Fundamo selected by Monet to launch shared mobile money network in Pakistan

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Fundamo, a Visa company and one of the world’s largest specialist mobile financial service providers, has been selected by Monet, an independent mobile financial services company, to launch a mobile money network in Pakistan. The platform, now approved by the State Bank of Pakistan, will be able to enable providers and partners that share a common objective, to accelerate the delivery of convenient, secure and affordable mobile financial services to the banked, unbanked and underbanked of Pakistan. Bank Alfalah Limited (BAFL), the sixth largest financial institution in Pakistan, and Warid Telecom Private Limited (Warid) have teamed up to launch a new mobile financial services brand on the platform. The platform will enable BAFL and Warid to jointly offer mobile and branchless banking to its existing and potential customer base. Monet provides a managed service platform, agent management services and bill aggregation services to new financial institutions and network operators interested in entering branchless banking services with a faster time to market. Monet, a first of its kind provider, is creating linkages with existing deployments, financial switches, channels and networks to provide a standardized offering in the market.