there are still several challenges that need to be addressed before the mobile money market can reach its full potential. These include:
- Improving infrastructure
- Reducing the cost of transactions
A Growing Market with Significant Potential
The Democratic Republic of Congo has a growing mobile phone penetration rate, with over 40 million subscribers. The country’s mobile money market is expected to grow significantly in the coming years, driven by increasing adoption of digital payments.
Conclusion
As the Central Bank’s directive takes effect, it remains to be seen how much effort players will put into educating customers and building trust in the mobile money market. But with the potential for significant growth, it is an opportunity that no one wants to miss.