Oberthur Technologies is to collaborate with mBank to offer a package of mobile microfinance services to growing markets with a high mobile penetration.
Co-founder of mBank, Arnaud Ventura, said that the bank’s aim is to serve millions of clients currently not reached by traditional banking and microfinance institutions.
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The Digital security solutions company and the bank will use their expertise to upgrade the existing m:Wallet, enhancing their mobile branchless banking offer.
The m:Wallet, launched a decade ago, already provides numerous services like merchant payment and money transfers. The companies will develop it by adding a range of micro-finance services such as loan, credit and insurance.
Core banking and back-office capabilities for operating the branchless bank, risk management tools and business consulting skills, will also be included in the new version.
According to the companies’ officials, the offer will contribute to financial inclusion of markets that lack a comprehensive banking infrastructure.
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By GlobalDataPankaj Gulati, CEO of an Oberthur Technologies subsidiary company, believes that the local population, banks and mobile providers will benefit from this offer.
Gulati said: "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."
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