About Us

SommaRedde

The Big Picture...




 

SommaRedde is the future of mobile money payments.

 

There are 2.5 billion underbanked people in the Developing World unable to perform electronic financial transactions, effectively excluding them from a meaningful participation in the mainstream economy. SommaRedde will change that with an app-based and globally unique mobile money payment switch, designed to turn billions of mobile phones into powerful and universal payment tools.

 

The paradox of current payment systems is that convenience really is relative. While card and EFT payments may be better than weekly trips to the bank, they make almost no impact if you have no bank account, or your web access is intermittent. Today, those 2.5 billion underbanked people still rely on cash or unsafe, inconvenient and expensive informal financial services; but they also make up the growing pool of global cell phone users, representing a huge market for mobile payment systems (MPS).

 

Mobile money has seen spectacular growth over the last five years, with the value transacted in 2023 being $ 1.4 trillion. The growth has been in double figures for the last decade. Despite this, growth has been hampered by the inability to make mobile money payments for general goods and services, since most services are “closed loop” and only allow transactions with users on the same system. (Source: https://www.gsma.com/solutions-and-impact/connectivity-for-good/mobile-for-development/gsma_resources/state-of-the-industry-report-on-mobile-money-2024-2/) 

 

Now SommaRedde aims to penetrate general retail and the FMCG distribution industries to allow the switching of payments from an MPS to any retail merchant’s bank account.

SommaRedde

What We Do




 

SommaRedde is a simple and convenient app based switch that allows any Mobile Money user on any Mobile Money platform to use their phone to pay for goods and services anywhere they need to, essentially turning their phone into a payment device.

 

Able to operate on old feature (USSD) handsets and smartphones, SommaRedde provides consumers with the convenience of instant payments across all platforms. For merchants and retailers, the app provides access to a larger market, coupled with affordable fees, the security of eliminating cash, compliant and automatic accounting reports and a flexible and responsive payments' partner to tap into an Mobile Money market that has increased by 386% over four years.

 

The opportunity for Africa and other developing countries means empowering growing economies without waiting for infrastructure; representing a new era of financial inclusion.