MTN, Fundamo in US$9,7 million mobile banking agreement

March 17, 2009 • Mobile and Telecoms

In a US$9,7 million deal, Fundamo has been selected by the MTN Group to provide the software platform for its “MobileMoney” service.

Fundamo, a specialist mobile financial services provider, has announced that MTN will use its Mobile Wallet solution to power the company’s mobile banking services to more than 80 million subscribers in 21 territories.

The solution is fully compliant with FICA and banking regulations. The SIM-based service is specifically designed to meet the needs of MTN’s subscriber base.

Says Dare Okoudjou, Head of MobileMoney International Development for MTN Group: “We selected Fundamo for two key reasons; because they could support the concurrent multi-country roll-out and aggressive time to market that we required for our project and because their solution is mature, scalable and well tested in developing markets, as well as being designed from the ground up to be fully compliant with all banking regulations. With Fundamo’s future proof solution we can take full advantage of the mobile payment market,”

The US$9,7 million-deal is an extension of the existing relationship between MTN and Fundamo, and will bring basic financial services to MTN mobile subscribers in largely unbanked populations of Sub-Saharan Africa and Middle-East.

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