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At the recent TechnoMag Tech Convergence Forum, Runyararo Nyandoro, Product Manager at Omari, shared thought-provoking insights on the transformative role of mobile money and remittances in driving economic growth.
Against the backdrop of the Finance Minister’s recently presented budget, Nyandoro highlighted the growing importance of remittances and the opportunities they present for the economy.
“The Finance Minister projected remittances at about $2.5 billion for 2023. That speaks to the size of the opportunity for this market,” Nyandoro remarked. “Over the past five years, the value of remittances has nearly tripled. This tells us about the importance of remittances and the diaspora market to our economy. We need to see how we can leverage that through mobile money.”
Nyandoro explained how Omari has positioned itself to capitalize on this opportunity by integrating with various remittance partners, enabling seamless cross-border transactions. This integration is helping to unlock the value of remittances while providing critical financial services to users.
He also emphasized Omari’s focus on empowering small and medium enterprises (SMEs) through digital payments. “At Omari, we believe in the importance of aggregators that assist small businesses to grow. Our role as financial intermediaries is to provide value-added services beyond basic transactions,” he stated. “For instance, SME or merchant financing becomes viable when digital transaction records are available. These are the follow-on effects of digitization that we need to be mindful of.”
Speaking on the broader market dynamics, Nyandoro highlighted the scale of mobile money transactions in the country. “Mobile money platforms can process up to $6 billion annually—about $150 million weekly. Of this, 10% to 20% is payments, including merchant and bill payments. That translates to $15 to $30 million processed weekly. This is the size of the market opportunity we’re working with,” he explained.
Nyandoro’s insights illuminated the immense potential of mobile money to drive financial inclusion and economic growth. With platforms like Omari at the forefront of innovation, the financial ecosystem is poised for a future of sustained growth, powered by digital transformation and diaspora contributions.
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