Banco Atlantico *400#
Delivering access to financial services in Angola
Banco Atlantico is an Angolan bank motivated by the plans and needs of their customers. They are committed to support the families, companies and structuring projects of the country.
Over half of Angolans are unbanked
When over half of your population lacks a bank account or internet access, how do you bring them into the financial system quickly and easily?
This is the dilemma facing Angola. With a population of over 30 million people, there are only 1,500 bank branches in the entire country. Less than a quarter of its population have access to the internet, and most people use basic mobile phones to communicate. Most Angolans are unbanked, and it is estimated that 60% of transactions happen outside of the formal financial system.
This is a problem for various reasons. Without access to banking services, it’s extremely hard to save money. This in turn makes it hard to plan for the future, cope with financial shocks, or borrow in times of need. And when the majority of money is moving outside the financial system, governments can’t tax it fairly - which damages a country’s economic growth overall.
So in 2019, Impossible joined forces with Banco Atlantico to find a solution.
Accelerating a accessible mobile banking solution
Guided by our Planet-Centric Design methodology, Impossible first delivered design sprint capabilities and the necessary mentorship to turn Banco Atlantico’s lower mass market innovation team into a high performing business unit capable of achieving its ambition: developing a mobile banking service available to anyone with a basic mobile phone.
Building on the successes of other mobile banking services in the continent, we wanted to use planet-centric principles to guide the evolution of a product that was inclusive and easy to use, bringing communities together and boosting economic growth.
*400# works by connecting a complex ecosystem of customers, vendors and agents to allow people access to banking services. The strength of the product lies in its simple user experience. With a basic feature phone, users are able to select functions to send and receive money, pay bills, make deposits and check their balance.
The impact this service will have cannot be underestimated. Impossible empowered Banco Atlantico with planet-centric design tools to help bring this ambitious product to life.
Building a more sustainable future in Angola
Planet Centric Design is based on the principle that when we create or redesign something, it should make a positive impact on communities and the planet beyond the individual user.
Using the UN’s Sustainable Development Goals (SDGs) as part of our framework, we try to design products that contribute to these bigger objectives – whether fighting poverty, boosting health or tackling climate change.
Having a simple and accessible mobile banking service in Angola will reduce inequality, promoting social and economic inclusion while making the market more transparent. It will contribute to economic growth by boosting entrepreneurship and job creation. As the service is extended across the country, it will eventually include affordable access to credit; and finally, we intend to partner with enterprises and stakeholders that can help us further push these goals forward in Angola.
Together, these outcomes contribute to SDGs 10, 9, 8 and 17 respectively. Making these goals tangible in our products is at the core of what we do. Starting with one problem — we develop solutions that will have a wider benefit for both people and planet.
In Angola, our partnership with Banco Atlântico given us a glimpse into a global problem that needs addressing. With a practical planet-centric perspective, Impossible has been able to bridge the gap between the problem and the product, aligning *400# with a greater planetary purpose beyond individual customer needs.
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