mybux, a financial voucher system that allows mobile money users a quick and easy way to top up sports betting vouchers, is continuing to grow all over the continent processing close to million transactions a day and is currently active in over 14 countries. This includes Nigeria, Kenya, Uganda, Ghana, Rwanda, South Africa, and more markets. It remains one of the most popular voucher systems due to its easy accessibility and quick payouts. By the end of 2022, it will be operating in over 20 African countries. Unlike other voucher systems, mybux users can easily convert their vouchers back into cash or mobile money, instantly and securely.
Firstly adopted and embraced by the bookmakers in the Kenyan sports betting industry as the payment voucher partner of choice, processing transactions mostly for the mobile money industry users, it has grown tremendously in other big markets and its entrance in other markets like Nigeria, Uganda, Ghana has been driven by the need to offer solutions even for the unbanked or underbanked market. Today, mybux processes on average between six to ten transactions a second, 24 hours a day, and services the biggest sports betting platforms in Africa and six of the most FX trading on the continent.
With card fraud globally reaching new heights and also predicted by Nilson Report to reach $408.50 billion over the next decade, it has eliminated any reliance on card technology and allows mobile money users to transact without the use of a bank account or bank card but only a mobile number. In other countries and based on the customer’s preference, the voucher can be purchased or topped up using traditional banking products like EFT and debit or credit card. And, through its secure authentication, it has employed a system that eliminates fraud and makes sure only the right person accesses the transaction. It does this without storing any payment or personal data to safeguard its customer’s private information. Mobile money in Africa, just like any other financial industry, is not immune to fraud with reported $4 billion annual losses but with technologies like the one it employs; it has been able to eliminate fraud totally.
‘We are thrilled with what we’ve achieved so far”, says Johan Meyer, founder and CEO of Wallettec, mybux South African parent company. “Our aim from the beginning was how to use technology that solves local challenges easily and quickly. mybux was designed for the mobile money industry in mind and it continues to find better ways to improve its delivery and get everyone to participate in the online economy even if you don’t own a bank account.”
To satisfy its growing clientele it has introduced innovative ways for sports bettors to access its services quicker and easier including Whatsapp messenger service, mybux app, mybux website, USSD, and mobile money agents. The mybux app, for example, is a first of its kind as it also allows sports bettors instant access to all its bookmakers and brokers and sports bettors can easily monitor their winnings all on one screen. An easy-to-use, all-in-one app for every betting and trading need. It also allows one to deposit credits into the wallet, buy a voucher, and receive instant payouts from the bookmaker or broker all in one app. The mybux voucher is not only designed for a specific market or country but allows sports bettors to access different markets as they can easily convert into different currencies. It also allows one to send the voucher to a relative as a form of a money transfer using a mobile number and to participate in all forms of the online economy at an affordable fee. And, for businesses, the system has allowed companies, mostly in sports betting and FX trading, to access new markets and a new customer base than before. These businesses plug into the company’s technology and throughout this process, customers are able to monitor all the wins, transactions, and transfers in one place, the app, including cashing out.
Soccer still remains of the most popular sports to watch on the continent as more people have access to European games. This and the burgeoning middle class within the continent including access to technology and smartphones allow more people to enter the sports betting market with ease. The access to more games and international fixtures also allows them to bet in different sporting codes like cricket, rugby, horse racing, basketball, baseball, etc.
“The industry is growing and analysts tell us that by 2024, globally, it will be worth over $130bn and Africa will continue to claim a slice of that pie. This makes us excited especially in testing new technologies and innovations that speak to our market, the African market. In different countries like Kenya, for example, we have partnered up with a number of bookmakers and it has been a win-win for everyone as we’ve assisted a number of bookmakers to penetrate our wide mobile money customer base that spans the continent while at the same time benefitting from being part of their POS payment option”, concludes Meyer.
mybux is not only limited to sports betting as it is also a payment option in other industries like online video gaming, forex trading, and general e-commerce and is always looking forward to new partnerships and exciting new markets.
For more information about mybux: johan@wallettec.com
