Fundamo, the specialised South African mobile banking and transaction solution provider, has spread its wings to Brazil with a view to extending its mobile banking and payments solution to this large emerging market, with particular emphasis on banking the unbanked.
This is according to Aletha Ling, head of business development at Fundamo, who adds that the company recently concluded a resellers' licensing agreement with BSI Technologia, which specialises in banking solutions.
The agreement, which will allow BSI Brazil to sell Fundamo¹s mobile technology into the Brazilian market, is the latest deal struck by Fundamo as part of the company's strategy of global expansion. BSI is an excellent partner given their very successful track record in the financial services market in Brazil, says Ling.
"Africa and Brazil are very similar countries, especially in terms of the high number of unbanked people," adds Rosemarie Wilken, regional executive at Fundamo. "In both countries many people have no easy access to traditional banking services via ATMs, banking halls and the Internet, but they have a high mobile phone penetration, which is the easiest way of enabling them to access banking services, especially in the rural or outlying areas."
According to figures supplied by BSI Brazil, there are more than 110-million mobile phones in Brazil compared to about 50-million bank accounts.
"There is a huge potential for more people to have bank accounts and we believe mobile banking will become a common banking activity in Brazil in the next three years," says Karl Thieme, CEO of BSI Brazil.
Fundamo has been developing and implementing the mobile banking software for the past 8 years to assist developing countries in their quest to make banking more accessible. The software will allow cellphone users in Brazil to check their bank balances, transfer funds, pay another person, as well as view recent transactions. Fundamo's software is already being used in a number of markets including the Middle East, Africa, The US and South Africa.