90% of retail payments in Africa use cash

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In Africa, 90% of retail payments are via cash, with only 10% of payments made electronically.

Compared to European payment methods where debit and credit card use has soared, South Africa is moving into a cash-less economy. But it will take time. Consider the number of unbanked: it is estimated that 67% of the adult population in South Africa are unbanked, and 37% live in rural areas.

Giving the unbanked access to formal financial services such as insurance policies has its benefits to individuals: improved well-being, financial responsibilities taken care of, and a personal sense of worth for the heads of the home. But, considering the percentage of citizens who are unbanked and/or in rural areas there is the treat of – theft of collections, fraud, inaccurate reporting, and poor customer service during emotional times.

EasiPol was designed by software consultancy RubiBlue for the secure and simple collection of cash payments. It is the only fully customisable, web-based administrator package of its kind for administrators and insurance underwriters.

Sales and collections in the field are made using a remote terminal for payments, data look-ups and receipting for transparent and accurate reporting. By being in the field with reliable devices, software and data access, organisations using EasiPol have seen an increase in collections and reported better client satisfaction.

EasiPol provides a complete multi-platform policy administration/payment solution, ensuring a secure, centralised, backed up data store, which prevents fraud and theft; ensuring administrator and client peace of mind.

“Having discussed the pitfalls of cash collections with many organisations, one business mentioned it ‘lost’ monies of up to ZAR750 000 a month. It only discovered this after the installation of EasiPol,” comments Chris Ogden, RubiBlue Managing Director.

In addition to increasing collections from an operational perspective it improves the management of day-to-day tasks because of accurate and up to date data, and its in-depth audit trailing to manage and prevent fraud and theft. Ogden adds, “Being a web-based system, it allows convenient on-demand access from any web browser, including mobile devices. As well as the collection and recording of payments there is a policy document repository features.”

EasiPol manages two million policies across southern Africa, collecting around R85 million per month in payments, of which ZAR50 million is in cash.

EasiPol also allows payment for those banked via debit order, stop order and EasyPay.

In addition to the collection of policy payments for insurers, EasiPol can also be applied within any subscriber or membership organization with collection models: political parties, unions, taxi associations and societies.

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