Moov Togo extends Flooz mobile money beyond borders

Money Transfer

Moov Togo has extended its mobile money service ‘Flooz’ to offer cross-border transactions to Benin, Cote d’Ivoire and Niger. Launched in September 2013, Flooz allows Moov Togo users to carry out a range of financial transactions. Moov Togo is a subsidiary of Maroc Telecom following the Moroccan group’s EUR474 million (USD532.3 million) acquisition of United Arab Emirates (UAE)-based Etisalat’s operations in Togo, Benin, Central African Republic, Gabon, Cote d’Ivoire and Niger in January this year, in an intra-group deal alongside Etisalat’s acquisition of a controlling stake in Maroc Telecom. Maroc Telecom is reportedly keen to maximise data-based revenue in the region and sees mobile money as a promising segment to help achieve this.

Last month Maroc Telecom revealed plans to invest MAD1.6 billion (USD162.49 million) in its newly acquired West African operations over the next five years, after securing an ‘interest-free four-year loan’. The operator will focus on improving the units’ Quality of Service (QoS), while also stepping up the deployment of fixed and mobile broadband networks in Benin, Central African Republic, Gabon, Cote d’Ivoire, Niger and Togo.
Source: Telegeography 14 April 2015