MICROCAPITAL BRIEF: AppZone Launches Branchless Banking Platform BankOne in Nigeria

AppZone, a Nigeria-based financial technology firm, reportedly has launched a branchless banking platform called BankOne that allows financial institutions to use mobile devices as data capture terminals. The product was initially launched to serve traditional financial institutions, but AppZone has since redesigned it in order to serve microfinance providers as well. BankOne’s services include bill payment functions, internet and short message service (SMS) banking and debit cards. The price for a microfinance institution (MFI) to use BankOne includes an implementation fee of between USD 1,500 and USD 2,500 and a subscription fee of approximately USD 30 per user per month. AppZone also charges transaction fees when clients use BankOne services, such as a USD 0.60 fee for mobile banking. The implementation fee is tapered, so the more users an MFI has, the lower the implementation cost.

As of 2012, BankOne has approximately 30 MFI clients, representing around 200,000 accounts. Financial information for AppZone is unavailable.

By Charlotte Newman, Research Associate

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Sources and Resources:

Business Day Online: “AppZone Lifts MFBs with Core IT Banking System,” http://www.businessdayonline.com/NG/index.php/tech/telecoms/41639-appzone-lifts-mfbs-with-core-it-banking-system

WorldStage press release: “First Bank promotes financial inclusion with card-less ATM innovation,” http://www.worldstagegroup.com/worldstagenew/index.php?active=news&newscid=5574&catid=25

MicroCapital.org story, February 27, 2012: “MICROCAPITAL BRIEF: FirstBank of Nigeria, Airtel Nigeria, GLO Nigeria, Etisalat Nigeria to Partner On Mobile Money,” https://www.microcapital.org/microcapital-brief-firstbank-of-nigeria-airtel-nigeria-glo-nigeria-etisalat-nigeria-to-partner-on-mobile-money/

MicroCapital.org story, August 17, 2012, “MICROCAPITAL BRIEF: First Bank of Nigeria Creates Cardless Automated Teller Machine (ATM) to Promote Financial Inclusion,” https://www.microcapital.org/microcapital-brief-first-bank-of-nigeria-creates-cardless-automated-teller-machine-atm-to-promote-financial-inclusion/

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