We are offering an easy alternative to cash – TagPay CEO

The rapid proliferation of digital platforms and services, particularly mobile money, has been a key driver of financial inclusion progress across Africa. Projections indicate that about 168 million people will become connected by mobile services across Africa over the next five years. To discuss this trend further, CNBC Africa recently interviewed Yves Eonnet, CEO of TagPay. Eonnet emphasized the importance of leveraging new technology and processes to make banking more accessible and user-friendly, particularly for those in the informal sector. He highlighted the need for innovative solutions to reduce reliance on cash and improve financial security for individuals. TagPay's goal is to provide alternative payment options that are easy to use and readily available to a wide range of customers. In the interview, Eonnet outlined TagPay's strategy to transform existing phones into payment tools, allowing users to make purchases in stores, online, and transfer money without the need for additional hardware or agreements with telecom providers. By capitalizing on the widespread use of SIM cards and mobile phones, TagPay aims to empower individuals to manage their finances more efficiently and securely. Their approach is independent of telecom networks, enabling banks to maintain control over the deployment of their services. One of the key challenges in expanding digital financial services is establishing a robust agent network to facilitate transactions and provide support to users. Eonnet explained that the agent network, or ecosystem, plays a crucial role in enabling services like bill payments, salary disbursements, and subsidies. By partnering with local retailers, gas stations, and post offices, banks can extend their reach and establish a strong presence in communities. This collaborative approach helps to address loopholes in the system and enhance the overall efficiency of financial transactions. Overall, TagPay's vision is centered on driving social progress through innovative digital solutions that improve access to financial services and reduce the reliance on cash. By leveraging mobile technology and establishing strong partnerships with local businesses, TagPay is at the forefront of transforming the banking sector in Africa and promoting financial inclusion for all.