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 – 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. 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. 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 says that its network will make it cheaper, easier and quicker for firms to tap into Pakistan’s huge unbanked market. 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. 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.” - Monet Contracts with Fundamo to Offer Shared Mobile Money Solutions in Pakistan
Monet

Monet Contracts with Fundamo to provide Shared cell cash options in Pakistan

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

A shared mobile cash network, built on Visa’s Fundamo technology, that can be tapped with the aid of banks and telcos is making ready 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 staff – has secured approval from the State financial institution of Pakistan to construct its community, which is being offered to native corporations planning to launch cellular cash services and products.

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

constructed on Fundamo expertise, Monet says its offering will present a managed carrier platform, agent management services and products and invoice aggregation services and products to new financial establishments and network operators involved in entering branchless banking services.

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

the primary purchasers are Pakistan ’s sixth greatest financial establishment, financial institution Alfalah, and Warid Telecom, who’ve teamed up to launch a brand new brand on the platform.

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

Monet says that its community will make it less expensive, easier and quicker for firms to tap into Pakistan ’s enormous unbanked market.

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

in step with the Pakistan get admission to to Finance Survey, handiest 12% of the population has get entry to to formal financial services and products, yet cell penetration stands at just about 70%, says the Pakistan Telecommunications Authority.

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

A recent study by using the Boston Consulting team estimates that 35% of the u . s .’s grownup inhabitants will probably be using cell financial services and products by way of 2020.

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

Ali Abbas Sikander, CEO, Monet, says: “we’re constructing an open and collaborative eco-machine which advantages all of the stakeholders of the monetary services ecosystem in Pakistan . Collaborative mobile monetary services, versus financial institution-led or telco-led deployment, is the paradigm shift so one can aid in growing a much bigger and no more pricey enabling environment for the issuers, acquirers and service providers.”

Aletha Ling, COO , Fundamo, adds: “The platform permits carrier suppliers to assume large, begin small and scale quick. the end result will likely be an ecosystem that in an effort to reinforce the long run and sustained increase of the Pakistani cell monetary products and services market.”

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