Recently, Microfinance Opportunities (MFO), a microenterprise resource center based in Washington, DC, and the MasterCard Foundation, a Canadian foundation with approximately USD 2.9 billion in assets, announced that they have chosen MTN Ghana Mobile Money and Mobile Transactions of Zambia to participate in their Consumer Education for Branchless Banking (CEBB) program.
Targeting youth, women and the unbanked, CEBB is a USD 2.9 million, 3-year global initiative that seeks to strengthen participants’ financial capabilities and promote branchless banking.
Having launched Mobile Money Services in July 2009, MTN Ghana currently has about 1.8 million subscribers. MTN Mobile Money enables its subscribers to engage in basic financial transactions using mobile phones. As a CEBB partner, MTN Mobile Money plans to educate the unbanked on mobile money services by taking advantage of its already existing customer service infrastructure of 5,000 agents and 4,500 merchants.
Mobile Transactions is a third-party mobile payments provider in Zambia, which uses its mobile platform and agent network to offer mobile wallets and electronic vouchers, which users may submit via their mobile phones to a merchant in exchange for goods or services, to the traditionally financially excluded. CEBB will help Mobile Transactions to deliver financial education training to 30,000 unbanked customers across Zambia.
By Paul K. Kim, Research Associate
About Microfinance Opportunities (MFO):
Microfinance Opportunities (MFO) is a microenterprise resource center based in Washington, DC that promotes “client-led microfinance.” Established in 2002 as a nonprofit organization, MFO’s goal is to increase access to financial services. It focuses on financial education, microinsurance and client assessment.
ABOUT The MasterCard Foundation:
Based in Canada, the MasterCard Foundation is a private foundation with approximately CAD 3 billion (the equivalent of USD 2.9 billion) in assets. The foundation’s goal is to enable people living in poverty to improve their lives with increased access to microfinance and education. The foundation was established in 2006 by a gift of shares from global payment processor MasterCard Worldwide during the company’s initial public offering.
ABOUT MTN Ghana:
MTN Ghana has offered subscribers Mobile Money Services since July 2009 and currently has about 1.8 million subscribers. MTN Mobile Money offers “mobile wallets” that allow customers to perform basic financial services using mobile phones. Its products include “Pay Monthly” and “Pay As You Go Services.”
ABOUT Mobile Transactions:
Based in Zambia, Mobile Transactions is a third-party mobile payments provider, which uses its mobile platform and agent network to link the traditionally financially excluded to financial services including mobile wallets and electronic vouchers, which users may submit via their mobile phones to a merchant in exchange for goods or services.
SOURCES:
[1] Microfinance Opportunities. “Microfinance Opportunities and The MasterCard Foundation Announce Mobile Banking Partners in Africa”http://www.microfinanceopportunities.org/docs/MFO-MCF%20Announcement%20of%20Asia%20Partners_FINAL%20(3).pdf
MicroCapital’s Microfinance Universe Profile: Microfinance Opportunities https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Mic
MicroCapital’s Microfinance Universe Profile: MasterCard Foundation https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Mas
MicroCapital.org Brief, June 16, 2010. “Microfinance Opportunities (MFO) and The MasterCard Foundation Announce Partnership with Financial Information Networks and Operation (FINO) of India and The Rural Bankers Association of the Philippines (RBAP) for Branchless Banking Program”https://www.microcapital.org/microcapital-brief-microfinance-opportunitie
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