Montise moves into Africa

Monitise, whose technology enables banking transactions to be carried out over mobile phones, has secured $1.5 million (£1 million) to expand into Africa.


Monitise, whose technology enables banking transactions to be carried out over mobile phones, has secured $1.5 million (£1 million) to expand into Africa.

Monitise, whose technology enables banking transactions to be carried out over mobile phones, has secured $1.5 million (£1 million) to expand into Africa.

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

Nick Britton

Nick Britton

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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