Fundamo has more than 50 active mobile financial services deployments across more than 40 countries, including 27 countries in Africa, Asia and the Middle East.
Fundamo’s deployments currently have a base of more than five million registered subscribers and the potential to reach more than 180 million consumers with mobile financial services.
Simultaneously, Visa also entered a new, long-term commercial agreement with Monitise, a UK-based provider of mobile money solutions for financial institutions.
In the US, the deal will include a joint Visa-Monitise mobile-banking product for clients of Visa DPS, Visa’s debit and prepaid processing unit.
Visa head of mobile banking Bill Gajda said these deals will add significantly to Visa’s ability to extend payment services to the underbanked around the world.
"Visa will expand Fundamo’s head office in Cape Town and will provide existing customers with more technology solutions. He said he sees geographic expansion opportunities in Africa and Latin America that the companies can explore," Gajda added.
