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Africa: Continent is Leading the World in Mobile Banking
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Business Day (Johannesburg)
8 April 2008
Posted to the web 8 April 2008
Regis Nyamakanga
Johannesburg
IN A move to accelerate the global roll-out of mobile wallets, Fundamo, a local mobile banking and transaction solutions provider, has entered into a partnership with Accenture, a global management consulting and technology services company.
Fundamo CEO Hannes van Rensburg said in an interview that the company has also signed a reseller licensing agreement with BSI Technologia, a Brazilian banking solutions company, which will allow BSI Brazil to sell Fundamo's mobile technology to the Brazilian market.
Van Rensburg said demand for mobile wallets was on the rise because of penetration by mobile phones into communities globally.
He says the mobile wallet is a fully functional and secure account that the consumer can use for convenient and secure payments from a mobile phone.
Combined with a payment card, the mobile wallet is used as a purchasing account and person-to-person payment tool, and it works well in developing countries, said Van Rensburg.
He said mobile banking is one of the most secure mediums and is far surpassing the internet in terms of users.
Van Rensburg said mobile payment solutions, which are being supported and promoted by many governments, contributed to economic growth and development and had a positive domino effect on all users, as payments become easier, immediate, safer and faster to process.
Michael Eagleton, of Accenture, said there was a strong business case for mobile wallets for both mobile network operators (MNOs) and for banks, and that Accenture would help them to establish and deliver new highperforming business models based on the new technology.
Van Rensburg said the major driver for the adoption and fast roll-out of mobile wallet was the increase in international money flows delivered to and from mobile phones.
"Targeting communities, an MNO can capture and lock in a well-defined population, with marketing campaigns supported by community word of mouth and a repeat incentive to use the service."
He said Fundamo has been providing mobile applications and business solutions for organisations wishing to do banking, process payments and other transactions from mobile devices, since 1999.
Van Rensburg said the Brazilian deal would help Fundamo to penetrate 80% of the lucrative South American market.
He said the Brazilian market had a large number of consumers, a high penetration of mobile phones and sophisticated financial services at the top end of the market. But most of the population did not have bank accounts.
Fundamo has entered many international markets, including the Middle East, Pakistan, the rest of Africa and the US, which is relatively new to the concept of mobile banking, he said.
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It had also entered into a reseller agreement with SI Corporation in the US, he said.
Van Rensburg said the African market was leading the world in terms of mobile banking.
"The transaction volumes in terms of mobile banking in Africa are significant, and we expect to grow our already established continental footprint into the future," Van Rensburg said.
I just comeback from South Africa and I was really impressed by the mobile usage there, I also find another mobile banking startup in Ghana(dreamoval)(http://hervecuviliez.com/blog/22/featured/mobile-innovation-start-looking-at-emerging-countries/)
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