August 14, 2009 - 5:29am
The mobile banking services provider Monitise is extending its business further into Africa and the Middle East with a joint venture with Paynet, an electronics payment company. The agreement combines Monitise`s world class mobile money services with Paynet`s African payments experience to give millions of people access to banking and financial services on their mobile phones.
Its agreement with Paynet, which has a well-established electronic payment network in Kenya, Tanzania and Uganda that connects to 35 regional financial institutions, will also help cement Monitise`s position as a worldwide leader in mobile money following a global deal with Visa Inc, the world's largest electronic payments network, in June. The British company already works with some of the world's biggest banks and mobile operators to deliver an increasing range of services to their customers over their mobile phone. Current key partners include VocaLink, Metavante, HSBC, Lloyds TSB, first direct, Alliance & Leicester, Royal Bank of Scotland, NatWest, Vodafone, Orange, O2, T-Mobile and 3. 3. Besides, Monitise is working with ICICI Bank in India to develop its services.
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 scheduled 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. Mobile phone penetration in East Africa is about 50 % and rapidly growing.
Paynet owns the PesaPoint network of ATM and POS machines in Kenya which connects to 30 financial institutions and provides locations all over Kenya, particularly focusing on areas with underdeveloped payment infrastructure. PesaPoint was voted the 'Best New Infrastructure in Africa' by African Investor magazine in 2006.
Its agreement with Paynet, which has a well-established electronic payment network in Kenya, Tanzania and Uganda that connects to 35 regional financial institutions, will also help cement Monitise`s position as a worldwide leader in mobile money following a global deal with Visa Inc, the world's largest electronic payments network, in June. The British company already works with some of the world's biggest banks and mobile operators to deliver an increasing range of services to their customers over their mobile phone. Current key partners include VocaLink, Metavante, HSBC, Lloyds TSB, first direct, Alliance & Leicester, Royal Bank of Scotland, NatWest, Vodafone, Orange, O2, T-Mobile and 3. 3. Besides, Monitise is working with ICICI Bank in India to develop its services.
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 scheduled 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. Mobile phone penetration in East Africa is about 50 % and rapidly growing.
Paynet owns the PesaPoint network of ATM and POS machines in Kenya which connects to 30 financial institutions and provides locations all over Kenya, particularly focusing on areas with underdeveloped payment infrastructure. PesaPoint was voted the 'Best New Infrastructure in Africa' by African Investor magazine in 2006.