19 October 2017

Mobile money goes live in Iraq with 'Zain Cash'

23 February 2016  |  2116 views  |  0 Source: eServGlobal

eServGlobal (LSE: ESG.L & ASX: ESV.AX) is pleased to announce the commercial launch of mobile money services with Zain Iraq.

The service was soft-launched in January and has already attracted strong interest.

The service is called 'Zain Cash' and is offered by Iraq Wallet, which is an authorised company from the Central Bank of Iraq (CBI). Through Zain Cash, customers can have a mobile wallet linked to their SIM card, enabling customers to make financial transactions easily and at any time (Cash-In/Cash-out, transfer money from one wallet to another, recharge for prepaid account & bill payment for postpaid account).

Scott Gegenheimer, CEO, Zain Group, said, "We are embracing the opportunity to launch new services that improve the livelihoods of the communities we serve, and through eServGlobal's solution, we will be able to offer life-enhancing mobile services and cement our position as a market leader in the mobile-money arena across our region."

John Conoley, Executive Chairman, eServGlobal, said, "We are proud to be working with this innovative Operator Group as they roll out market-leading solutions across rapidly evolving markets. We look forward to continued collaboration with the Zain Group to launch mobile financial services across their operations."

eServGlobal has a framework agreement with the Zain Group to provide end-to-end mobile money and EVD (electronic voucher distribution for prepaid rechage) solutions across Zain Group's operations.

Mobile money, mobile financial services, mobile recharge and distribution are key elements in the Zain Group strategy. Through innovative product design and marketing strategies, Zain aims to maximise the benefit of mobile money, electronic recharge and distribution, giving customers new alternatives to financial transactions and account recharge. Zain Group coverage extends to more than 45.6 million customers spanning Kuwait, Bahrain, Iraq, Jordan, Lebanon, Saudi Arabia, South Sudan and Sudan. Notably, in several of Zain's markets, over 90% of the population does not have access to banking facilities.

Zain's mobile commerce services have a transformational effect on unbanked populations as they open financial systems to formally excluded population segments. This kind of change is crucial in emerging markets where financial inclusion is key to economic development.

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