Taking mobile banking access to remote locations in Africa with SIM Overlay technology

Nexu has developed and deployed the technology that powers GT SimPay, a flagship product provided by Guaranty Trust Bank to its customers. Our technology provides mobile banking, mobile payment and branchless banking to thousands of existing customers using any mobile phone (including the basic feature phones popular in Africa) and enables previously unbanked residents of rural communities across the country to finally have access to a bank account.

Our proprietary eFresh™ technology, deployed on SIM Overlays and through our Android application, enables GTBank account holders to conduct secure transactions via end-to-end encrypted SMS. SIM Overlays are razor-thin, self-adhesive micro chips designed to be placed between the SIM card and the phone. When working together, the SIM card + overlay solution significantly expands the mobile phone’s functionality. The system uses toll free SMS communications, so it works even if the account holder has no data plan or even airtime balance.

This empowering technology made it possible for GT Bank to dramatically increase the capillarity of their customer network with minimal cost and virtually no barriers to adoption. Banking clients in Sierra Leone can now carry their personal GT Bank branch in their pockets.