4 Method
4.1 Data Collection
The collection of the relevant data was done in 2 steps. The first step was the collection of secondary information reports relating to the thematic for subsequent study in order to gain a solid background. The second step of the data collection was conducting the interviews with representatives of start-ups and organizations working on this topic in the designated regions (Kumar et al 1993).
The data collection was done according to a mono method qualitative study using interviews
as the collection technique. The qualitative data collection was done by conducting
semi-structured interviews with start-ups and organizations that are active in the fields of micro
finance, fintech and/or financial inclusion in either MENA or sub-Saharan Africa. The
interviews were conducted where possible in person, resolving in the other cases to online
video calling options (Saunders et al 2016).
Data Collection Method Nathalie Hemmen
The selection of the interview subjects contained a few elements. The most important selection criterium was that they were active in the area of financial inclusion and thus in a position to contribute to the study with their knowledge and experience. Furthermore, they had to operate in either sub-Saharan Africa or the MENA region. The selected start-ups vary in their maturity and what the current stage of the implementation of their solution is, thus being able to provide different viewpoints and experiences. Additionally, the selection was also affected by availability and the willingness of representatives of the respective organizations to share information about their operations and participate in an interview.
Interviews have been conducted with representatives from Koosmik, CARE Denmark, HiveOnline, MyBucks, Mahfazti (Umniah), JamiiPay, Sseguku, Al Majmoua and FINCA Impact Finance. In the following, the participating companies will be listed, as well as a brief oversight of their activities and information regarding the interview participant of the company.
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Koosmik is a mobile wallet provider based in Luxembourg and Togo, and the interview was conducted with the CEO and founder Grégoire Yakan. The mobile app allows for holding an account, transfers, payments and a loyalty programme. The company was founded in 2014, launched its pilot phase in 2017 and is focusing on Togo (Koosmik 2018).
•
The information regarding the virtual bank MyBucks was gained in a conversation with Fernando Oltra, head of investor relations. The company offers loans, credit, insurance and banking solutions to unbanked people in Africa, Europe and Australia. Founded in 2011, MyBucks now operates in 12 countries, has 1.5 million active users and was the first African FinTech company to list on the Frankfurt Stock Exchange (MyBucks 2019).
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CARE Denmark is coordinating the on-the-ground implementation of HiveOnline’s fintech solution as part of their cooperation. Programme Coordinator Line Gamrath Rasmussen provided information regarding the project and their work with their group lending concept called Village Savings and Loan Associations (VSLA) in Niger (CARE Denmark 2019).
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HiveOnline have built a reputation technology and portfolio management tools for
VSLAs in Niger in cooperation with CARE Denmark in order to improve access to
Data Collection Method Nathalie Hemmen
Bjorn Blakstad from HiveOnline. They are currently in the first phase of implementation of their fintech solution (HiveOnline 2019).
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Another participant was Charlotte Rønje, CEO of JamiiPay, a start-up offering technology to build credit history for VSLA’s in Ethiopia. JamiiPay is currently in the testing phase and preparing for introduction of their first initial launch (JamiiPay 2019).
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Sseguku is an early-stage start-up working to develop a platform to connect micro-entrepreneurs in Uganda with lenders in Denmark, and the interview was conducted with CEO Hans Henrik Hammerum (Sseguku 2019).
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Another company considered for this project is Mahfazti, a mobile wallet service in Jordan. The interview was done with Qais AlTwal, mobile financial services senior officer at Umniah, a mobile company involved in Mahfazti (Umniah 2019).
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Al Majmoua is a non-profit microfinance institution based in Lebanon that focuses particularly on female micro-entrepreneurs and supports women in the creation of sustainable businesses. They’ve been active in the microfinance sector since 1994.
Youssef Fawaz, Al Majmoua’s Executive Director, took part in the interview (Al Majmoua 2019).
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Final participant was FINCA Impact Finance, a network of 20 microfinance institutions
and banks aiming to deliver responsible finance for entrepreneurs and small business
owners. They operate within Afghanistan, Pakistan, Jordan, and various countries in
Sub-Saharan Africa. The interview was conducted with Joseph Larsen, strategic
communication specialist (FINCA Impact Finance 2019).
Data Collection Method Nathalie Hemmen
The table below lists an overview of the participating companies and organizations, as well as information regarding the conducted interviews, which have been recorded and transcribed afterwards and are available in the Appendix.
Interviews
Country / Region Date Location Duration KoosmikTogo / SSA 26/03/2019 WhatsApp Voice Call 30 Min.
HiveOnline
Niger / SSA 19/03/2019 Google Hangout
Video Call 32 Min.
CARE Denmark
Niger / SSA 02/04/2019 Skype Voice Call 25 Min.
Sseguku
Uganda /SSA 18/03/2019
Physical Meeting at Copenhagen Fintech
Lab
34 Min.
Mahfazti
Jordan / MENA 25/03/2019 Skype Voice Call 36 Min.
Jamii-Pay
Ethiopia / SSA 29/03/2019 Physical Meeting at
Republikken 25 Min.
MyBucks
SSA 26/03/2019 Skype Voice Call 56 Min.
Al Majmoua
Lebanon / MENA 09/04/2019 Skype Voice Call 25 Min.
FINCA Impact
Finance
MENA (& SSA) 17/04/2019 Skype Voice Call 38 Min.
Data Analysis Method Nathalie Hemmen
Furthermore, the secondary information that was used in the case comparison and for the analysis have been derived from various reports and databases. The following table lists the sources of this secondary documentation.
Secondary
Documentation
Region Topic TitleWorld Bank 2017
SSA & MENA Financial Inclusion The Global Findex Database 2017
GSMA 2018a
SSA & MENA Technology The Mobile Economy 2018
GSMA 2018b
SSA & MENA Technology State of Mobile Internet Connectivity 2018
GSMA 2019
SSA & MENA Technology The Mobile Economy 2019
IMF 2019a
SSA & MENA Finance Mobile Money Note
2019
In document
FINTECH & FINANCIAL INCLUSION
(Sider 32-36)