AfricaCom 2014 – Cape Town, SA – November 12, 2014: Mahindra Comviva, the global leader in providing mobility solutions, announced that it has enabled the world’s first domestic interoperable mobile financial service between Airtel Money and Tigo Pesa in Tanzania. The service allows customers to send and receive money directly between the mobile money accounts of these two service providers. The new service made the use of mobile money more convenient for millions of users in Tanzania by expanding the network of people they can transact with. This first-of-its-kind service will enhance financial inclusion in Tanzania and complement the national financial inclusion framework, which aims to make formal financial services available to 50% of adult Tanzanians by 2015.
Powered by Mahindra Comviva’s award winning mobiquity® Money, the interoperable mobile financial service offers users access to secure, fast and reliable money transfer to friends and family members who use another operator’s mobile money service. The service simplifies off-net money transfers and enables recipients to transact through the convenience of their own mobile phone without cashing out.
Tanzania is one of the fastest growing mobile markets and has witnessed exponential growth in the use of mobile money services. According to data from GSMA, as of September 2013, 43% of the adult population was actively using mobile money service. In December 2013, the total mobile money transactions recorded in Tanzania was worth USD 1.8 billion, with more than 11 million active mobile money accounts and approximately 153K agents in the region.
Srinivas Nidugondi, Senior VP & Head of Mobile Financial Solutions, Mahindra Comviva said “We are delighted to facilitate interoperability in Tanzania. We have brought a paradigm shift in the mobile money space yet again, by offering an innovative and convenient service that addresses consumer concerns and leads to an increase in agility and business optimization for our customer. Our mobiquity® Money solution will ensure a secure environment for money transfers and cash withdrawals, making mobile money services more reliable for end users.”
Sunil Colaso, Managing Director, Airtel Tanzania, “Our association with Mahindra Comviva across locations has been extremely fruitful. Mahindra Comviva’s leadership and expertise in the global deployment of mobile financial services makes them an ideal partner of choice for a first-of-its-kind service that allows customers of Airtel Money and Tigo Pesa to transact directly. This service has led to a reduction in off-net charges, resulting in more affordable, hassle-free cash transfers and withdrawals, making Airtel Money more relevant to customers.”
mobiquity® Money delivers a host of mobile money services that transform the way consumers save, borrow, transfer and spend money. It is designed to seamlessly integrate consumer touch points with a wide ecosystem of banks, billers, merchants and third-party payment systems, creating a convergence powered by interoperability. Apart from delivering convenience to consumers, the solution enables financial service providers to acquire new customers, create long-term loyalty with existing ones, and seize new revenue opportunities to expand their market footprint. mobiquity® Money empowers financial service providers to be agile in their markets, with complete focus on the customers. mobiquity® Money has clocked more than 50 deployments in about 40 countries enabling over 35 million registered customers to transact approximately USD 13.5 billion transactions annually.
About Mahindra Comviva
Mahindra Comviva is the global leader in providing mobility solutions. It is a subsidiary of Tech Mahindra and a part of the USD 16.5 billion Mahindra Group. With an extensive portfolio spanning mobile finance, content, infotainment, messaging and mobile data solutions, Mahindra Comviva enables service providers to enhance customer experience, rationalize costs and accelerate revenue growth. Its mobility solutions are deployed by over 130 mobile service providers and financial institutions in over 90 countries, transforming the lives of over a billion people across the world. For more information, please visit http://www.mahindracomviva.com/olddata
About Bharti Airtel Limited
Bharti Airtel Limited is a leading integrated telecommunications company with operations in 20 countries across Asia and Africa. Headquartered in New Delhi, India, the company ranks amongst the top 4 mobile service providers globally in terms of subscribers. In India, the company’s product offerings include 2G, 3G and 4G wireless services, mobile commerce, fixed line services, high speed DSL broadband, IPTV, DTH, enterprise services including national & international long distance services to carriers. In the rest of the geographies, it offers 2G, 3G wireless services and mobile commerce. Bharti Airtel had over 277 million customers across its operations at the end of September 2013. To know more please visit www.airtel.com
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