- mobiquity® Money recognized as the Best Mobile Financial Service platform for Africa
Nairobi, Kenya – August 24, 2016: Mahindra Comviva, the global leader in providing mobility solutions, today announced that its mobiquity® Money has been recognized as the Best Mobile Financial Service Platform for Africa at the Digital Impact Awards Africa 2016 held recently in Uganda. The recognition came against tough competition with the likes of Ericsson Converged Wallet, Fundamo Enterprise Edition, Huawei Mobile Money, Red Cloud One Platform and TagPay also in the fray. The recognition resonates strongly with mobiquity® Money’s brand, reach and marketing effectiveness in Africa.
In Africa, access to finance remains one of the top development challenges, stifling private entrepreneurship, and undermining efforts to rise out of extreme poverty. However, in the last few years, the rapid proliferation of mobile phone networks, coupled with the re-imagination of finance delivery mechanisms have created new opportunities for driving financial inclusion.
Mahindra Comviva’s mobiquity® Money platform is at the center of mobile money revolution in Africa. It powers 30% of the mobile money services in Africa, transforming the lives of over 60 million Africans by providing easy access to mobile money services. As of date, mobiquity® Money has over 45 live deployments, in 32 countries, powering 180 million transactions, valuing at USD 3.5 Billion. mobiquity® Money has notched several firsts in a very short period of time, which include, Africa’s first interoperable service in Tanzania, the first to provide mobile remittance in North Africa, the first to enable transactions between mobile money services and bank accounts, the first to have introduced closed loop NFC merchant payments in Tanzania and the first to issue MasterCard Companion card in Zimbabwe.
Apart from regular P2P transfers, mobiquity® Money enables a wide range of micro financial services like savings, savings clubs, insurance and loans which has led to socio- economic empowerment of the poor and the marginalized. It also enables bulk payment services, enabling governments and NGOs to pay financial aid as well as enabling enterprises to pay salaries using mobile money.
Speaking on the success, Srinivas Nidugondi, SVP Mobile Financial Solutions, Mahindra Comviva said, “We feel honored that our platform was selected by such a respected panel of judges as the Best Mobile Financial Service Platform for Africa. With our deep investment in innovation, technology and industry best practices, we’ve been able to deliver products and services that resonate deeply with millions of lives in Africa. This recognition provides a motivation for us to remain invested in this journey and creating even more opportunities for socio – economic empowerment.”
The Digital Impact Awards Africa project champions innovation and application of best practice to foster sustainability of digital innovations, products and services that will deliver maximum digital dividends across Africa.
mobiquity® Money delivers a host of mobile commerce services that transforms 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 service providers to acquire new customers, create long-term loyalty with existing ones, and seize new revenue opportunities to increase their footprint in the market. mobiquity® Money has clocked over 65 deployments in more than 45 countries processing 200 million transactions valuing $4 billion per month.
About Mahindra Comviva
Mahindra Comviva is the global leader of mobility solutions catering to The Business of Tomorrows. The company is a subsidiary of Tech Mahindra and a part of the $16.9 billion Mahindra Group. Its extensive portfolio of solutions spans mobile finance, content, infotainment, customer value management, messaging, mobile data and managed VAS services. It enables service providers to enhance customer experience, rationalize costs and accelerate revenue growth. Mahindra Comviva’s solutions are deployed by over 130 mobile service providers and financial institutions in over 90 countries and enrich the lives of over a billion people to deliver a better future. In January 2016, the company acquired a controlling stake in Advanced Technology Solutions (ATS), a leading provider of mobility solutions to the telecom industry in Latin America to strengthen its in-region presence. For more information, please visit http://www.mahindracomviva.com/olddata.
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