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Mobile money: Banks only have to cooperate or compete with telcos, says CR2


… wins Excellence in Channel banking solution award

By Prince Osuagwu

Irish vendor and software provider, CR2 has advised the Banking sector to open itself for cooperation with the telecommunications companies or out rightly compete with them in the mobile money space because with recent tech developments, it is no longer fashionable to shut them out of the services.

The solution provider which just won the award of ‘Excellence in Channel Banking Software Solutions’ at the Nigeria edition of New Age Banking Summit 2018, said just like it’s name, CR2, suggests, the reality in current technology world is creating results together.

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Chief commercial officer of the company, Mr Kieran Kilcullen, said that in Ethiopia, a financial institution, Dashen Bank launched a mobile wallet, Amole, which offers mobile subscribers digital payment capability and access to aggregated digital products and services from retailers, the entertainment industry, airtime dealers, bill payment points, Airlines, social media players and third-party service providers.

He said that such competition cum cooperation with telcos has helped the bank trigger the growth of e-commerce in Ethiopia and promote financial inclusion across the country by ensuring a majority of the population in the country are roped into the financial inclusion net using technology.

Speaking with newsmen after receiving the award, Kilcullen promised that his company will encourage transfer of technology between his company and software companies in Nigeria to ensure that the local software developers also survive in the market.

He said: “We do not have the policy of dropping the box from the helicopter in any environment we are playing. We align with the locals in terms of research and development to help them do away with legacy systems and practices.”

The announcement of CR2’s New Age Banking Award came at the end of the first day of the two-day conference, on Africa’s fintech calendar.

Now in its eighth year, the annual summit, organised by UMS Conferences, and held in Lagos, is a knowledge-sharing forum of carefully selected senior banking and technology experts who provide insights into the key trends and challenges of banking in the digital era.

Kilcullen said that CR2, has developed a strong market presence across Africa, and today enjoys significant growth in Nigeria, where two of the country’s big banks – Diamond Bank and Access Bank, are its customers.

Fintan Byrne, Chief Executive Officer of CR2, who accepted the award on behalf of the company, said: “We are thrilled to receive this recognition. Our footprint across the African continent continues to grow significantly, largely due to our award-winning technology, but also our knowledge and expertise of the shifting market dynamics in each local African country”. With headquarters in Dublin, Ireland, CR2 has more than 100 retail banking customers in over 60 countries. CR2 supports its regional customers with a strong local presence in Nigeria, complemented by our partners, Global Info Swift Limited, GIS.


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