Bank Alfalah and Warid Telecom formally launched a mobile banking solution using a shared mobile money network, built on Visa’s Fundamo technology, launched by Monet, according to a press release issued on Wednesday.
Monet – an independent mobile financial services company partnered with Fundamo, a Visa’s subsidiary and one of the world’s largest specialist mobile financial service providers to launch a mobile money network in Pakistan. Monet was set up by the Abu Dhabi Group last year and secured approval from the State Bank of Pakistan to build its network, which is being offered to local firms planning to launch mobile money services. The platform will enable Bank Alfalah and Warid to jointly offer mobile and branchless banking to its existing and potential customer base.
Monet CEO Ali Abbas Sikander said:
We are building an open and collaborative ecosystem which benefits all the stakeholders of the financial services ecosystem in Pakistan. Collaborative mobile financial services, as opposed to bank-led or teleco-led deployment, are the paradigm shift, which will assist in creating a bigger and less costly enabling environment for the issuers, acquirers and service providers.