Monitise Signs Mobile Banking Partnership in East Africa

Mergers, Acquisitions and Financial Results

Mobile banking service provider, Monitise says that it is extending its business further into Africa and the Middle East with a joint venture with Paynet, an electronics payment company. The agreement with Paynet, which has a well-established electronic payment network in Kenya, Tanzania and Uganda that connects to 35 regional financial institutions, will allow Monitise to further expand its operations in Africa and the Middle East.

Uniquely among mobile banking services, Monitise also enables people without a bank account to use its services, as well as providing traditional mobile banking to those with accounts. The technology turns mobile phones into 'mobile wallets' which can be loaded with money and used to pay bills, deposit and withdraw cash, and receive money transfers.

Services are expected to start early next year, enabling participating banks and mobile operators to offer banking and financial services to existing customers, as well as opening new markets.

Alastair Lukies, chief executive officer of Monitise, said: "Paynet and Monitise share the same vision of the social and economic benefits which mobile money can bring to developing countries."

"Paynet's established presence in East Africa and its expansion into the Middle East is a natural fit for our mobile money platform and its continued expansion into these territories with our partners around the region."

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