Outsource Monetic Group, an American and Senegalese fintech firm with headquarters in Atlanta, Georgia, announced the completion of a pre-seed investment round with 500 Global, a startup accelerator organization with headquarters in San Francisco, California. The fintech additionally announced the beginning of the KaliSpotTM private ATM network’s pilot phase in Senegal and Côte d’Ivoire.
The Fulani/Peul word “Kalis” for money inspired the name of the KaliSpotTM network. Each KaliSpotTM point will have an architecture of ATMs and ITMs that integrate services from banks, mobile money operators, and fintechs in a network of places. The first independent ATM operator in Francophone West and Central Africa is now KaliSpotTM.
The business creates a proprietary physical (ATM and ITM) and digital (mobile application) network of inclusive financial service points that are automated and omnichannel, giving customers of any bank, mobile money provider, or fintech company access to their money and cutting-edge value-added services around-the-clock.
Only 7 ATMs per 100,000 individuals in the sub-region are present, all of which are run by commercial banks. As a result, the current infrastructure provides few services that are unconnected to the vibrant fintech sector. Without having to spend CAPEX on a distribution network, KaliSpotTM gives digital financial service providers an integration into its physical infrastructure to increase their reach and the customer experience in the area.
By offering easier access, interactions, services, and connectivity than current human or automated networks, KaliSpotTM is revolutionizing financial inclusion in West and Central Africa.
“We are thrilled to deliver our disruptive vision of financial inclusion and PhyGital (physical and digital) infrastructure to Francophone West Africa,” stated Mika DIOL, the founder of Outsource Monetic Group, the parent business of KaliSpotTM. With the help of 500 Global, we are beginning the project’s trial phase in Senegal and Côte d’Ivoire in partnership with two mobile money providers, three banks, and five fintech companies. These collaborations demonstrate the high level of interest in a platform that can creatively, seamlessly, and inclusively close the present gap between digital and physical financial services. Being that bridge, we take great pride.
Outsource Monetic is 500 Global’s first investment in Francophone West Africa, said Mareme DIENG, Africa Lead. The team’s ability to influence the future of financial access in West and Central Africa is something that we could not be more enthusiastic about. We are eager to support them each step of the way since they have the knowledge, perseverance, and vision to deploy their revolutionary systems at scale.
The name KaliSpotTM, which stands for an exclusive network of ATM and ITM (interactive teller machine) sites, is derived from the Fulani/Peul word for money, “Kalis.”
They provide customers with access to their Bank, Mobile Money Operator, and Fintech services through a one-stop-shop network of KaliSpot locations using a brand-neutral infrastructure and proprietary software.
The mobile app for KaliSpot uses the 24/7 automated network that they are rolling out throughout West and Central Africa (WCA) to provide consumers with a variety of services.
There are typically just 7 ATMs per 100,000 adults in WCA, which transforms how people access financial services.
KaliSpot is ushering in a new era of financial inclusion with FISPs by bridging the gap between physical access and the area’s thriving digital financial environment (Financial Inclusive Service Point).
Use a KaliSpotTM to 24/7 access your Bank and Mobile Money funds for withdrawals and deposits.
Utilize the special Financial Services features of KaliSpot with the KaliSpotTM mobile app.
By connecting your backend to KaliSpotTM via API, you may establish or expand your physical presence throughout the area.
Additionally, we integrate our flagship ITMs with your Customer eXperience and mobile app UI (Interactive Teller Machines).
Applied to Financial Institutions:
Utilize our network of ATM/ITM sites to effectively expand your reach and coverage.
In order to offer your consumers banking-class services and interactive customer management, agency banking is now within reach.
Operators of mobile money:
Beyond conventional agent banking, broaden your activities and coverage.
Through a network of automated devices, give your consumers access to their money around the clock.