M-Com and Fawry team on mobile banking in Egypt

Source: M-Com

International mobile commerce solution provider M-Com, and electronic banking service provider Fawry, today announced the launch of their mobile banking and payments infrastructure services.

Based on M-Com's globally leading mobile payments and banking solution - BankAnywhere - Fawry Banking and Payment Technology Services will enable banks to offer a broad range of mobile payment, alerting and banking services to their customer base.

"Fawry is delighted to bring such a comprehensive and rich offering to the Middle Eastern market, starting with Egypt" said Fawry CEO and Founder Ashraf Sabry. "What sets us apart is not just the rich functionality we offer consumers, but services that will ultimately make the mobile channel successful for banks. This includes legislative compliance, comprehensive customer care and diagnostic tools and simple integration models to existing banking and payments assets."

The initial market offer of Fawry Mobile will include bill presentment and payment, top-up services, access to bank account information, and account and risk-based alerts on a multi-lingual basis. Also included in the scope will be an array of enrollment, billing and customer management options, enabling banks to universally introduce their customers to mobile financial services through their existing banking channels of choice; ATM, online, branch and contact center. This will create a nationwide mobile commerce eco-system for Fawry's customers - banks, merchants and billers - to participate in.

"Working with Fawry will enable us to rapidly lead the evolving market landscape" said M-Com CEO and Founder Adam Clark. "We expect to be making P2P, international remittance, point-of-sale and remote payment capabilities a reality with Fawry in the next 12 months, as M-Com has done in other parts of the world. I have total confidence in the Fawry team to make this happen for its customers."

Several banks and billers have already signed up to Fawry Mobile - the first of which is due to be live in September.

The services will be offered to the rapidly-growing Egyptian market in the first instance and extended to other Middle Eastern jurisdictions in 2010. Beyond its proven success in developed markets such as the North America and Australasia, this announcement represents M-Com's inaugural investment into developing banking markets.

"The M-Com team has been a pleasure to work with. Within 9 months, we have jointly created an Egypt-ready version of M-Com's BankAnywhere product; for in-house, hosted and ASP deployment" adds Mr. Sabry.


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