Fundamo has been chosen to supply a mobile money platform to Monet, an independent financial services company in Pakistan. The wholesale platform, which has been approved by the State Bank of Pakistan, will be made available to banks and mobile operators who want to offer mobile financial services in the country.
Among the providers who will use Monet’s platform are a partnership between Bank Alfalah Limited (BAFL), the six largest financial institution in Pakistan, and Warid Telecom.
According to Wireless Intelligence figures, Warid Telecom is the country’s fifth largest mobile operator with 12.73 million subscribers (Q4, 2012 figures). Using Monet’s platform, BAFL and Warid will offer mobile financial services to new and existing customers.
The majority of Pakistanis do not have a bank account. According to the Pakistan Access to Finance Survey, only 12 per cent of the country has access to formal financial services, whereas mobile penetration is nearing 70 per cent. Hence the rationale for the kind of mobile banking scheme launched by Monet.
According to its website, Monet is backed by the Abu Dhabi Group, a conglomerate with investments across sectors including oil and gas exploration, banking, telecoms and property.