eServGlobal to provide mobile wallet platform to Nepalese banks
05 March 2014 | 1406 views | 0
eServGlobal (LSE: ESG & ASX: ESV), the provider of end-to-end mobile financial services to emerging markets, announces that it will partner with MNepal Limited, a consortium of bank and non bank entities, to offer a mobile financial service solution in Nepal.
eServGlobal and MNepal will offer a shared technology platform which can be accessed by all banks and financial institutions in the country to extend mobile financial services to their users. The service will operate as a common brand mobile financial service allowing multiple banks and financial institutions to join as members.
Paolo Montessori, CEO and Managing Director, eServGlobal, said, "MNepal are an exciting company focussed on finding new and dynamic ways to extend valuable services to the people of Nepal. Their focus on innovation presents many synergies with eServGlobal. This projects represents an opportunity to bring some coherence to the mobile finance market in Nepal. Offering a neutral, agnostic and interoperable mobile money platform which can be accessed by all, will open the possibilities of mobile money to the whole country.
"I am confident that this project will not only be successful in the Nepalese market but will serve as an example which will be replicated by mobile money solutions across other regions."
Mangesh Lal Shrestha, Board Director, MNepal, said, "We believe that, together with eServGlobal, we can build a financial ecosystem which will meet the needs of users across our nation, both today and for years to come. We have partnered with eServGlobal due to their strong foothold in the industry and proven records and vision, which aligns with MNepal's vision. We hope to scale in an examplary manner within the evolving mobile money and commerce ecosystem for inclusive, accessible and state of the art platforms. We believe this partnership today is just the beginning."
The service will offer a comprehensive suite of mobile money services to users as well as extending to provide mobile-centric microfinance services such as loans, savings and insurance complemented by loyalty and segmentation features.
The population of Nepal is approximately 30 million. According to the World Bank, only 25% of the population of Nepal over the age of 15 hold an account at a formal financial institution, while around 70% of the population have a mobile phone. These factors make Nepal a very promising market for mobile financial services.