Oberthur Technologies (OT) has partnered with mBank, an entity affiliated to the PlaNet Finance group that aims to facilitate financial inclusion through mobile technology, to offer mobile branchless banking in emerging markets.
In these markets, banks and mobile operators need to adapt to deliver the right banking offer to the unbanked population. Today, the expectations of these customers go beyond peer-to-peer and bill payments allowed by most mobile money initiatives. They are looking at services such as loans, savings and insurance.
Deployments of brachless banking
Bringing together the m:Wallet solution of the OT subsidiary, MoreMagic and mBank’s expertise in branchless banking services, the partnering companies have created an extended mobile branchless banking offer. The m:Wallet, that has already supported a large number of services such as merchant payment and money transfers for more than a decade, will now include a full range of micro-finance services such as loan, credit and insurance. On top of this enriched wallet, the solution will also include core banking and back-office capabilities for operating the branchless bank, risk management tools and business consulting skills.
“The fully packaged offer we are providing with mBank will enable banks and mobile operators to reach an untapped customer segment and to ensure the profitability of their mobile money offers. Mobile microfinance services are expected to create a significant shift in the take off of mobile money with stronger adoption and usage, not only because they are matching the expectation of local populations for real banking services, but also because they will generate higher transaction volumes,” comments Pankaj Gulati, CEO of MoreMagic.
The post Oberthur partners with mBank to offer mobile branchless banking appeared first on Payments Cards & Mobile.
