Monitise has announced a Heads of Terms agreement with Made In Africa to launch a mobile banking and payments platform in
Monitise East Africa will cover
For the first five years of the agreement an annual license fee of £0.8m plus volume based royalties will be payable to Monitise from Monitise East Africa. It is expected that the contract and venture will be formalised by July 2008.
Monitise chief executive Alastair Lukies said: ‘Historically, the limited reach of the physical branch network in many African countries has been an inhibitor to the adoption of banking services.
‘However, the remarkable and inspiring progress made by organisations such as Vodafone and Safaricom through M-PESA has demonstrated the potential of the mobile handset in delivering financial services to the African mass market.’