Nebula FinTech Limited launches new online payment platform |31 January 2024
The launch ceremony (Photo: Contributed)
Nebula FinTech Limited has officially launched its new online payment platform, dubbed ‘eboo’ through the IOS app store and the Google Play Store.
‘eboo’ is a digital wallet app that allows users to make online payments and manage their finances directly from their smartphones or other devices.
The app is live already and there are just a few minor tweaks and fine-tuning being performed and should be launched by today.
The official launch ceremony took place yesterday at the Savoy Resort & Spa and Vice-President Ahmed Afif was among the guests.
There are currently two versions of the app; one that is geared towards the individual which is like a person’s wallet and this one is called ‘eboo Seychelles’. The other one is geared towards merchants and businesses, termed ‘eboo Business Seychelles’.
Chief technology officer, Nicholas Cétoupe said the current version had undergone internal testing since early January. “We wanted to polish it and make sure that it is perfect when the public actually use it,” said Mr Cétoupe
Mr Cétoupe explained that they are not just launching an app and keeping it stagnant, but rather ensuring it integrates with different platforms.
Currently, the app has integrated with Cable & Wireless, offering services such as pre-paid top up, post-paid bill payment and many more. The integration allows the user to check their bills by adding their customer number.
Mr Cétoupe also explained how users can input money into their ‘eboo Seychelles’ wallet and use their debit card to draw money from it. There is a small glitch currently that is being resolved. “The debit card is working at most of the banks we tried. However, we are waiting on verification from two banks because there is a slight error on the system.”
He added that for now, given the risk rating and since national regulators were still working on the framework for virtual assets providers, FinTech has taken the decision to remain on the sidelines in terms of virtual assets.
“We welcome the feedback for our continuous growth and development. We do recognise that not everything may be to everyone’s liking initially. If we see that there are commonalities, obviously we will go back on the platform and see how do we optimise and change certain things and make it more conducive.”
In terms of accessibility, Mr Cétoupe explained that the team undertook a research in collaboration with the Central Bank of Seychelles to devise the requirements and verify why some customers were being asked for certain documents.
“We wanted the on-boarding process to be simpler, but we have to make some adjustments along the way.”
At the moment, all a user needs are an identification card or valid passport, and a mobile number. The first step is a phone number and its verification process.
The phone number is binded to the user’s profile and it is something that can be changed afterwards and verified through a one-time password.
The next step is the ID documentation. The user can also take a picture and the app will automatically extract the information.
After all the necessary checks, Mr Cétoupe said the app will not be able to have a user on board who is on the sanctions list, for example. In the process, the app is actually doing a real time sanctions list search with the information provided.
“The system has parameters that it will use to form a risk assessment. On the basis of the risk assessment, that will allow us to take the user on board,” said Mr Cétoupe.
The users will also need to give their addresses, including their district and island they live on. Once that is completed, the app will then request the user’s source of funds. One question relates to the person’s political exposure.
“From then on, you wait a few minutes and the app does the background checks and the whole evaluation before on boarding you onto the profile. The user has the chance to create a unique username and password,” continued Mr Cétoupe.
The clients are recommended to choose a unique and strong password.
In terms of security for the users, Mr Cétoupe stated that when making all the assessments, they went through a trusted and seasoned platform and the hosting architecture in terms of the database is Oracle and that is the golden standard for the industry.
There are also multiple other factors, such as an OTP that will be sent to their phone when going through the registration process.
“If you see that there is something suspicious being sent to your phone number related to your account, you contact us and let us know.”
Internally, there are also security measures in terms of how the staff of FinTech get access to the system, who has control and what type of information is stored in the system.
In fact, one of the Central Bank of Seychelles’ requirements is that FinTech hires external auditors to evaluate the system through a cybersecurity and governance perspective to make sure everything is in line with international best practices.
At the moment, eboo is focused on the local footprint rather than a global one.
Sunny Esparon