Participate is a developing and popular consumer convenience in AfricaThe Business
The Company?s mission is to revolutionize traditional money transfer and mobile banking by introducing mobile technology. Mobile Money Transfer (MMT) provides the means to augment ways through which mobile phone users make financial transactions such as money transfer, bill payment and emergency money needs.
By utilizing an application and simple SMS based command, the Company has been able to create an alternative, convenient and cost effective medium for consumers (mobile phone users-both the high-end and average-end users) to transfer money, manage their money, and utilize their money in real-time, even outside of the conventional banking hours bottle-neck.
Market
The Company?s market has overtaken South Africa to become the continent?s largest mobile market with over 70 million mobile phone subscribers, and yet market penetration stands at only around 45% in mid-2009.
The Company has fully developed and launched a test run/demo of the financial application, and run the application on different mobile phones. It has conducted an interest survey that had very positive acceptance and interest from consumers. The Company has made inroads with major participating companies like banks and payment solution companies.
The Company is seeking $2m of investment to fund the first two years of development of its business.
Sector: TelecomSegment: Local/Long DistanceRegion: AfricaFinancing Size: $1m to $5mContact: Tosin Osunsanya
Company: Redvolta CapitalTelephone: +1 617 970 1468Email: [email protected]