Global e-commerce and payment solutions provider Mozido has acquired a majority of NettCash, a Zimbabwe-based mobile wallet provider, to strengthen its foothold in Africa.
Mozido will be integrating its Mobile Transaction Platform, which includes a stored-value account that can be used for bill payment and person-to-person payments, into the NettCash prepaid utility service wallet.
Users of the service top up their mobile accounts at NettCash agents or kiosks. The accounts can be accessed from feature phones and smartphones, as well as by text message.
"Mozido's global strategy is to identify opportunities where mobile financial services, that are designed to be inclusive and easily accessible, can solve important problems for the region, no matter the user's banking status or physical location," said Michael Liberty, founder of Mozido, in a July 21 press release. "We saw an opportunity to fulfill an important need in Zimbabwe, and Mozido's NettCash mobile prepaid utility service has made it possible for hundreds of thousands of families to simply top up their electricity meters whenever they need, instantly from their mobile phones."
Since it launched in February, the NettCash mobile wallet reached more than 250,000 customers in Zimbabwe. Mozido predicts the service has the potential to reach tens of millions of customers in the predominantly cash-based region, making their lives easier by eliminating the long travel to pay utility providers.
In the coming months, Mozido plans to add services to the offering, including inbound remittance and the ability to pay other utility providers.