Company: Ooredoo
Nomination Submitted by: FTI Consulting
Company Description: Ooredoo is an international communications company operating across the Middle East, North Africa and Southeast Asia. Serving consumers and businesses in 10 countries, Ooredoo delivers the leading data experience through a broad range of content and services via its advanced, data-centric mobile and fixed networks.
Nomination Category: Product & Service Categories
Nomination Sub Category: Telecommunications - Product
 Nomination Title: Ooredoo Maldives: m-Faisaa and Moolee
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the the nominated new or new-version product or service, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: If this is a brand-new product, state the date on which it was released. If this is a new version of an existing product, state the date on which the update was released:
On 18 Feb 2022 Ooredoo Maldives announced its partnership with Rakuten Viber to enable customers in the Maldives easily send and receive money on Viber’s m-Faisaa messaging platform. Furthermore, in May 2022, the platform also officially commenced its trials run of International Money Transfer which will be commercially available for customers by July 2022.
- If you are providing written answers for your submission, you must provide an answer to this second question: Describe the features, functions, and benefits of the nominated product or service (up to 350 words):
Total 196 words used.
m-Faisaa is an innovative mobile-money platform designed to meet the daily financial needs of Maldivians, many of whom are unbanked. It allows customers to register for Mobile Wallet Accounts, which enable instant deposits, withdrawals, payments, and money transfers from their mobile phones. Customers can also deposit cash to their m-Faisaa accounts and withdraw money from Ooredoo Experience Centers and m-Faisaa agents.
m-Faisaa’s partners include leading utility companies, insurance companies, popular online platforms, cafés, shops, printing and publishing agencies, beauty and cosmetic outlets, and florists. At these vendors, customers can enjoy the convenience of making online payments, and benefit from special delivery service rates. Additionally, m-Faisaa has links with several charities that enables users to donate more easily. The platform has also facilitated the payment of Zakat al-Fitr in partnership with the Ministry of Islamic Affairs.
Moolee, Ooredoo’s very own e-commerce marketplace in Maldives, and m-Faisaa are now integrated into a single user interface on the “Ooredoo MV App”. This has provided customers with seamless end-to-end digital experiences and increased digital engagement. With approximately 120,000 active monthly users, the Ooredoo MV app has doubled the e-commerce and mobile money transactions it handled on a month-on-month basis.
- If you are providing written answers for your submission, you must provide an answer to this third question: Outline the market performance, critical reception, and customer satisfaction with the product or service to date. State monetary or unit sales figures to date, if possible, and how they compare to expectations or past performance. Provide links to laudatory product or service reviews. Include some customer testimonials, if applicable (up to 350 words):
Total 155 words used.
With m-Faisaa, Ooredoo became the first telecommunications provider to establish an easy, secure and affordable way of managing money in Maldives. m-Faisaa has a user-base of over 29,328 registered customers against its initial target of 5,000, and over 500 merchants and agents. M-Faisaa has also on-boarded five bill payment partners, exceeding its initial target of three.
Key milestones and results
- M-Faisaa transactions crossed 230 million in the FY’21
- Merchant payments increased by 25%
- Launched payment gateways with a secure transaction system
- School payments can be performed through m-Faisaa
- Buying or renewal of insurances
- For Zakat al-Fitr we have contributed close to of MVR 400,000, by assisting people to pay zakat digitally during 2021
- m-Faisaa active Wallet base has grown by 64%, merchant wallet has grown by 14% and active agents has grown by 16%
- Integration of send money to friends and family via Viber
- Official commencement of International Money Transfer trial runs
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 137 words used.
- Ooredoo m-Faisaa
- Ooredoo reveals Strategic Partnerships for m-Faisaa, with greater benefits for customers
- Ooredoo Maldives launches m-Faisaa mobile money service
- Tree Top Hospital payments can now be made through Ooredoo
- Ooredoo Maldives enables Villa Gas Orders through m-Faisaa
- The app won several awards including ‘Most Innovative Payment Service’ at the Telecom Asia Awards 2019
- The app won a Silver Stevie for the ‘Innovative Use of Technology in Customer Service’ at the 2019 Stevie APAC Awards
- Moolee and m-Faisaa won Bronze Stevie for Innovation in Consumer Products and Services 2021
- Moolee and m-Faisaa won Silver Stevie for Excellence in Innovation in Consumer Product Service Industries
- m-Faisaa won Bronze Stevie for Excellence in Innovation in Technology Industries
- Ooredoo Maldives begins International Money Transfer trial via m-Faisaa
- Ooredoo Maldives partners with Rakuten to enable send money via m-Faisaa on Viber
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