On 30th November 2015, we listed our assumptions NIM$ and designed experiments to test these assumptions, they include:
- We can get lower charges if we integrate directly with a mobile money provider
- We put an add on LinkedIn will increase signups, also outbound sales will lead to increased customers
- We will be the first money platform to integrate with a bank that also has a mobile money service.
- Local banks have API’s that would allow us to easily integrate to their systems.
- We need to set up 24 hour support for our customers.
- Charging the customers a flat rate during transactions will increase customer sign up.
- The amount of money we spend on online advertising will lead to increased revenue.
On 12th December we aggregated our findings from the experiments, here are the results:
- It is possible to get a lower transaction rate once you integrate with the mobile money provider. They will, however, need a justification to give you a reduced rate e.g High Number of transactions.
- You can integrate with banks, a number of banks provide API’s that make this possible.
- We can partner with third party providers to connect to the mobile providers API, this will result in an additional cost per transaction, however, we can negotiate the price should we have volumes of transactions, their API is fairly good.
The other experiments did not yield concrete findings and have been extended until next week.