Mi-Pay and Isys Go Live With ‘Saraf-Mobile’ In Sudan

Date: 9/3/2009

Mi-Pay and Isys Go Live With ‘Saraf-Mobile’ In Sudan, And Announce Roll-out of Person-to-Person (P2P) Mobile Money Service Across Middle East & Africa

New Secure Service Gives Business And Consumers Greater Transaction Freedom; And Financial Institutions Fast Access to New Market Channel Dubai & Kuwait, March 9, 2009 – Leading mobile money services provider Mi-Pay and Isys Global Trading Group, a leading value added service provider to mobile operators and financial institutions have combined forces to launch a new person-to-person money transmission service which is now live and fully operational in Sudan.   Called ‘Saraf-Mobile’, the new platform delivers secure payments capabilities to companies and individuals using their mobile phones; creating a cash transfer channel packed with application and service potential for financial institutions.  The new pan-Arab service is the first phase in a planned roll-out which will cover 22 countries within the Middle East and North Africa. With ‘Saraf-Mobile’ people in Sudan can now transfer money immediately from one recipient to another irrespective of their location.  People can send money to family and friends; businesses can receive payment direct from customers’ mobiles; and financial institutions can target and serve the huge mobile consumer base that exists within the region.  All that’s required to make a transfer is the recipient’s mobile phone number. ‘Saraf-Mobile’ represents a true collaborative approach between Mi-Pay and Isys:

• Mi-Pay supplies the open-system technical infrastructure including transaction clearance and settlement interface as well managing the regulatory framework, training and associated skills development. 
• Isys, through commercializing the technology and capitalizing on its network of regional offices, provides local management and first line technical support as well as partner recruitment and local regulatory approvals.

 Both Mi-Pay and Isys are eager to emphasise the opportunity for Financial Institutions across the Middle East and Africa.  Representing a completely managed, customer ready operator independent service, ‘Saraf-Mobile’ is a fully-supportive channel that enables mobile phones to be used for money transfer.  It dramatically reduces the time to market and operational overhead traditionally associated with establishing this type of service model.  It also provides potential to evolve new revenue streams for financial institutions by providing ubiquitous payments services such as mobile top-up, utilities payment and money collection.  ‘Saraf Mobile’ also creates a new authorised cash channel for both the ‘banked and unbanked’.  Individuals can simply go to a ‘Saraf-Mobile’ agent to transfer money easily, securely and quickly; the recipient is advised same-time via SMS to go to their local “Saraf-Mobile” agent to collect the transferred cash. Glen Jennison, Managing Director Mi-Pay Middle East explains, “Mobile Money Transfer (MMT) can deliver huge benefits to countries and people throughout Africa and the Middle East.  With the launch of ‘Saraf-Mobile’, Mi-Pay and Isys are demonstrating their foresight and commitment to the region. There is no need for a Bank account, a plastic card or an ATM.  Cash is king in the majority of Middle East and African countries and mobile phone penetration can be almost  100%. The opportunities for ‘Saraf-Mobile’, therefore, are immense. Mi-Pay is proud to partner with Isys to deliver financial service solutions that offer greater access and financial freedom to individuals and business alike.”  Mohammed Al Rashidi Managing Director & CEO of Isys comments, “Isys and Mi-Pay are working as one team to help financial institutions deploy ‘Saraf-Mobile’ without boundaries.  We are glad to be working with an innovative, application driven company such as Mi-Pay and are looking forward to deploying ‘Saraf-Mobile’ in all Isys operations, currently in 22 countries, throughout the Middle East and Africa.  ‘Saraf-Mobile’ is the first outcome from a unique program designed to provide innovative financial services; making it faster and easier for financial institutions to fulfil their growth ambitions.”