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Achieving a Frictionless Customer Experience in Fintech (By Lelen Udayan)

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Modern customers expect fintechs to focus as much on the experience they provide as the products and services being offered

CAPE TOWN, South Africa, February 14, 2023/APO Group/ — 

By Lelen Udayan, head of customer experience at Mukuru (www.Mukuru.com)

By definition, a truly frictionless customer experience (CX) is unobtainable even though it is the end state every fintech company strives for. Along the way, the focus falls on providing enhanced experiences that stem from the points of friction identified across the customer journey. In doing so, businesses can improve on the products, processes, and services they deliver.

According to Gartner (https://apo-opa.info/3lyxYiG), this requires fintechs to remove the elements that create unnecessary friction or make it unnecessarily difficult for customers to access products and services. To this end, Gartner repositions (https://apo-opa.info/3E4pZ3f) frictionless as rather about creating an effortless experience. This is important as it shifts the spotlight from what it calls ‘feel good’ moments that have low impact on loyalty or repeat business. Instead, more attention is put on using CX as the means to secure repeat business while reducing operating costs.

Removing friction

Modern customers expect fintechs to focus as much on the experience they provide as the products and services being offered. An enhanced experience is important because it shows customers that the fintech acknowledges its failures and is working on improving those areas while also removing the elements that can lead to dissatisfaction.

For an organisation like Mukuru, increasing customer satisfaction, retention, and referrals are largely due to making sure pain points are seen, heard, and addressed. This is done by tracking the customer journey, measuring satisfaction, and customer effort. Additionally, Mukuru (https://apo-opa.info/3lB0396) ensures that customer sentiment and the voice of the customer are prioritised across the business.

Fundamentally, the only way a fintech can remove friction is to ensure its service teams are equipped to assist customers when they do have a problem, query, or complaint.

Channels of engagement

Fundamentally, the only way a fintech can remove friction is to ensure its service teams are equipped to assist customers when they do have a problem, query, or complaint

For this to happen, the company must embrace all of the channels within its capabilities to invest in an omnichannel CX. A PWC report (https://apo-opa.info/3RVAiw4) found that the number of companies doing this has increased by more than 60% in recent years.

Closer to home, the State of CX in South Africa 2022 report (https://apo-opa.info/3YvNAlF) writes that 45% of financial sector respondents identified seamless omnichannel experience on their channel of choice as the main factor influencing customer satisfaction. As many as 64% of local fintech’s have fully implemented virtual assistants and chatbots or are in the process of doing so as critical enablers of this omnichannel experience. Similarly, 27% of companies in financial services have installed bots on messaging apps like WhatsApp and Facebook Messenger, compared to only 7% average in other sectors.

At Mukuru, our purpose is to enable greater degrees of financial inclusion for customers on the African continent – still predominantly cash-based – and globally, which is why we take a tailored approach to customer channels. Channels such as USSD and WhatsApp perform well across Africa, whereas our App is a more relevant channel for UK customers. We have seen the impact of this strategy with WhatsApp, our biggest transacting customer channel in South Africa, where the proportion of transacting customers have almost doubled in the last 3 years.

The golden thread running through a successful omnichannel strategy is how best to meet customer expectations. This requires providing the right fintech employees with the tools, systems and processes to effectively support customers. With these in place, the most common points of friction can be addressed. These include things like resolution time and understanding who the customer really is. In the case of the former, the challenges encompass response times and why the first point of contact might not have the answer. When it comes to the latter, it is about knowing who the individual customer is without having them provide different pieces of information at every engagement point.

FinTech’s must therefore be more consistent and remove the frustration of customers repeating the query to every person in the engagement chain or, even worse, having to phone back at a later stage. Furthermore, the value of self-services cannot be ignored as digital-savvy customers might prefer to resolve the common queries they have themselves.

Through all of this, the fintech must have access to fit-for-purpose tools, competent staff, and efficient processes across product lines and platforms.

Continuous journey

One of the biggest mistakes any fintech can make is to assume that creating a frictionless experience is a once-off exercise. As mentioned, becoming frictionless is an end goal that will never be fully realised. Driving this is setting the business up to learn from its past CX mistakes.

To do so requires the process of CX improvements to be formalised and rolled out to all applicable areas of the business. Service staff must be empowered to resolve customer pain points. Additionally, there is a growing need to establish effective self-service solutions where customers become less reliant on human touch points. Perhaps most crucially, customer success can only be realised by continually monitoring the journey, touchpoints, and the voice of the customer.

All of this can be distilled into initiating a CX project, implementing it, and then iterating as needed. Mukuru (https://apo-opa.info/3lB0396) has made CX a part of its ethos. This enables the business to continually drive improvements in this space. FinTech’s should strive to make every customer interaction with the business a positive one.

Distributed by APO Group on behalf of Mukuru.

