It depends on how quickly your integration team can work, but we have several partners that have integrated and launched in under 14 days.
Banks/Mobile Wallet Owners Only:
Yes. However, branding arrangements are dependent upon your company's service agreement with Migo.
There are three types of branding arrangements available to our partners:
Yes. Provided you are a Lender, you can also become an Underwriter and take the credit risk on transactions you fund. To become an Underwriter, you provide Migo with a list of pre-approved customers, along with the amounts and terms that you are willing to offer those customers. Alternatively, you can leverage Migo's pricing and decisioning APIs.
Yes. Migo is happy to enable you to lend to your customers. You can choose to take on more roles (Distributor, Payer, Lender, and Underwriter) and Migo essentially becomes a credit engine for your business.
If you have pre-qualified customers with a credit limit, you can share your pre-qualified customer lists with Migo, including the amounts and the terms under which you are willing to lend to them, then Migo will adhere to those guidelines in its lending decisions and just manage the end-to-end transaction flow.
For customers that you have not pre-qualified, you can rely on Migo’s credit decisioning to decide what transactions to approve and for how much, but you take the credit risk and take the associated revenue.
If you are unsure about the risk, you can choose to relinquish the Underwriter role (thus, acting only as Distributor, Payer, and Lender) and Migo is happy to step in as the Underwriter and take the risk of lending to the customers, at its discretion.
It depends on whether or not you are also occupying the Underwriter role. If you are the Underwriter, you assume all credit risk on the transactions but also benefit from more revenue. Migo provides daily disbursement and payment reports so that you can keep track of customer payments. Migo also provides portfolio reports and financial reports to enable your credit risk team to underwrite the portfolio as a whole.
If you are a Merchant in a Distributor role, or you are a Distributor that aggregates and serves merchants, you are responsible for handling chargeback risk.
What this means is that if a customer has an issue with a purchase, they are immediately refunded by Migo and the money is taken out of the Distributor’s remuneration T+1. If you disagree with a customer dispute, you are encouraged to file a dispute resolution with Migo.
Please Contact Us to find out more about our dispute resolution process.
Migo takes data privacy very seriously. We are fully compliant with GDPR and all local privacy regulation.
First, we separate PII (Personally Identifiable Information) such as name, address, state of origin, etc.) and non-PII data. We then ask partners to provide 6 months of non-PII data and a real-time or daily feed of behavioral data. The non-PII data is used to build anonymous risk profiles.
After the customer consents to full data access, you can then supply PII data to Migo through our API's. Alternatively, you can provide an API that Migo can reference in order to obtain PII data. It is at this point that we can match PII data to the anonymous profile to make a credit decision.
We do not disclose customer information under any circumstances other than those required by law.
Furthermore, if required, we can bring physical servers into your data center and process the data on-site so that your data never leaves your premises.
Migo does not share your customer data with anyone, including the Lender. Even when the Lender books the transaction, they book the transaction in a GL (General Ledger) entry for the whole portfolio and receive only masked customer information so they do not have the ability to contact your customer directly. The customer data is only unmasked and provided to regulators or government agencies upon request, such as during an examination or audit.
Migo helps you accelerate your digital strategy with credit. With very little effort, Migo helps you:
As a Lender only, you book all loans as separate retail loans summed in a single GL entry in your core banking system. The Underwriter then acts as a collections agent, guaranteeing you a return on each loan by earning a spread. You receive daily reports on all loans but the customer details are kept by the Underwriter until requested during any regulatory audits or examinations. If you are both the Underwriter and the Lender you may book the loans however you choose.
Migo offers you more value than traditional card or account-based debit transactions with the following benefits:
Contact our partnerships team for more information: Contact Us
Encouraging your customers to use Migo increases your revenue by giving your customers more purchasing power through credit. Furthermore, because your account is funded directly without going through traditional payment card infrastructure, the success rates of transactions will increase. If you own a site or mobile app we encourage you to let your customers know, within the product flow and before they get to the checkout page, that Migo is available for them to use to complete their purchase.
Migo provides your customers with increased buying power, and increases your transaction processing success rate (we have seen increases up to 87%). Therefore, you generate more revenue. If Migo increases your revenue by just 5% then Migo has paid for itself.
If you are integrating into Migo API's directly as a merchant, you are entitled to the Distributor revenue. Thus, your Merchant Service Fee will be discounted by the Distributor Fee when you are settled. The result is you pay a lower fee per transaction. You would assume all chargeback risk.
Migo enables you to add credit-based services to your platform without having to raise lending capital, put your balance sheet at risk, hire data scientists, buy licenses, or endure any of the challenges that come with building a sustainable credit business. As payment revenues shrink due to competition and/or regulation, credit is a naturally adjacent business to help drive your revenue, margin, and customer satisfaction.
Encouraging your customers to use Migo increases your revenue by giving your customers more purchasing power through credit. Furthermore, because your account is funded directly without going through traditional payment card infrastructure, the success rates of transactions will increase. We encourage you to let your customers know, within the product flow and before they get to the checkout page, that Migo is available for them to use to complete their purchase.
By enabling overdraft facilities and credit transactions, you can increase customer lifetime value with sticky customer benefits and increased transaction revenue.
Migo helps your financial services and agent network strategy. In a fully compliant (NCC and CBN) way, you can now enable loans and credit-driven payments to your customer base, whether using their bank accounts or their mobile wallets, assuming you have a PSB (payment service bank) license.
Telecommunications operators integrations are more complex given the volume of data, sensitivity of the data, and the size of the distribution channels. Please Contact Us for our Telco Integration Guide.
Leverage dormant data sets in your business, such as CDRs, to generate alternative revenue streams. Furthermore, enabling credit will accelerate your strategic position and generate more revenue from your customers – both from the credit transactions, and from additional payment revenue due to increased wallet balances. Migo supports multiple credit products and multiple lenders in order to effectively serve your subscriber base. All of this can be done with very little effort or engineering investment from you.
Yes, but we have custom pricing for telecommunications operators. Please Contact Us for more details.
Our revenue assurance team receives automated daily logs for all transactions on your network. You will also be settled on a mutually agreed upon schedule for all transactions on your network. This enables your internal team to perform reconciliation regularly.
Yes! We have experience helping operators prepare their regulatory documentation. Please Contact Us for more details.
Migo is fully compliant with all regulation including the following:
During KYC, Migo automatically connects to the Thomson Reuters (Refinitiv) Screening Solution which assists in screening customers against a compiled sanctions list i.e. OFAC, UN, EU etc. This identifies customers who are PEPs, high risk, sanctioned entities or individuals.
Migo is a technology platform and is not directly regulated. However, we are indirectly regulated by several agencies, including CBN, because we must ensure full compliance for the regulated partners on the platform. Furthermore, we test all of our technology under a microfinance bank owned by our parent company to ensure functionality and regulatory compliance.
We advise partners to consult with local regulatory agencies on their ability to become a Lender.
Email us to learn more about becoming a Migo partner.