Introduction
Technology forms a central part of our day to day lives. Many human and mechanical activities have been taken over and made more efficient and easy to perform. Communication is among the areas significantly impacted by continuous technological advances achieved by the human race. These communication advances have enabled the provision of mobile money transfer and banking services. Mobile banking and money transfer provides a platform for handset owners to transact and bank through their phones . Nano-Tech will a business based in the State of Georgia, USA that provides an independent platform through which users can transact and do business via their phones. Through this platform, members will have accounts on their mobile devices, these accounts will also be linked to the member’s respective bank to enable smooth transfer money from their mobile account to their bank account and vice versa. This service will provide unrivaled services that will be an alternative to the credit card. Through the services, members will also be able to make purchases and pay utility bills to leading companies. The core services on the Nano-Tech platform thus are:
Mobile money transfer
Mobile banking services
Purchasing and Bill Payment
Credit services
Mission: To provide the most reliable and affordable mobile banking and money transfer services in the state of Georgia.
Vision: To become the premiere mobile money service provider in the US and set industry standards globally, to diversify into other mobile services like voice calls, broadband and device sales.
Nano-Tech presents a different product in money transfer and banking. We seek to empower all mobile phone users financially through provision of a 24 hour access to their money in both their mobile and bank accounts. This product brings convenience and ease of service to our clients, money will be loaded onto the phone in our various Nano-Tech agent shops which will also work as withdrawals points. The agent banking will serve for both the mobile and bank accounts. Bill payment will be enabled through partnership with leading utility providers as well as other vendors in the state . We are also coming into the business to practice the Christian principle of serving others. Nano-Tech will put service before all other business aspects as we aim to better our society.
Business Description
Nano-Tech will be a partnership between two principal investors. This type of corporate form has been made necessary by the large capital requirements that are needed to set up and sustainably run the entity. Further, the high level of expertise required also demanded the formation of a partnership. The partners will contribute to the business equity, and the share of the company profit and assets will be allocated with respect to the capital investment made by each partner. The two partners are competent and highly skilled in the field of information technology and communication, as such, they both will be directly involved in the running and management of the business affairs. The partners have also agreed that the salaries of both partners will also be hinged on their respective capital investment . Other considerations that will be given weight in resource sharing are the partner’s position in the company and their degree of involvement in the company’s day to day affairs.
Legal requirements
Starting operation, several legal requirements ought to be net first. Registration of the business will be the first legal step. This registration will require that the partnership or business name gets fully registered with the company’s registrar in Georgia. Articles of association and personal identification documents are the requirements for registration of a business entity. The second step is tax registration, this step allows the business to be allocated a business tax number through which they will meet their statutory tax obligations. This step is followed by licensing from the state and national communication authorizes. The licensing is to cater for the technological and communications aspect of the business as well as to allow the company operate a communications network in the state. As the enterprise aims to deal with money and work in conjunction with banking institutions, it will also be required to obtain authorization from the national central bank that handles all monetary services in the country. Permits from the central bank are issued after the regulatory institution is assured of the feasibility, legality and legitimacy of the proposed business. Another factor that influences central bank permitting is the safety of users’ money. Another license necessary is the business license that will be issued by the local authorities; this license allows the company to carry out its activities within the state. The local authorities will ensure that the enterprise operates precisely as it is permitted in its permits as well as ensuring that all safety and operational standards are maintained in all the activities of the company .
Customer contract
Product: ..
This contract is made between Nano-Tech and:
Customer name: ..Registration No: ..
Terms and conditions
Nano-Tech have disclosed all necessary information to the customer prior to this agreement.
Nano-Tech undertakes to safeguard and protect all private information and financial records for the customers.
Nano-Tech will provide full mobile banking and money transfer and support to the client at all times. Notice is to be given to the customer in case these services are to be suspended or halted.
Nano-Tech holds zero liability for user negligence and operations errors.
The customer hereby fully understands and agrees to all terms and conditions for the Nano-Tech mobile banking and money transfer services.
Signed on Behalf of:
Nano-Tech .
Customer.
Ethical considerations
Being a Christian based organization, ethics and morals form an essential pillar in Nano-Tech. Nano-Tech will only engage in business with suppliers of proven ethical backgrounds. Supplier integrity will assure all our clients of the quality and reliability of all our goods and services. Clienteles will be treated with utmost respect and value. Customer relations will all be addressed by a dedicated customer service department at our premises. All our customers, employees and suppliers will be handled with utmost equality . Nano-tech will ensure that there is no form of discrimination based on whatsoever reason at our organization. The Christian value of service with diligence will be the baseline of all our activities and operations. We will endeavor to create an environment that is positive and enabling to people from all social spheres. The business will undertake all its activities in a manner that is highly sustainable and friendly to the environment. In fact, we will exclusively rely on renewable green energy to run all our operations. Green energy has zero pollution and is fully environment-friendly and thus Nano-tech will be actively playing its part in environment protection.
Our Corporate Social Responsibility activities will target the poor and the homeless folks in Georgia. This is in line with the Christian value of caring and looking after our communities. Nano-Tech will initiate projects to feed and provide housing to several poor and homeless families. Nano-Tech will also engage Georgia youth in the fight against drug and substance abuse through awareness creation initiatives that will involve peer education on the effects of drug and substance abuse. We aim to increase our reach as our business grows and will have a budget allocation to cater for our CSR activities. Further, we will continuously engage the best experts to come up with the best customer value products. These are products that give our customers the ultimate value for their money. Security for our customer’s information is protected under our customer contract, thus we will work to ensure all our customer information remains private and protected.
Nano-tech will develop an attitude of fairness among its employees and the society it operates. This will be done through the establishment of transparent service procedures as well as creating a supportive environment for all its employees. The employees will be required to carry out their duties with utmost diligence and respect for Nano customers. To impact the society, we will recruit locals among our staff so as to spread the positivity.
Possible conflicts
Our business being a partnership, the possibility of conflict is substantially marginalized, however, disagreements may still arise on issues of profit division, employee relations, and product pricing. To solve profit conflicts, the share percentage provision was included in our article of association document. Further, the incorporation documents will be used as a reference in dispute resolution process. This is further addressed by creating a provision for the partners to increase or reduce their equity share in the business.
Employee relations issues will be resolved through prevailing labor laws. All parties will be required to adhere to the set international requirements for labor. Internal issues will be sorted through extensive consultation and consensus. In case the issues are beyond the laws and consensus, arbitration will be taken as the option. External parties will be indulged to help in solving issues. Mediators are also an important part in disagreement resolution between the employer and their employees.
Product pricing conflicts can emerge between the company and its customers in the case that customers view the products as unfairly overpriced. To solve this disagreement, it is essential that all parties engage and present their views and reasoning. Consensus is the best solution between customers and businesses as it allows parties to take neutral to compromise positions that are favorable to both parties. Expert determination and neutral evaluation can also be suitable approaches to solve business-customer conflicts.
Conclusion
Mobile banking and money transfer is a concept that presents a whole new dimension in the banking and money transfer sector. It turns mobile devices in user accounts or virtual banks through which they can conduct close to all business transactions. Nano-Tech aims to pioneer this concept in the state of Georgia. The company will provide mobile banking services through the use of agents who will serve as the link between the customers and Nano-Tech as well as the customers and their banking institutions. This services will bring paramount convenience and time management to all subscribers who will be saved trips to the bank. Given its simplicity, this form of business is expected to highly yield benefits to the partners that have invested into the enterprise.
References
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