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RIOT Network and MediaTek collaboration expands digital access in South Africa through innovative, community-driven Wi-Fi solutions

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RIOT Network aims to make fast, unlimited Wi-Fi services accessible for people in townships and underserved communities

JOHANNESBURG, South Africa, November 22, 2024/APO Group/ — 

MediaTek (www.MediaTek.com), a global fabless semiconductor company powering nearly 2 billion connected devices a year, and RIOT Network (https://RIOT.Network), a community mobile broadband provider in South Africa, have announced the successful integration of Mediatek’s Filogic 830 (https://apo-opa.co/3CIbkNl) chipset into RIOT’s second-generation CROWDNet Core Nodes.

The successful deployment of the CROWDNet nodes has enabled RIOT Network to achieve its aim of offering uncapped internet at an affordable price of R99 per month, and to do so profitably. To date, RIOT Network, in partnership with Sonke Telecommunications, has leveraged the nodes to connect more than 800 households and 5000 users in Olievenhoutbosch to uncapped Wi-Fi services.

RIOT Network aims to make fast, unlimited Wi-Fi services accessible for people in townships and underserved communities. Its CROWDNet Nodes, enable an innovative model for deploying user-operated network infrastructure. Community members serve as operators of some of the core network devices to earn a share of the fee from neighbours who use the service.

With each new connection, RIOT Network is highlighting the role of innovative fixed-wireless solutions in extending broadband access and improving digital inclusivity

CROWDNet powered by MediaTek Filogic 830 brings affordable, last-kilometre broadband to communities where it is not commercially viable to deploy towers or fibre. The MediaTek Filogic 830 is a high-performance SoC for routers, repeaters, access points and mesh networking devices. The SoC enables device makers to build-in powerful applications based on an energy-efficient, Wi-Fi 6-ready platform.

“The Mediatek’s Filogic 830 chipset delivers a unique balance of high performance and cost-efficiency, allowing us to keep operational costs low while maximising network reliability and speed,” said Jarryd Bekker, CEO at RIOT Network. “This combination of affordability and sustainable business growth is pivotal to our vision of expanding digital access in underserved communities. Our work in Olievenhoutbosch near Centurion demonstrates the power of reliable, affordable internet, creating new opportunities for economic and social engagement.”

“With each new connection, RIOT Network is highlighting the role of innovative fixed-wireless solutions in extending broadband access and improving digital inclusivity,” said Rami Osman (https://apo-opa.co/4ghZBUn), Director for Business Development, MediaTek Middle East and Africa. “We look forward to supporting RIOT in building a future where high-quality internet is accessible and impactful for all.”

Distributed by APO Group on behalf of MediaTek Inc

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African Energy Chamber (AEC) Endorses Inaugural Congo Energy & Investment Forum, Catalyzing Growth in the Republic of Congo’s Energy Sector

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The African Energy Chamber proudly supports the inaugural Congo Energy & Investment Forum, scheduled for March 25-26, 2025 in Brazzaville

BRAZZAVILLE, Republic of the Congo, November 21, 2024/APO Group/ — 

The African Energy Chamber (AEC), as the voice of Africa’s energy sector, proudly supports the inaugural Congo Energy & Investment Forum (CEIF), set to take place in Brazzaville on March 25-26, 2025. Unveiled during African Energy Week: Invest in African Energies in Cape Town by the Republic of Congo’s Ministry of Hydrocarbons, this milestone event signals the nation’s commitment to strengthening its role as a key energy player on the continent, while showcasing a range of investment opportunities. 

Under the leadership of Hydrocarbons Minister Bruno Jean-Richard Itoua, the Republic of Congo has emerged as sub-Saharan Africa’s fourth-largest oil producer, with anticipated production of 280,000 barrels per day (BPD) by the end of 2024 and ambitions to reach 500,000 BPD within three to five years. Building on this momentum, the CEIF will highlight innovative projects and foster strategic partnerships that enhance investment, drive economic growth and position the Congo as a leader in Africa’s energy expansion.

Meanwhile, Société Nationale des Pétroles du Congo (SNPC), led by CEO Maixent Raoul Ominga, is spearheading the Congo’s energy growth. SNPC holds a majority stake in the Mengo Kundji Bindi II permit, with 2.5 billion barrels of estimated oil potential. The company is developing the site through 13 wells, 3D seismic data acquisition, and the construction of six production platforms. 

We are honored to secure the Chamber’s endorsement for this pivotal forum

With the Chamber’s official support, the CEIF is set to attract government leaders, C-suite executives from major IOCs and energy experts, who will offer critical insights into Congo’s oil, gas and energy sector developments. The country is overhauling its gas sector to unlock 10 trillion cubic feet of resources through a comprehensive Gas Master Plan and new Gas Code that introduces favorable fiscal terms and enables small-scale project development, as well as large-scale, integrated gas megaprojects like Eni’s Congo LNG and Wing Wah’s Bango Kayo. 

“The Congo Energy & Investment Forum marks a major milestone for the country, amplifying its strategic energy initiatives and showing industry stakeholders that it is serious about advancing its energy sector. We look forward to supporting this forum, which promises to connect investors, drive impactful partnerships and elevate the Congo’s position within Africa’s energy sector,” says NJ Ayuk, Executive Chairman of the AEC.  

