MTN Uses Fundamo for Mobile Wallet

MTN chooses Fundamo for the largest global rollout of mobile wallet capabilities

March 16, 2009

1 Min Read

CAPE TOWN, South Africa -- 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 Group Ltd.

Subscribe and receive the latest news from the industry.
Join 62,000+ members. Yes it's completely free.

You May Also Like