Fundamo has been selected by Monet, an independent mobile financial services company, to launch a mobile money network in Pakistan. The platform, now approved by the State Bank of Pakistan, will be able to enable providers and partners that share a common objective, to accelerate the delivery of convenient, secure and affordable mobile financial services to the banked, unbanked and underbanked of Pakistan.
Bank Alfalah Limited (BAFL), the sixth largest financial institution in Pakistan, and Warid Telecom Private Limited (Warid) have teamed up to launch a new mobile financial services brand on the platform. The platform will enable BAFL and Warid to jointly offer mobile and branchless banking to its existing and potential customer base. Monet provides a managed service platform, agent management services and bill aggregation services to new financial institutions and network operators interested in entering branchless banking services with a faster time to market.
Despite the growth of financial services the majority of Pakistanis remain unbanked. According to the Pakistan Access to Finance Survey, only 12% of the population has access to formal financial services (A2FS, 2012). Conversely, mobile penetration stands at nearly 70% (Pakistan Telecommunications Authority, 2013). A recent study by the Boston Consulting Group estimates that 35% of Pakistans adult population will be using mobile financial services by 2020.
We are building an open and collaborative eco-system which benefits all the stakeholders of the financial services ecosystem in Pakistan. Collaborative mobile financial services, as opposed to bank-led or telco-led deployment, is the paradigm shift which will assist in creating a bigger and less costly enabling environment for the issuers, acquirers and service providers, explains Ali Abbas Sikander, CEO of Monet.
Financial Institutions are looking beyond technology, and want to focus on utilizing it to offer products that give them access to new customers with a branchless advantage. Fundamo technology will enable easier interactions across our shared eco-system; our Mobile Money Network. This will drive collaboration between banks, mobile operators, merchants and distribution networks to bridge the financial services divide between the banked and unbanked customers.