“We are honored to secure the Chamber’s endorsement for this pivotal forum, which, through its vast network and influence, will help attract key stakeholders and decision-makers to the event. Together, we aim to highlight the immense potential of the Congo’s energy sector, foster strategic partnerships and drive transformative investments that contribute to sustainable growth across the industry,” notes James Chester, CEO of Energy Capital & Power, organizers of the CEIF.   

This premier forum provides a unique platform for connecting local and international investors with high-impact opportunities across a diversified range of energy projects, paving the way for collaborations that drive growth and transformation. The AEC’s endorsement underscores its commitment to fostering strategic partnerships, sustainable investment and regional cooperation, aligning with its broader mission to make energy poverty history across the continent by 2030.  

As the energy industry continues to serve as a critical pillar of the Congolese economy and a catalyst for sustainable development, the AEC remains dedicated to supporting initiatives like CEIF that foster progress, investment and partnerships across the African energy landscape. 

For more information, please visit www.CongoEnergyInvestment.com

Distributed by APO Group on behalf of Energy Capital & Power.

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Any Successful African Energy Policy at Conference of the Parties (COP) or Anywhere Must Have Oil and Gas at its Core (By NJ Ayuk)

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Africa will need global financial systems, including multilateral development banks, to play a significant role in financing our energy growth which must include fossil fuels

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JOHANNESBURG, South Africa, November 21, 2024/APO Group/ — 

By NJ Ayuk, Executive Chairman of the African Energy Chamber (www.EnergyChamber.org).

I believe the ultimate responsibility for getting there is ours and no one else’s. Yes, we need partners to walk alongside us, but the success of our energy movement rests on African shoulders.

To begin with, I would love to see African energy stakeholders speaking in a unified voice about African energy industry goals.

This will be particularly important in COP29 in Baku. It is imperative that African leaders present a unified voice and strategy for African energy transitions. We must make Africa’s unique needs and circumstances clear and explain the critical role that oil and gas will play in helping Africa achieve net-zero emissions in coming decades.

I would encourage African leaders to talk about the need for financing, as well, to make it possible for us to adopt renewable energy sources and set up the necessary infrastructure. Africa will need global financial systems, including multilateral development banks, to play a significant role in financing our energy growth which must include fossil fuels.

Africa’s governments have a role to play in a successful African energy movement as well.

Because Africa’s energy industry still can benefit greatly from the presence of international oil companies, our government leaders need to approve contracts with oil and gas companies promptly instead of allowing red tape to delay projects after discoveries are made.

And, they need to offer the kinds of fiscal policies that allow oil companies to operate profitably in Africa. In turn, that will help those companies generate revenue, create jobs and business opportunities, and foster capacity building.

I also would encourage governments and civil societies to reward companies that exemplify positive behavior. Let’s incentivize the kind of activities we want, from creating good jobs and training opportunities to sharing knowledge.

I would love to see African energy stakeholders speaking in a unified voice about African energy industry goals

And there’s more.

We in Africa must work together to create more opportunities for women to build careers in the oil and gas industry at all levels. Our energy industry can’t reach its potential to do good when half of our population is left out. Our progress on behalf of women has not been great—We need to do better, and we need to act quickly.

How the world can support

Now, I mean it when I say Africans are responsible for building the future they want. But, I would love to see Western governments, businesses, financial institutions, and organizations support our efforts.

How? They can avoid demonizing the oil and gas industry. We see it constantly, in the media, in policy and investment decisions, and in calls for Africa to leave our fossil fuels in the ground. Actions like these, even as Western leaders have pushed OPEC to produce oil, are not fair, and they’re not helpful.

I also would respectfully ask financial institutions to resume financing for African oil and gas projects and stop attempting to block projects like the East African Crude Oil pipeline or Mozambique’s LNG projects.

Please understand that with the war in Ukraine, the energy crisis in Europe, and the energy poverty facing our continent, our countries, like many others, are simply choosing the paths they believe are most likely to help their people.

You know, people for years have accused me of loving oil and gas companies more than Africa. The opposite is true. In my frequent travels around the continent, I’ve observed far too many young people with little in the way of opportunities.

I know our young people have aspirations for a better future. I know they have big dreams. And, I know that future is nearly within their grasp.

A thriving, strategically managed energy industry can make it possible for many of these young people, whether it leads to good jobs or it fosters the kind of economic growth that creates jobs in other fields. Even if we only get the lights on in their communities, we’ll be giving our young people hope and improving their chances of realizing their goals.

This is what drives me, the idea that with our ongoing efforts and determination, our young people can realize meaningful opportunities. I encourage each of you to work with us at the African Energy Chamber, in a spirit of cooperation and mutual respect. Together, we can build the kind of African energy movement that our continent, our communities, and our young people need and deserve.

Distributed by APO Group on behalf of African Energy Chamber.

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