Tecno is set to launch a digital banking service in Africa

Tecno is probably one of the most renowned brands in Africa and Asia. The company will be soon launching Transsnet Africa which is a mobile banking platform. Over the years, Tecno has been on the frontline with market research to ensure that its products meet the needs of the consumers.

If you can remember, before the smartphone era, only Tecno phones had a wireless radio and very loud speakers since they wanted their buyers to enjoy their devices without minor troubles like having to connect the earphones.

Transsnet digital banking

Tecno phones came with small torches, a trend that would later be adopted by other phone makers.

The Tecno brand is owned by a parent company called Transsion. In a bit to diversify their products and services, Transsion has partnered with netEase which is financial service provider. This partnership is aimed at developing a product called Transsnet financial services offered by Tecno.

Kenyans are not new to mobile banking or mobile loan apps. As such, Transsnet will be another drop in the ocean offering digital banking services to African countries.

Tecno is very optimistic about its baby project. In the next 3 years, the company hopes to have over 100 million users across Africa.

While the promise of Transsnet may be driven by optimism, it is important for techno to realize that mobile banking requires well laid out infrastructure.

Still there are several people in Africa with no access to the internet. On the other hand a significant percentage of people with smartphones already have a mobile banking or mobile money plan.

Transsnet services will include:

PalmPay – Users will be able to send money, pay bills and buy airtime.

PalmCredit – Users will be able to access loans

PalmPoints – Users will be able to earn PalmPoints for every transaction and redeem them against airtime, discounts and special offers.

Important to note: Transsion is the parent company of smartphone brands Tecno, Infinix, and Itel.

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