Global financial services company Citi has entered an agreement with the US Agency for International Development (USAID) to accelerate the adoption of mobile payments services in developing countries.
Under the agreement, USAID and Citi are set to work with governments, donors, industry and other participants in the payments system. USAID is set to continue to support local mobile money platforms while Citi is set to integrate its core banking services with mobile money platforms to provide integration between banking and mobile-based payments services.
The partnership aims to create in-country networks composed of local experts in mobile money, governments and organizations with cash-based operations to promote uptake of mobile payments services in developing countries.
Citi has almost 200 million customer accounts and serves customers in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management.
In recent news, Citi has rolled out the payment analytics tool, a module within CitiDirect BE, its online banking platform.
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