CONFIDENTIAL AND PROPRIETARYAll trade marks, trade names, symbols, images, and contents etc. used in this document are the proprietary information of Comviva Technologies Limited.Unauthorized copying and distribution is prohibited.© 2020 Comviva Technologies Limited. All rights reserved

mobiquity® MoneyTiered KYC Multi-Wallet Solution

11 © 2020 Comviva Technologies Limited. All rights reserved.

Section 1 - About mobiquity® Money

mobiquity® Money uses mobile phones to provide financial services to 120 million unbanked and under-banked people globally transforming their lives.

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mobiquity® Money: World’s leading in mobile money platform

• mobiquity® Money is world’s largest white-labelled mobile money platform that enables telecom operators, banks and financial service providers to offer

real-time, secure, affordable and convenient mobile money services to financially underserved (unbanked/under-banked) consumers using mobile phones.

• Over 70+ mobile money services in more than 50+ countries run on mobiquity® Money platform. These include popular services like Airtel Money Africa,Orange Money Africa, EcoCash Zimbabwe, BTC SMEGA Botswana, AirtelTigo Money Ghana, Inwi Money Morocco, Movii Colombia and may more.

• In 2019, mobiquity® Money served 120 million financially underserved consumers processing phenomenal 7 billion transactions valuing US$130 billion.

Serves over 120 million registered

customers

Processes over 7 billion transactions

valuing $130 billion annually

70+ deployments in 50+ countries

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mobiquity® Money: Leverages mobile technology to provide financial services to the financially excludedmobiquity® Money is built on concept of Stored Value Account (SVA). mobiquity® Money creates a Stored Value Account (a virtual prepaid account or mobilewallet) for each consumer linked to their mobile number. Mobile number acts as the unique identifier using which consumer can transact (just as accountnumber for bank users). Hence a customer can transfer money digitally in real-time from his/her SVA (mobile-wallet) to his friend’s SVA by just typing friend’smobile number, transaction amount and secret PIN. Sender’s SVA (mobile-wallet) get debited and recipient’s SVA (mobile-wallet) gets credited instantly in real-time. To use the service customer only needs a mobile connection hence even unbanked users can use the service. Many unbanked users belong to under-privileged segments and have limited literacy, own low-cost feature phone and not very tech-savvy. Hence, mobiquity® Money focused specially on userexperience ensuring that mobile money service can be used by all segments of society and is quick, secure, affordable, convenient and easy-to-use. Some of theuser experience USP’s of mobiquity® Money that makes it preferred solution for all users include:

• Omni-channel device agnostic: Mobile money service powered by mobiquity® can be accesses by any phones (feature-phone or smartphone) throughmultiple access channels such as USSD, IVR, STK and Mobile App.

• Agent support: mobiquity® Money helps quickly establish expansive agent network. Customer can register for mobile money service, cash-in (convert cashinto e-money) and cash-out (convert e-money into cash) at agents. Agent support is essential in cash-based unbanked economy for digitization of cash andeducating customers. mobiquity® also provides self-service (for banked tech-savvy customers) where customer can load their mobile wallet by transferringfrom bank account to mobile money wallet (and vice versa). Customer can also cash-in and cash-out at ATMs and Kiosks.

• Quick: Mobile money transactions happens instantly in real–time within second

• Affordable: Cash-in is free. Customers pay very little service charge for cash-out and payments (around 0.2% to 3%, which is less than conventionalforma/informal payment fee of 5% to 20%)

• Easy-to-use: Single service storefront (one USSD or IVR code or one mobile app) for all financial needs – transfers, payments, savings, loans, insurance,investment and enquires. No need to remember multiple codes or download multiple apps

• Convenient: End-to-end mobile-based self-service, can be used anywhere, anytime. 24x7 availability

• Secure: Customer has a secret PIN to access mobile money service and do transactions. All transactions are PIN protected. Customers receive transactioncompletion message (digital receipt) containing transaction ID and remaining balance at end of every transaction. Even if phone is lost no one can accessthe mobile money wallet without the PIN.

