Monitise was recently awarded US$1.5 million of funding by the Africa Enterprise Challenge Fund (AECF) to deliver its service in East Africa. The UK-based company says it will integrate its mobile money manager platform with E-Fusili's mobile wallet technology to create financial accounts that can be operated from consumer handsets.
The E-Fulusi mobile wallet technology currently powers the Mobipawa and ZPESA services, the first two mobile banking services in Tanzania. The firm has worked closely with the national central bank to establish a regulatory framework for mobile banking in the country.
Monitise East Africa will initially offer services in Uganda, where it will have its headquarters in Kampala. In due course the service will expand into neighbouring countries, including Burundi, Democratic Republic of Congo, Ethiopia, Kenya, Rwanda, Tanzania and Zambia.
Nadeem Juma, managing director of E-Fulusi Africa says the partnership has the potential "to bring a savings and banking culture to millions of people across the region".