Monetbil: Pay for Online Shopping with Mobile Money
E-commerce and Mobile Money are gaining momentum in Africa. However 70% of Internet users abandon their orders online because of the inadequacy of the payment methods used. In order to solve this problem NGUEFACK Thierry and Serge NTONG, two young Cameroonians passionate about technological innovation have decided to create Monetbil, solution that aggregates all methods of payment and allows online merchants to integrate them on their website. trade.
Introduce yourself and your background (briefly)
I am NGUEFACK Thierry, co-founder of Boorgeon SARL, a Company of Computer and Financial Engineering Services. I hold a Master 2 in Physics and Certified Science from the University of Bocconi. Moreover, I am passionate about tech innovation and it is this passion that made me meet NTONG Serge to start the entrepreneurial adventure at 24 years old. In 2015, we launched the Monetbil solution that aggregates all payment methods and allows online merchants to integrate these payment methods on their online sales site.
What is your project and its mission?
E-commerce and Mobile Money are gaining momentum in Africa. However 70% of Internet users abandon their orders online because of the inadequacy of the payment methods used. The telecom operators have understood this need and have set up online payment gateways by Mobile Money. But a merchant to accept this multitude of payment method is obliged to sign with each operator in each country. Thus, he will lose money, lose resources and time.
What is the problem solved by Monetbi?
In order to enable online merchants to save time, money and better manage their resources, our team, with its 30 years cumulative experience in computer and financial engineering, has designed, developed and deployed on the market a solution that aggregates all payment methods and allows merchants to accept them on their online sales site in less than 3 minutes.
Thus, the 146 million people with a Mobile Money account will be able to pay on the e-commerce platforms without fear of leaving their credit card number online and emptying the bank account as is the case with VISA cards. only 2.8% of Africans have it.
This innovation is known as Monetbil (Mobile Network Billing).
What is the business model ?
We create added value for each of our clients and are paid by a commission that we pay on each transaction. The integration of Monetbil to an e-commerce site is free and technical support free. No fixed charge and no monthly fee are required. There is no limit on the monthly transaction volume to be achieved.
How did you get the idea to start your business?
Everything started from the cyber café we had created. Indeed, the customers who came in our cyber café asked to remotely pay the internet connection ticket in order to connect to the wifi without traveling for the cyber. So we took steps with operators to integrate their gateway to our ticketing system. Administrative procedures, missed appointments and travel to connect Douala – Yaoundé came to us the idea of implementing a solution that aggregates all payment providers.
What are the next steps ?
Our target market is Africa. To measure the complexity and the real need of online merchants, we started with Cameroon where we have aggregated the 3 leaders of Mobile Money (Orange Money, MTN Mobile Money and Express Union Mobile Money). This phase which lasted 2 years, allowed us to improve the platform over the days. We took this time to listen to our customers who are online merchants and took their observation into account.
Today, the platform meets 95% of the needs of online merchants. We are therefore ready to cover all of Africa and have initiated representation agreements as well as agreements with operators in the targeted countries.
What are the contacts of the startup? Website, email, Mobile / WhatsApp, links to social networks?