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CASH-IN

• Agent network

• Bank linked SVA

• Prepaid voucher

• Kiosks

CASH-OUT

• Agent network

• Bank linked SVA

• ATM and Kiosks

BILL PAYMENT

• Postpaid bill

• Utility bill

• Municipality/Tax payment

• Standing instruction/ auto

debit

MONEY TRANSFER

• Domestic P2P transfer

• International remittance

• Money transfer between bank

account and SVA

RECHARGE

• Airtime recharge

• Internet recharge

• DTH recharge

• Prepaid electricity

recharge

MERCHANT PAYMENT

• Payments to registered

merchants

• Companion cards

• Virtual cards

• Closed-loop NFC

payments

MOBILE TICKETING

• Airline

• Train

• Bus

• Movie/event ticket

BULK PAYMENTS

• Salary transfer

• G2P payments

• Aid distribution

• Dividend

disbursement

B2B PAYMENTS

• Supply chain payment

• Agriculture purchase

MICRO-FINANCE

SERVICES

• Mobile savings

• Mobile loans

• Mobile insurance

• Savings Club

Offers a wide range of mobile financial services

55 © 2020 Comviva Technologies Limited. All rights reserved.

Section 2 - mobiqiuity® Money – Tiered KYC multi-wallet solution

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Mobile money challenges with single uniform KYC regime• Most mobile money services globally use a single uniform agent assisted full KYC regime for customers registration. This means to join a

mobile money service and open a mobile wallet, consumers have to visit an agent to register for the service, fill the registration form andshow all documents stipulated by the regulator for the KYC to verify self (Know Your Customer). All consumers get a similar wallet withone threshold and service set for all. However, this standard KYC regime leaves people with no or less documents such as migrants, poor,refugees, women out of the mobile money service gamut, defeating the financial inclusion or banking and unbanked objective of mobilemoney.

Migrant

I am a migrant and daily wager. I do not have address proof or income proof to open mobile wallet

In my society, women usually do not have any

kind of identity document, hence registering for

mobile money service is not possible

I live in a remote village with no mobile money

agent nearby, hence most people unable to register

for mobile money

Woman

I would like to try a mobile money service for few days, before

becoming a full fledged customer

I am a refugee and have lost all my documents. I

have alternative document like Camp ID, but they are not accepted for mobile

money registration

RefugeeRural person Millennial

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mobiquity® Money tiered KYC multi-wallet solution overcomes challenges• To overcome challenges of standard KYC regime, mobiquity® Money world’s leading mobile money platform powering 70+ mobile money services

in 50+ countries introduced tiered KYC multi-wallet solution. The solution segments customers based on registration type self registration /registration at agent), KYC type and documents shared (no KYC / partial KYC / full KYC), KYC medium (eKYC via internet using mobile phone,computer / face to face at agent). Thereafter, each segment created is assigned mobile wallet with different account balance and transaction limits,services/use-cases, validity period (temporary or permanent wallet). Higher the KYC compliance, more will be the transaction limits and services.

Self registration

Registration at agent

Registration at agent

No KYC

Partial KYC (Valid ID)

Full KYC (Valid ID, address proof, income statement)

Segment 1

Segment 2

Segment 3

Type 1 wallet

Type 2 wallet

Type 3 wallet

Limit: USD 500

Limit: USD 5000

Limit: USD 20000

Services: domestic remittance, bill &

merchant payment

Services: Type 1 + international remittance

Services: Type 2 + B2B payments

A hypothetical example:

Registration type: Segment:KYC type: Mobile wallet type: Monthly txn limit: Services:

Temporary -60 days

Permanent -unlimited

Permanente -unlimited

Validity:

• The solution is highly flexible and configurable. Mobile money providers can create any number of KYC tiers – two, three or more depending onregistration type, KYC type etc. The mobile money provider can assign any transaction and account balance limit (daily/weekly/monthly) and servicesas prescribed by the regulator. Many regulators are adopting tiered KYC approach. mobiquity® Money enables mobile money providers to quicklylaunch tiered KYC service in full compliance with the regulatory rules. For example, in Egypt the service was launched in less than 10 days. Comvivahas implemented this solution in multiple countries like Morocco, Egypt, Iraq, Myanmar tec. Some examples are shown in following slides:

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Mobile money provider in Morocco - Faster adoption & high uptake• A telecom operator in Morocco launched mobile money service in September 2019, using Comviva’s mobiquity® Money platform. It offers

consumers banked or unbanked to perform financial transactions like remittance, bill payments and merchants payments using mobilephones. To register, mobile money service offered multi-tiered KYC process or 3 types of mobile wallet.

