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.

The company said that low-income customers rely on their mobiles for handling money, and services offered in the eServGlobal deal will include microfinance, credit, postpaid bill payment, mobile banking, salary disbursement, electronic recharge and mobile wallet functionalities.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

"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.

JF