Mahindra Comviva has supplied mobiquity Money to power interoperable mobile financial service between Airtel Money and Tigo Pesa in Tanzania.
The development will support Tanzania that aims to make formal financial services available to 50 percent of adult Tanzanians by 2015.
Mahindra Comviva’s mobiquity Money simplifies off-net money transfers and enables recipients to transact through the convenience of their own mobile phone without cashing out.
A report from GSMA says as of September 2013, 43 percent of the adult population was actively using mobile money service. In December 2013, the total mobile money transactions recorded in Tanzania was worth USD 1.8 billion, with more than 11 million active mobile money accounts and approximately 153K agents in the region.
Sunil Colaso, managing director, Airtel Tanzania, said: “Since the service allows customers of Airtel Money and Tigo Pesa to transact directly, it has led to a reduction in off-net charges, resulting in more affordable, hassle-free cash transfers and withdrawals, making Airtel Money more relevant to customers.”
Mahindra Comviva said mobiquity Money has more than 50 deployments in 40 countries enabling over 35 million registered customers to transact approximately $13.5 billion transactions annually.
Srinivas Nidugondi, senior VP & head of Mobile Financial Solutions, Mahindra Comviva said: “Our mobiquity Money solution will ensure a secure environment for money transfers and cash withdrawals, making mobile money services more reliable for end users.”
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