Currently, the rural population and the informal sector have not access to the traditional financial system in the country. Our solution provides the unbanked with a gateway into the financial system. Our agency banking platform allows the unbanked to open bank accounts with our merchants and access the traditional banking system in areas where banks see no business sense to penetrate. The e-wallet links all mobile money services and banks to a wallet that can be access through a mobile phone application or a USSD code for users without smart phones. Also, since the wallet will be receiving deposits, the system will have a credit rating score which will allow the users with good credit rating to borrow money from the system.
Broadpay estimates the deposit market in Zambia – the adult, income earning population – to consist of approximately 7.2 million depositors. This market is 75% unserved at present, though it is growing very rapidly as Zambia is a very young country (only 2% of Zambians are over 70 years). By 2020 then, Broadpay expects to be reaching almost 1 million customers and transacting over 100, 000 transactions daily. We see that in order to serve these depositors well and also to help them grow as clients, Broadpay needs a means to serve them and provide them cost-effective and accessible access channels. The Agent Network strategy works to meet this growth objective, also at the rural level, and further work in such a fashion that it encourages depositors to conduct even more transactions at Agents after their initial transaction because of the ease of service and accessibility of Agents. Broadpay assumes its target loan market to be approximately 5.5 million potential customers.