Afri Ride branches into fintech, food deliveries
Starting on 1 July, ride-sharing app Afri Ride will offer unbanked customers a transaction platform through a digital wallet named Afri Wallet.
This is part of a series of new features coming to the app, including a food delivery option and restaurant table booking, to be unveiled in September.
According to Afri Ride, peer-to-peer money sending, prepaid airtime purchases and a professional e-statement of transactions have been integrated into the digital wallet, to simplify transacting for the unbanked demographic.
Managing director Joe Moyo says the decision to add Afri Wallet into the app is primarily to empower users, noting that users who receive multiple payments from ride-sharing can choose to leave those funds in the wallet and withdraw the accumulated balance at a later stage.
“We came to the realisation that besides having a wallet for drivers that passengers can pay into 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.
“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 perform transactions with.”
Moyo explains that because Afri Wallet isn’t connected to a bank account or card, a bank account is not a requirement to have an account. “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.”
In terms of security, Moyo says customers will utilise a secure payment gateway that uses one-time-PIN protocols to load money. “We have imposed daily and monthly transaction limits in order to prevent system abuse and criminal activities, such as money laundering.”
The potential for this new payment platform is nearly endless, states Moyo, adding it 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.”