Cape Town, South Africa, March 16th, 2009 – Fundamo, the world’s largest specialist mobile financial services provider, today announced that leading African operator the MTN Group has chosen Fundamo’s Mobile Wallet solution to power its MTN MobileMoney service, which will be available to a subscriber base of over 80 million users across 21 countries in Africa.
The deal, worth 9.7m USD, is the largest mobile banking software deal ever to have been announced, and will bring basic financial services to MTN mobile subscribers in largely unbanked populations of Sub-Saharan Africa and Middle-East. The deal is an extension of the existing relationship between MTN and Fundamo; expanding MTN MobileMoney from South Africa into 20 additional countries.
MTN MobileMoney is a SIM-based, version of Fundamo’s Mobile Wallet Solution ver 3.1, specifically designed to meet the needs of MTN’s subscriber base. Using HSM technologies that offer ATM level security, and a PIN system that prevents sensitive information from residing on the handset, users are entirely safeguarding against theft and fraud.
The solution is also fully compliant with all banking and FICA regulations, enabling banks to login to the system and manage the banking elements of the service while MTN focuses on customer acquisition and retention.
MTN MobileMoney doesn’t require users to setup a bank account, instead offering a variety of services; from money transfer, mobile payments and balance checking to mobile purchases, and the ability to buy airtime in real-time. Users have the option to receive a branded MTN MobileMoney debit card that can be used to withdraw cash from ATMs.
MTN MobileMoney is anticipated to be a key differentiator for MTN, supporting customer acquisition and retention, while strongly reinforcing the MTN brand in outlets throughout the country that accept “MTN MobileMoney” payments. Initial trials of the service in several markets show a satisfactory level of acceptance from both end users and merchants.
“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.
“We’re delighted to be extending our relationship with MTN, the leading operator in Africa and Middle-East,” says Aletha Ling, Executive Director at Fundamo. “This deal reinforces Fundamo’s position at the forefront of one of the world’s fastest-growing and dynamic wireless markets. Mobile wallet capabilities have the capacity to change the face of Africa, unlocking basic financial services, improving lifestyles and stimulating wealth through increased commerce. We’re proud to be a part of these changes.”
About Fundamo
Established in 2000 and backed by strong venture capital investors, Fundamo is a specialized mobile banking and payment software solution provider. Fundamo has been visionary in predicting the trend towards providing financial services through mobile phones and the impact this will have on the delivery of financial services in both developing and developed markets. The company has established its leadership position based on a history of technical innovation and successful deployments. With over 30 successful deployments in 20 countries Fundamo has the expertise to build the technologies, the experience to build the businesses and the vision to build the industry.
About MTN Group
Launched in 1994, the MTN Group is a multinational telecommunications group, operating in 21 countries in Africa, Asia and the Middle East. The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code: "MTN". As at 30 September 2008, MTN recorded 80.7 million subscribers across its operations in Afghanistan, Benin, Botswana, Cameroon, Cote d’Ivoire, Cyprus, Ghana, Guinea Bissau, Guinea Republic, Iran, Liberia, Nigeria, Republic of Congo (Congo Brazzaville), Rwanda, South Africa, Sudan, Swaziland, Syria, Uganda, Yemen and Zambia. The MTN Group is a global sponsor of the 2010 FIFA World Cup South Africa and has exclusive mobile content rights for Africa and the Middle East.
