MI-PAY PAVES THE WAY FOR AFRICAN SUCCESS

Date: 15/7/2009

MI-PAY PAVES THE WAY FOR AFRICAN SUCCESS
New Developments Set To Establish Mi-Pay's Mobile Money Services In North, East and West Africa

Mi-Pay, the global mobile money company, is building on its African achievements by confirming three new contract successes, which it expects to announce in detail over the next few months.

With its international and domestic remittance services going live in North and West Africa; and a multi country roll-out of its agent-based, person-to-person, mobile money service already underway, Mi-Pay is fast emerging as a key partner and preferred supplier for operators and banks as they seek to make financial services accessible to Africans across the Continent.

As CGAP* predicts developing markets will see more than 120 mobile money implementations by the end of the year, creating a mobile financial services business that will reach $5 billion by 2012, Mi-Pay confirms demand for its solutions are growing across Africa. Indeed, the company foresees a new era of social and economic development for the region facilitated by mobile money services.

Norman Frankel, CEO of Mi-Pay, explains, "With mobile penetration at over 270 million, there is now a viable springboard to service Africa's unbanked, which currently stands at around 75 per cent of the population. The demand and infrastructure is here and, with the growing presence of companies like Mi-Pay, the expertise to implement change is now here too. We are, effectively, the operational ‘glue' that will unite banks and operators; providing them with more flexible, commercially viable and sustainable mobile money business models that carry less risk and bring more benefits than ever before."

* CGAP is a U.S.-based microfinance policy and research centre