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Monet Contracts with Fundamo to Offer Shared Mobile Money Solutions in Pakistan

Monet Contracts with Fundamo to Offer Shared Mobile Money Solutions in Pakistan

Monet Contracts With Fundamo To Offer Shared Mobile Money Solutions In Pakistan

A shared mobile money network, built on Visa’s Fundamo technology, that can be tapped by banks and telcos is preparing to launch in Pakistan , said a statement issued yesterday.

Monet Contracts With Fundamo To Offer Shared Mobile Money Solutions In Pakistan

Monet –  a subsidiary of Abu Dhabi Group – has secured approval from the State Bank of Pakistan to build its network, which is being offered to local firms planning to launch mobile money services.

Monet Contracts With Fundamo To Offer Shared Mobile Money Solutions In Pakistan

Built on Fundamo technology, Monet says its offering will provide a managed service platform, agent management services and bill aggregation services to new financial institutions and network operators interested in entering branchless banking services.

Monet Contracts With Fundamo To Offer Shared Mobile Money Solutions In Pakistan

The first clients are Pakistan ’s sixth largest financial institution, Bank Alfalah, and Warid Telecom, who have teamed up to launch a new brand on the platform.

Monet Contracts With Fundamo To Offer Shared Mobile Money Solutions In Pakistan

Monet says that its network will make it cheaper, easier and quicker for firms to tap into Pakistan ’s huge unbanked market.

Monet Contracts With Fundamo To Offer Shared Mobile Money Solutions In Pakistan

According to the Pakistan Access to Finance Survey, only 12% of the population has access to formal financial services, yet mobile penetration stands at nearly 70%, says the Pakistan Telecommunications Authority.

Monet Contracts With Fundamo To Offer Shared Mobile Money Solutions In Pakistan

A recent study by the Boston Consulting Group estimates that 35% of the country’s adult population will be using mobile financial services by 2020.

Ali Abbas Sikander, CEO, Monet, says: “We are building an open and collaborative eco-system which benefits all the stakeholders of the financial services ecosystem in Pakistan . Collaborative mobile financial services, as opposed to bank-led or telco-led deployment, is the paradigm shift which will assist in creating a bigger and less costly enabling environment for the issuers, acquirers and service providers.”

Aletha Ling, COO , Fundamo, adds: “The platform allows service providers to think big, start small and scale fast. The result will be an ecosystem that that will support the long term and sustained growth of the Pakistani mobile financial services market.”

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  • wp socializer sprite mask 32px Monet Contracts with Fundamo to Offer Shared Mobile Money Solutions in Pakistan
  • wp socializer sprite mask 32px Monet Contracts with Fundamo to Offer Shared Mobile Money Solutions in Pakistan
  • wp socializer sprite mask 32px Monet Contracts with Fundamo to Offer Shared Mobile Money Solutions in Pakistan
  • wp socializer sprite mask 32px Monet Contracts with Fundamo to Offer Shared Mobile Money Solutions in Pakistan
  • wp socializer sprite mask 32px Monet Contracts with Fundamo to Offer Shared Mobile Money Solutions in Pakistan
  • wp socializer sprite mask 32px Monet Contracts with Fundamo to Offer Shared Mobile Money Solutions in Pakistan

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About Mubashir

I am working as a web application developer for 7 years, being a lahori i am very much in with fashion .. and want our generation to get what they deserve to meet their status.

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