eServGlobal announces mobile money project with GMT Cabo Verde
Barcelona: 5 March 2015
At Mobile World Congress today, eServGlobal (AIM:ESG & ASX:ESV), the provider of mobile financial services to emerging markets, announced a project to supply an end-to-end mobile money platform for GMT Cabo Verde, a financial institution based in Cabo Verde.
The mobile money service will launch this year and provide users with the ability to perform domestic and international money transfers. The service is mobile operator agnostic, and accessible to any person in Cabo Verde and abroad by downloading the associated smartphone application or through the GMT agents network. The users will be offered the option of a companion payment card, allowing the mobile wallet to be used anywhere in the world that traditional card payments are accepted.
Cabo Verde (also known as Cape Verde) is an island country spanning an archipelago of 10 volcanic islands located 570 kilometres off the coast of Western Africa. The geographically dispersed population, the importance of its disapora and the high levels of mobile penetration make Cabo Verde an ideal environment for mobile money which offers a safe, convenient way to access financial services without needing to be close to a traditional bank.
This will be the first mobile money service offered in the country and to its diaspora around the world and is supported by the government. This support has been shown to have a significant impact on the success of a mobile money project. The Governement of Cabo Verde recognises the potential that mobile money has to promote financial inclusion and also boost the economy through the creation of more employment opportunities and competences in the field of telecommunications and financial services.
Recognising the importance of the agents network for the success and growth of Mobile Money, GMT and the Government of Cabo Verde are partnering to build a training program for mobile financial service agents. This program will include courses on KYC, AML, financial and mobile money features and services. The agent network is the ‘face’ of the mobile money service to the end user and has a crucial role in the promotion and smooth operation of the system.
Stephen Blundell, COO, eServGlobal, said, “This type of government-supported training program is an example of innovation and forward-looking mobile money practices. We are thrilled to be part of this pioneering experience and are looking forward to the successful launch and growth of mobile money in Capo Verde”
Raphaël Bassama, CEO, GMT Cabo Verde, said, “We chose eServGlobal to supply this mobile money system for us based on their market-proven success and experience, in particular in Africa and the Middle -East. The feature-rich PayMobile product allows us to start with a bundle of services that should be appealing to our customers around the world. .”
Through eServGlobal’s modular approach, GMT Cabo Verde is able to optimise the solution to suit its needs today and also to grow the service by deploying new features as the subscriber base matures. In markets with a high rate of mobile penetration and limited access to formal financial features, there is a logical path to progress to potential mobile money launches.
PayMobile is an end-to-end solution for mobile money and mobile financial services. It offers the full spectrum of mobile wallet, mobile commerce, recharge and agent management features.