[Column] John Enoh: Revolutionising e-payment solutions in Africa
Electronic payment is an emerging form of payment within the fintech industry and has become one of the most popular payment forms in Africa. The drive of the industry is the speed and simplicity of opening new accounts, recruit new merchants and customers.
The E-payment boundaries are limited by the connectivity boundaries and respectively the strength of the connectivity directly affects the quality and dependability of the E-payment solutions coverage in Africa.
These connectivity problems can be solving in rural area in Africa using Nano-satellites low-orbit network flying 600Km above the ground that does not have latency issues like the traditional satellites (Geo stationary) that fly at 36,000km above the earth. The Nano-Satellite shortest latency can form fibre nodes at every transaction.
The Nano-Satellite based network resembles a “Cellular network in the sky”, enabling the connection of virtually infinite POS/ATM/ Mobile payment Apps to cloud systems, utilizing a small portable device. The service is always available, regardless of the terrain or infrastructure, with coverage in Africa and available always regardless of any terrestrial infrastructure.
Implementing the novel Nano-Satellites network enabling ultimate coverage and reliability to enhance the fintech growth and strength in Africa due the affordable connectivity offers to fintech enterprises whose services or devices require connectivity a complementary access to remote areas where cellular coverage is not available.
The connectivity services are complementary to MNO’s services in areas with poor or no coverage for financial inclusion services that open up new market and expand the inclusivity dragnet of connectivity which were not accessible before and improve revenue from existing fintech services by increase of connectivity reliability in Africa.
The network enables Fintech in Africa to reduce costs, reduce latency and increase reliability for its customers everywhere in Africa. With this affordable connectivity via innovative Nano-satellite technology, FinTech services providers can connect the unconnected and unbanked cheaper, accessible reliable to financial services based on the technology Data Transfer, encrypted messages, enabled M2M/IoT devices. such as IP connectivity between remote Customer's POS, ATM or Mobile Apps and financial institution cloud systems over the Nano-satellites network.
John Enoh is Founder of Nigerian fintech and VoIP company BeepTool Communications.