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ZunguZ: the next frontier in social finance

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Bank charges for administration and for engaging with customers using channels like e-mail and instant messaging are increasing. These technology resources have been designed to be automated, to be completed with minimal “handling” requirements and pressure on resources – so why the cost?
With consumers left fuming with frustration over fees and the role of a multi-tiered cloud platform that facilitates micro-payments via social networks becomes all the more relevant.
The arrival of online and mobile banking was intended to expedite many of the labour-intensive, time-consuming processes and procedures within a banking operation. Whilst some institutions have fully embraced the concept, others still grapple with the dynamics.
It would be fair to say that it has enjoyed mixed success says local entrepreneurs Robert Sussman and Lance Fanaroff. They have a solution that they believe will add value to both consumers and the institutions.
The two have combined their knowledge and expertise to spearhead the launch of ZunguZ, a platform that integrates into the social graph (social networking and the user) to provide a secure facility through which to conduct micro-payment transactions via Facebook.
The offering and solution has been updated with further features and functionality to version 1.4.0.3.
“While there are a host of diverse P2P, P2B, B2B payment systems in the market, even though ZunguZ is the first platform that allows a Facebook user to pay another Facebook user (with no requirement for a user to have a bank account or e-mail address), ZunguZ does not compete with the likes of PayPal.
“It is the intelligence that exists in the level two and three layers where the core ZunguZ business model exists, allowing the referred distribution of purchases to your network. After all, people trust their ‘friends’,” says Sussman.
It is not a bank nor is intended or designed to be a bank. At no point does ZunguZ come into direct contact with monies, it simply facilitates the payment for the users.
ZunguZ has already attracted the attention of leading financial institutions for integration and incorporation into consumer services.
According to Sussman the “payment via Facebook” space is growing rapidly and now is the time for local application of solution and investment.
“A recent media report referred to a filing with the Securities and Exchange Commission as stating that last year 15-million users paid for virtual goods on Facebook,” says Sussman.
“This offering has the built-in capacity to influence the purchasing decisions of over 900-million users across the world.”