eServGlobal plans to extend use of its mobile money technology into markets in the Middle East and Africa.
The company has signed a $12 million strategic framework contract with a mobile operator group in the Middle East and North Africa. The operator group will deliver mobile money services to its subscribers in the Middle East and North Africa. The tech company did not identify the mobile operator in its release, and did not return requests from PaymentsSource by deadline.
eServGlobal expects deployments from the new mobile group to begin in the second half of its current financial year, which ends October 31, with additional deployments over the next few years.
PayMobile, eServGlobal’s mobile money platform, is currently deployed at more than two dozen customers and is used by more than 250 million prepaid subscribers globally.
Mobile money has proven to be an effective way of extending payments and other financial services in Africa and other emerging markets such as India. Visa and MasterCard are actively pursuing the market, as are local banks in countries such as South Africa.