Type 1 mobile wallet (No KYC) - Capped at MAD 200

Self registration via USSD and mobile money app

Type 2 mobile wallet (Partial KYC) - Capped at MAD 5,000

Registration at mobile money agent with valid ID

Type 3 mobile wallet (Full KYC) - Capped at MAD 20,000

Registration at mobile money agent with recent ID & address proof

• The type 1 no KYC self-registration wallet allowed many unbanked consumers like migrants, women, poor (with no documents to open abank account) to instantly self-register for service from their home and open mobile wallet, thus becoming financially included.Consequently, in January 2020, in just 4 months after the launch, the mobile money provider acquired 140,000 customers and capturesmore than a third of market. 70% of these consumers were on Type 1 wallet (no KYC self registration wallet), which shows the popularityof the type 1 wallet, while 30% are on type 2 wallet who wanted to do higher value transactions. Very few were on type 3. If type 1 walletwas not there only 42,000 customers would have registered instead of 140,000. Transactions valuing MAD 7 million were conducted bysubscribers in this time, means on an average MAD 50 per subscriber.

• The self-registration no KYC facility also enabled, consumers especially millennial who want to try the service before registering at theagent or those who do not have a mobile money agent nearby, to use the service. This helped to accelerate the service uptake in all thelocalities in the country both in Urban and rural areas. Thus, the service was adopted and used in over 503 localities. Many consumers ontype 1 wallet have converted to type 2 wallet.

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Mobile money provider in Egypt – self-registration in COVID-19• In Egypt, to use mobile money, subscribers had to go to an agent (shop) to register for the service.

However, due to COVID-19 people’s movement has been restricted. Recognizing importance ofdigital payments during COVID-19, Central Bank of Egypt, allowed self-registration for e-wallets.

• Taking regulatory cue, a leading mobile money provider in Egypt and Comviva worked together toimmediately launched self-registration service, allowing consumers to subscribe to mobile moneyservice from home without visiting an agent shop.

• Self-registration process:

• Dial mobile money USSD code

• Enter 1 to subscribe

• Enter your National ID

• You will receive an SMS with a temporary PIN code, enter received PIN.

• Create a new PIN, 6 digits non-repetitive & non-sequential, Confirm new PIN

• After self-registered customers receive ‘temporary mobile wallet’ which is valid for 3 months fromdate of registration, keeping the COVID-19 crisis in view. This ‘temporary mobile wallet’ has a lowertransaction and wallet balance limit of EGP 10,000 compared to EGP 50,000 limit provided foragent-registered full KYC ‘permanent mobile wallet’. The temporary mobile wallet can be upgradeto permanent mobile wallet one by visiting an agent. Customers can fund the mobile wallet atATMs, agents or retailers or request money from other users. With money in their wallet customerscan use it to pay bills, transfer money to other, recharge mobile connection all remotely from safetyof home.

• Realizing the importance of quick response in these challenging times, mobile money provider inEgypt and Comviva team in India worked remotely from respective locations (employees workingfrom home in lockdown) and made self-registration service live in just 10 days. Results were greatas mobile money provider saw double digit growth in its customer base in one month. The walletallowed daily wagers to receive financial aid during pandemic to support their families.

Temporary wallet

•Self-registration

•No KYC verification

• Limit EGP 10,000

•Validity: 3 months

Permanent wallet

•Agent based registration

• Full KYC verification

• Limit EGP 50,000

•Validity: lifetime

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Mobile money provider in Iraq - Facilitates wider inclusivity (including refugees)

Wallet type User Description Transaction limit Requirement

Lite Wallet People who want to try digital payments, first time users, or people who want mobile money to meet an emergency can self-register and start using the service

A person can obtain Lite wallet directly by dialing *212# or downloading mobile money app and selecting preferred language.

