Logica Priam - Benefits

Logica Priam benefits all in the ecosystem, whether its banks, regulators, MNOs or the end user. It enables banks such as you, a cost-effective means to cater to the unbanked population. While, users have secure access to money anytime, anywhere, using their mobile phones. Especially, those with no access to banking facilities. This way, you can acquire and retain a large customer-base, without investing in a new bank branch or an ATM.

Further, these customers provide you a large volume of deposits at low cost. These deposits increase with time as government subsidies and pensions that customers receive can now be directly remitted to these accounts. You can also sell additional financial products such as micro-credit and micro-insurance to these customers. And since every transaction is logged in Priam, you can receive detailed MIS reports with various slice-and-dice operations.

As for mobile network operators (MNOs), the solution helps them obtain additional revenues because of SMS communications, at no extra cost. And since now, people’s bank accounts are directly related to their mobile phone numbers, it also enhances customer retention.

For banks

• Access to untapped market
• Fulfillment of financial inclusion mandate
• Increased deposit base
• Low cost delivery channel for other financial products

For MNOs

• Additional revenue
• Customer stickiness
• Access to new customers

For end user

• Secure, anytime, anywhere access to money
• Convenience and safety of carrying less cash
• Inter-personal transactions
• Access to additional banking services
• Reduced value leakage in social security payments

For governments and regulators

• Transparency of source and destination of funds
• Effective disbursement of government funds (loans, grants, pensions etc)