Ghana: 'Money Market' - Airtel and Rancard Build Online Store

Mergers, Acquisitions and Financial Results

Airtel Ghana, in collaboration with Rancard has launched a new online store dubbed "Airtel Money Market", an online portal aimed at providing additional channel for Airtel Money customers and merchants to buy and pay for their goods and services. The Airtel Money Market runs on Rancard's Rendezvous Technology which allows Ghanaians to use social interactions and contributions from trusted individuals as a guide in their decision to buy goods online.

The online platform will enable merchants to have multiple outlets in addition to opening a virtual store and stocking it with merchandise available for sale. For potential customers that visit the money market, they can window shop, as well as compare prices from different merchants all from the comfort of their homes or offices.

Speaking at the launch, Managing Director of Airtel Ghana Philip Sowah said the launch of the online store falls in line with Airtel's quest to introduce innovative products which customers will find beneficial to their daily lives.

"The Airtel Money Market is in addition to many other packages that we have added since the launch of Airtel Money. Our customers are able to contribute to their investment portfolios, we have insurance packages and the payment of utility bills including DSTv and the convenience of linking bank accounts to the Airtel Money platform as some of the many benefits derived from Airtel Money", he said.

Director for M-Commerce at Airtel Ghana, Kola Sonola explained that the rationale for creating the Airtel Money Market is to increase the channels for Airtel Money customers to do more with the service whiles positioning Airtel Money as an easier payment solution for online shopping.

He disclosed that the creation of the online shopping portal will help merchants with cash mobilization and increase self-initiated transactions.

The Managing Director of Rancard, Kofi Dadzie said Airtel Mobile Money/Airtel Money Market is using Rancard's Rendezvous product to create new markets by making social commerce available through online merchant portals which gives the African consumer an opportunity to buy products based on viable recommendations.

"Africa's growing middle class provides a burgeoning market that can be energized to create greater demand in online shopping through social recommendations - this is what Rendezvous extends with the world of social commerce", he said.

Rancard's Rendezvous product technology he said has unleashed social commerce, a natural form of driving sales in a connected and mobile environment.

Rancard's PayApp is a gateway that extends Airtel Mobile Money with online purchasing capability providing a complete solution that commences with social commerce enabled by Rancard Rendezvous.

Silverbird, Appliance Masters, Compu-Ghana, Sunshine Salad Bar, Crossroads Restaurant, ticketdoug.com, Office Connexion and Niobe Salon & Spa Limited have signed onto the Airtel Money Market.