Mobile financial services provider, Fundamo, announced bagging a $ 9.7 million order from South Africa-based MTN enabling the latter to offer mobile wallet services branded as ‘MTN MobileMoney’ across to its 80 million subscribers across the Africa and Middle-East.
MTN aims to target the unbanked population residing in Sub-Saharan Africa and Middle-East regions. The two are already in similar tie-up for the South African market. With the deal, the reach of the tie-up has increased to 20 markets.
“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,” says Dare Okoudjou, Head of Mobilemoney International Development for MTN Group.