The threshold of lite wallet is 100,000 IQD for 60 days

1. Dial *212#2. Press the language you want3. Enter (1) to register4. You will receive a notification with a

temporary PIN code5. Dial *212# again to set your own PIN code6. You will be notified with the success of

the process

Standard Wallet Regular users After 60 days a Lite Wallet users must upgrade to Standard Wallet by visiting mobile money agents or shop available throughout Iraq and complete the full KYC process

The maximum capacity of Standard wallet is 20,000,000 IQD and 5,000,000 IQD transaction per month. Subscribers can cash out 2,000,000 IQD per day

KYC documents For Iraqis:: Iraqi National ID,Civil Residency card, Colored Passport PhotoKYC documents For Foreigners: Passport, Civil Residency card, Address, Colored Passport Photo

Premium Wallet CompaniesMerchantAgents

The service provides premium wallet for businesses. Premium Wallet provides financial operations accessible through mobile and web, the web has many other features such as user management, Transaction Reports, Financial Reports, Bulk Registration, and Bulk Salary Disbursement.

The threshold is defined on case-by-case basis in accordance with Central Bank of Iraq instructions.

This wallet can be obtained by visiting mobile money main dealers only.

Wallet for refugees

Many refugees and internally displaced people do not have proper identity document. For them the service has provided exception in KYC after Central Bank of Iraq’s (CBI) approval. Internally displaced people can register using Civil ID, National ID, Information Card, PDS (ration form) or Camp ID. Refugees can register using Passport, UNHCR Certificate, National ID, Iqama (Residency permit) or Camp ID. To ensure use of financial-aid for relevant purpose, some humanitarian organizations have requested to disable selected services to match their requirements.

• More than 200,000 refugees have received financial aid form over 15 humanitarian organizations using mobile money

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Tiered KYC multi-wallet solution benefits all• An inclusive solution: Migrants, refugees, women and others with no/less/alternate documents, who were previously not able

to open mobile account, can now open a no KYC or partial KYC wallet and get financially include. The solutions promotes truefinancial inclusion.

• Allow consumers to try the mobile money service: The solution is apt for consumers who wanted to try a mobile money servicefor few days, before becoming a full fledged customer. The solution allows customers to self-register and get a temporary walletwith low transaction limits for certain time. Customers who like the service can later upgrade to permanent wallet, with higherlimit, by doing full KYC.

• Emergency wallet: The solutions enables customers to instantly open low limit temporary mobile wallet through self-registrationin emergences like flood, draught, pandemic, refugee crisis et al and receive financial-aid from governments and humanitarianorganizations. Example, in Egypt, during COVID-19, a mobile money provider launched self-registration service from home whichprovides temporary wallet valid for 3 months with lower transaction limits.

• Increase service uptake: Adopting a multi-tier KYC model, allows mobile money provider to facilitate quick, convenient, hassle-free self-registration with no or partial KYC. It enables mobile money provider to allow customers to try the service for sometime, bringing in confidence and facilitates conversion of more sticky and high ARPU consumers to permanent wallet. Moreover,mobile money providers are able to issue no KYC or partial KYC wallet to migrants, refugees, women and others withno/less/alternate documents, which were previously left out. All this increase mobile money adoption and service uptake.

• Flexibility: Mobile money providers can create any number of KYC tiers – two, three or more depending on registration type, KYCtype etc. The mobile money provider can assign any transaction and account balance limit (daily/weekly/monthly) and servicesin compliance with the regulator. The solution can be implemented in very quickly.

• Balances compliance, security with inclusiveness: A tiered KYC approach allows to financially include migrants, refugees, womenand others with no/less/alternate documents making the service more inclusive and thus helping the regulators and governmentto achieve their financial inclusion objective and targets. However, at the same time it offers lower transaction and accountbalance thresholds, fewer services, lesser validity to these no KYC or partial KYC accounts, thus ensuring security, checking onfrauds and money laundering at the same time.

CONSUMERS

MOBILE MONEY PROVIDER

REGULATOR

CONFIDENTIAL AND PROPRIETARYAll trade marks, trade names, symbols, images, and contents etc. used in this document are the proprietary information of Comviva Technologies Limited.Unauthorized copying and distribution is prohibited.© 2019 Comviva Technologies Limited. All rights reserved

THANK YOU

Note: mobiquity® is registered trademark in India only.