Earlier this year, Visa Inc. acquired Fundamo, a leading mobile money platform. Visa has now created its first mobile payment platform which enables financial institutions and mobile network operators to offer Visa prepaid accounts on mobile phones to unbanked and under-banked consumers in developing countries.
MTN Group, a leading telecommunications provider in Africa and the Middle East, plans to offer the new Visa product to MTN Mobile Money customers across its markets.
Initially, the new collaborative move will be launched in Nigeria and Uganda. This is great news, as the push from Visa is bound to give mobile money the much needed push here in Nigeria and elsewhere.
I really am looking forward to this. In my opinion, most of the existing mobile money options on ground here are too cumbersome and not quite fit for e-commerce use yet.
Perhaps, Visa Mobile can change the playing ground significantly.