Og Money provides digital financial services to reach the two billion people and 200 million businesses without credit or savings in emerging economies
- According to the GSMA, 54% of people in the MENA region are unbanked, with mobile money account registrations growing by 11%
- 900,000 customers in the Middle East and Africa already rely on the Og Money platform for digital financial services
- Encouraging further adoption of digital transactions could boost annual GDP of all emerging economies by $3.7 trillion by 2025
- Nearly 80 percent of adults in emerging economies have a mobile phone, but only 55 percent have bank accounts
Beirut, Lebanon – 6 March 2017: One Global has launched a mobile app today as a single, secure platform for all digital financial services across the Middle East and Africa. The Og Money platform, formerly known as PayIt, already has 900,000 customers across the region.
Og Money is the next evolution of digital financial services, going beyond digital payments to provide users with mobile wallet capabilities, banking, merchant and checkout facilities, virtual stores and turnkey dealer solutions.
“Og Money serves the banked, under-banked and unbanked with a full suite of mobile and digital financial services. It allows users to receive remittances, wages, and government subsidies, make purchases at stores, provide funds for vouchers and gift cards or pay utility bills and school fees,” One Global Founder and CEO Mohammed Al-Rashidi said.
“Og Money acts as a seamless platform to connect consumers, banks, telecommunication operators, foreign exchange providers and merchants, all via the convenience of a mobile phone. Broadening access to financial services through digital platforms like Og Money can help boost trade, reduce poverty, empower women and unlock societal-wide economic benefits.”
Almost 470 million people and small businesses in the Middle East and Africa transact exclusively in cash and they have no secure method to save money. This lack of access to credit prevents individuals from engaging in economic activities that could transform their lives, something that is taken for granted in more established economies.
A September 2016 report by the McKinsey Global Institute quantifying the economic and social impact of digital finance in emerging economies found widespread adoption and use could increase the GDP of all emerging economies by six percent or $3.7 trillion by 2025.
Mr Al-Rashidi founded One Global in 2004 and has helped grow Og Money into one of the leading digital payments platforms available in the Middle East. It currently has more than 900,000 regular users, thousands of merchants on the platform and manages millions of dollars of transactions every day through the app.
“Og Money opens up a world of opportunity for people without credit facilities, while also connecting businesses with vast, untapped customers in emerging markets. That’s why we have engineered Og Money to be the most secure, reliable, user friendly and convenient one-stop-shop app for facilitating digital transactions and boosting the cashless economy,” said Mr Al-Rashidi.
One Global is a Microsoft partner and Og Money has received official authorisation and compliance certification from the Central Bank of Bahrain, Kuwait Finance House, Warba Bank in Kuwait, Bank Misr in Egypt, Tadhamon International Islamic Bank in Yemen and many other banks across the region. It’s also PCI/DSS compliant and maintains the highest security level within the financial services industry.
Og Money consumer is available for download from the Apple iTunes App Store and Google Play Android market. More information is available at www.oneglobal.co