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Whizmo will democratise the mobile money for everyone

Fri 21 Jun 2024    
Shaneer N. Siddiqui | 4 min read

Dubai: Whizmo a upcoming all-in-one mobile money solution, with the mission of democratisation of money, offering a grass root solutions for every segment of society. Whizmo from Whizpay Technology LLC, licensed by The Central Bank of the UAE. A new set of fintech solution are re-defining the financial sector by offering accessible, secure, and easy-to-use mobile money solutions to not only serve the unbanked and underserved small businesses.

Talking to the Shaneer N Siddiqui– Managing Editor of The Brew News, Eric Karobia, CEO- Whizmo emphasized that Whizmo will be an ‘all-in-one’ solution, which will combine every aspect of customers daily financial needs into a single, easy-to-use app with a suite of comprehensive services, ensuring seamless transactions.

Shaneer N Siddiqui: What makes Whizmo’s onboarding process unique, and how does it effectively use local technologies?

Eric Karobia: Whizmo’s approach to onboarding is all about simplicity and speed, capitalizing on the UAE’s digital infrastructure like the UAE Pass. This means that new users can sign up in moments without the headache of paperwork. This is especially critical in a dynamic environment like Dubai, where the business scene is rapidly expanding. For SMEs, which often hit roadblocks with traditional banks, we ensure they can get their accounts up and running within a day if they’re document-ready. This swift setup is vital for keeping pace with Dubai’s fast-moving economic landscape.

Shaneer N Siddiqui: Could you explain the significance of the licenses Whizmo is pursuing?

Eric Karobia: We have secured the SVF license from The Central Bank of the UAE. We are in receipt of an In Principle approval for RPSCS and awaiting the final go ahead for CB UAE. That allows us to handle direct payments, including payroll, which means our users can bypass traditional banking methods that often fall short. These licenses will ensure Whizmo combines the reliability of traditional banking with the innovation and flexibility needed in today’s digital world.

Shaneer N Siddiqui: How does Whizmo address security concerns for newcomers to digital wallets?

Eric Karobia: For many of our users transitioning from cash to digital, security is a huge concern. At Whizmo, we implement a zero-trust security model—this means we verify everything, constantly. Our systems are backed by the latest in cybersecurity, from ongoing risk assessments to regular vulnerability checks. Beyond technology, we believe in empowering our users through education, providing them with the knowledge to manage their accounts safely and effectively.

Shaneer N Siddiqui: Whizmo places a strong emphasis on user experience with features like Smart QR. How does this benefit users, especially those less familiar with technology?

Eric Karobia: Our Smart QR feature is about making financial transactions as straightforward as possible. It consolidates various financial actions into a single, easy-to-use interface, removing the need for technical know-how. This simplicity is crucial for those who might feel overwhelmed by digital banking. Plus, it enhances security and maintains privacy, making digital payments safe and straightforward for everyone.

Shaneer N Siddiqui: With such a diverse user base, how does Whizmo cater to non-English speakers?

Eric Karobia: Whizmo embraces the cultural diversity of our user base by offering services in multiple languages, starting with English and Arabic. Our chat-based interface uses simple, clear instructions in the user’s preferred language, making our platform accessible and easy to navigate for everyone. This commitment to language inclusivity is key to breaking down barriers and ensuring that everyone can manage their finances with confidence.

Shaneer N Siddiqui: With the difficulty many SMEs in Dubai face in opening business accounts, how does Whizmo simplify this process?

Eric Karobia: We recognize the frustration many local SMEs face with traditional banking processes. That’s why we’ve reimagined business banking from the ground up. By deploying teams directly to businesses, we help them set up their accounts on the spot—no red tape, no waiting around. Once their documents are in order, they can start transacting immediately through our app. This approach isn’t just about opening accounts faster; it’s about enabling businesses to thrive without the usual delays.

Shaneer N Siddiqui: When is the Whizmo app expected to launch?

Eric Karobia: We are on the brink of launching the Whizmo app, pending a few final approvals. While we’re still nailing down the exact date, we anticipate being able to share more details very soon. This upcoming launch is set to significantly enhance how our users interact with our services, making financial management a breeze.

Shaneer N Siddiqui: What additional services is Whizmo planning to integrate?

Eric Karobia: Looking ahead, Whizmo isn’t just stopping at basic wallet functions. We’re planning to introduce features that encourage savings and financial planning, such as the ‘My Goal’ feature. We’re also looking to partner with banks and financial institutions to roll out micro-products like insurance and investments. Our vision is to provide a holistic financial ecosystem that supports both immediate transactions and long-term financial health.

Shaneer N Siddiqui: Does Whizmo intend to offer credit options for users who run low on funds?

Eric Karobia: We understand that financial needs can fluctuate, and sometimes users need a little extra help. We’re exploring partnerships that will allow us to offer both savings and credit options. These will provide a safety net for users, helping them manage unexpected expenses without stress. It’s all about giving our users peace of mind and the tools they need to maintain financial stability.

Shaneer N Siddiqui: How does Whizmo plan to address the challenge of excessive use of AI in customer support that is hampering the whole user experience?

Eric Karobia: AI is a fantastic tool, but we’re mindful of its potential pitfalls. At Whizmo, we use AI to enhance our fraud prevention strategies and streamline customer interactions, ensuring they’re efficient and effective. We’re focused on tailoring AI to assist rather than frustrate, preserving the human touch where it counts and making sure that technology serves our users, not the other way around.

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Shaneer N Siddiqui: What are Whizmo’s business targets for its first year post-launch?

Eric Karobia: In our first year, we’re aiming to onboard around 50,000 businesses, focusing especially on those underserved by traditional banks. Our goal is to adapt and evolve our services based on real user feedback, setting the stage for rapid growth and continuous improvement.

Shaneer N Siddiqui: What are Whizmo’s plans for expansion beyond the UAE?

Eric Karobia: While our initial focus is firmly on the UAE, we have ambitious plans to expand across the GCC and other regions with similar market dynamics. Our strategy is to solidify our presence at home while learning everything we can to ensure successful adaptations in new markets. This careful, considered approach will allow us to build a strong, adaptable platform that can meet diverse needs across borders.

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