BACKBASE digital currency based on your mobile phone using your mobile number . But , so much has happened beyond that , which I think the rest of the world could learn from . An example of this is ‘ Juice ’ by MCB in Mauritius , powered by Backbase . This is essentially enables for people to make payments and payment requests on their mobile without logging into their bank and making a transfer . Out of ' juice ' comes ' juicing ,' a new term born in Africa that is beginning to catch on in other countries ," claims Custers .
Something else that is happening more and more in Africa is that banks that initially felt the FinTech and telco threat have adapted and see partnering with companies that are not financial institutions as strategically imperative . The most impactful industry convergence is that of the banks and the mobile network operators .
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BACKBASE AND PARTNERS
“ Partners are just human beings ,” says Custers . “ A human-based partnership strategy for any bank or large enterprise wanting to do business in Africa is actually as important , if not more important than anywhere else in the so-called developed world . Because the continent is so unique , it has so many constraints and so many different regional , country and cultural nuances that it ’ s critical to have a really good network of partners that absolutely understand how human beings in Africa think , and the differences in the way that African people act country to country . It ’ s not just about partnering with the companies that have the best tech , or the most advanced developers .”