The service will be launched initially in Uganda this autumn, followed by Rwanda, Tanzania, Burundi, the Democratic Republic of Congo, Ethiopia, Kenya and Zambia.
The venture plans to create a mobile money multi-bank and multi-operator ‘ecosystem across the region. Aimed at both the banked and unbanked, the service will enable consumers to manage their money and make payments using financial accounts. Monitise East Africa is structured as a 50/50 joint venture between Monitise and Made in Africa.
The project involves multiple banks, mobile operators and service providers. Through its partnership with mobile wallet services provider E-Fulusi Africa, Monitise will integrate its mobile money manager with E-Fulusi’s services to offer the service to users in East Africa. The service allows customers to save money, deposit and withdraw cash, manage a bank account, transfer funds and also to make payments through mobile networks, banks and mobile handsets.
In order to help roll out its services, Monitise East Africa has been awarded USD 1.5 million by the Africa Enterprise Challenge Fund, which is part funded by the UKs Department for International Development (DFID).
Recently, Monitise has also established a new division in India and is seeking partners to roll out a multi-bank, multi-operator mobile money service in India. Monitise has launched similar services in the UK and the US, where it has delivered the Monilink and Monitise networks in partnership with VocaLink and Metavante Corporation, respectively.
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