By The Nation
The company said in a press release issued on Friday that HelloGold will support Baobab in expanding its financial inclusion services through an integrated savings platform.
HelloGold and Baobab will jointly develop products for Baobab’s 800,000 strong customers across nine countries in Africa. Using its digital financial service infrastructure and experience, HelloGold will support Baobab in expanding its financial inclusion services through an integrated savings platform in 2019.
HelloGold’s gold backed savings and loan financial products will be integrated with Baobab’s mobile phone app, to be launched in 2019. Users will be able to easily buy, save and invest in gold, directly on the integrated mobile application, allowing instant and secure access to gold as an alternative savings product.
Arnaud Ventura, CEO and founder of Baobab Group, said: “We are pleased to announce this partnership, which will allow our clients to benefit from new digital services. The possibility to easily save and invest in gold is an additional key offered to our clients to unleash their potential. This collaboration with HelloGold will allow us to integrate this saving offer in the 9 African countries we are working with.”
Baobab operates 1140 service points in Africa and has disbursed more than EUR 940 million in loans to the underbanked and unbanked (including micro entrepreneurs, youth and women).
The company provides a wide range of digital and mobile solutions for customers in Africa and China to simply, quickly and safely manage their finances.
HelloGold CEO Robin Lee, said: “Our partnership with Baobab demonstrates HelloGold’s capacity to provide financial solutions for our current and prospective partners. While we bring financial products on our technology, we support our partners in the building of their own offerings, providing differentiated value and services on their platforms. We use blockchain technology to enable our customers to access affordable financial products and services, starting with gold. HelloGold’s mission is to democratise essential savings and lending products for the underserved and the unbanked in emerging markets through digitisation. With our shared vision, Baobab is a perfect partner.”
Accelerated by mobile phones and digitisation, financial inclusion is on the rise globally. The World Bank has a goal of Universal Financial Inclusion by 2020 and Africa has been at the forefront, with mobile-driven financial inclusion growing by 20 per cent over the past six years. Through this partnership, Baobab and HelloGold intend to grow and explore financial inclusion in more markets on the continent.