An IoT architecture for financial services in developing countries

Research output: Chapter in Book/Report/Conference proceedingConference contributionpeer-review

4 Citations (Scopus)


Access to financial services for people living in rural areas of developing countries is limited due to the high cost of infrastructure. We present a financial payment architecture for developing countries based on a near field communication device for payment which is reconciled with backend banking systems using a cloud-based Internet of Things platform. Strategies to correlate payment data with the banks back-end systems in regions with limited cellular and Internet coverage are proposed. The benefits of providing basic financial services to people in developing countries is increased economic activity and growth. The benefits of utilising an electronic payment device are theft, forgery, and money laundering prevention. The proposed architecture is discussed and an analysis of the initial cost of setting up a cloud-based payment service indicate that it is feasible and profitable to implement an IoT platform as a banking service to people in developing countries.

Original languageEnglish
Title of host publication2017 IST-Africa Week Conference, IST-Africa 2017
PublisherInstitute of Electrical and Electronics Engineers Inc.
ISBN (Electronic)9781905824571
Publication statusPublished - 8 Nov 2017
Externally publishedYes
Event2017 IST-Africa Week Conference, IST-Africa 2017 - Windhoek, Namibia
Duration: 31 May 20172 Jun 2017

Publication series

Name2017 IST-Africa Week Conference, IST-Africa 2017


Conference2017 IST-Africa Week Conference, IST-Africa 2017


  • Internet of things
  • IoT platforms
  • Near field communication (NFC)

ASJC Scopus subject areas

  • Conservation
  • Computer Networks and Communications
  • Computer Science Applications
  • Information Systems and Management
  • Development
  • Education
  • Geography, Planning and Development
  • Cultural Studies


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