eServGlobal expands mobile money services into East Africa

Shares in eServGlobal edged upwards on Tuesday as the group said it is rolling out its mobile money solutions in East Africa.

In collaboration with a local mobile network operator serving several African countries, telecoms software outfit eServGlobal will be providing a range of mobile money services in a market where the economy is largely cash-based, and where formal financial services are less common.

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"We expect this project to strengthen our foundations for further wins in this region. We continue to focus on building interoperable, mature mobile financial solutions for service providers across the African continent and throughout the world," said Paolo Montessori, chief operating officer of eServGlobal.

eServGlobal's PayMobile platform is currently deployed in over 25 countries, where it is used by more than 250m prepaid subscribers. Total African mobile money transfers are expected to exceed $200bn in 2015.

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