Og Money provides digital financial services to reach the 2 billion people and 200 million businesses without credit or savings in emerging economies
One Global has launched a mobile app 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 considered the next generation 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.
One Global founder and CEO Mohammed Al-Rashidi said that Og Money serves the banked, under-banked, and unbanked with a full suite of mobile and digital financial services. He added that it allows users to receive remittances, wages, and government subsidies, as well as make purchases at stores, provide funds for vouchers and gift cards, or pay utility bills and school fees.
He noted that the app acts as a seamless platform to connect consumers, banks, telecommunication operators, foreign exchange providers, and merchants, all via the convenience of a mobile phone, which acts to broaden access to financial services through digital platforms like Og Money, helping to boost trade, reduce poverty, empower women, and unlock society-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 6%, or $3.7tn, by 2025.
Al-Rashidi said that 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,” he added.