The company will run its first African mobile financial business from South Africa, itweb.co.za reports. According to Mozido, the new business is aimed at providing African consumers access to payment platforms that will change how mobile money is utilised across the continent, the source cites.
Mozido says Africa has some of the fastest growing mobile money markets in the world and it plans to capitalise on the growing market on the continent. However, the country where Mozido has decided to set up office to achieve its target has a bad track record when it comes to the adoption of mobile money services offered in the market.
According to Ovum analyst Richard Hurst, South Africa has not seen the same success and uptake of mobile money services as elsewhere on the continent, the source cites. The banking regulatory environment has prevented network operators from launching services without a financial services partner, and financial services companies themselves having been focusing on the unbanked and enabling their services via a number of different platforms, says Hurst, cited by the source.
Mozido says its mobile payments solution will address key financial payment challenges by providing financial accessibility globally, according to Michael Liberty, founder of Mozido.
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