The AIM-quoted company received the money from the Africa Enterprise Challenge Fund (AECF), which awards grants and soft loans to commercial organisations seeking to set up shop in sub-saharan Africa.
Beginning in Uganda, Monitise plans to expand into neighbouring coutnries including Burundi, Democratic Republic of Congo, Ethiopia, Kenya, Rwanda, Tanzania and Zambia.
AECF director Hugh Scott says, ‘Through the extension of the reach of the banks and allowing people to save, make payments and transfer money to their families, we believe that Monitise East Africa has the potential to transform the economic outlook for millions of people.’
Monitise announced a pre-tax loss of £14 million last year on sales of £1.5 million. It works with banks including HSBC and Lloyds TSB, as well as mobile networks such as Vodafone and T-Mobile.