EServGlobal brings mobile money to Somalia

Mobile money solutions maker EServGlobal (LSE:ESG) makes its’ entry into Somalia as the company provides their PayMobile platform to Dubai-based GSM and 3G mobile operator, ASGSM.MOBI Limited.

In a statement released Thursday, 1st March, eServGlobal will provide end-to-end solutions to include mobile wallet, mobile money, and mobile commerce services, such as cash-in/cash-out at mobile-money agents, money transfer, bill payment services, airtime top-up from mobile wallet and payment at a merchant to mobile customers of ASGSM.MOBI, the first network to provide 3G service when it started operating in 2009.

Speaking of their intentions, Abdullahi Abdi Hussein, President and CEO of ASGSM.MOBI, said eServGlobal has the “flexibility, the quality and compliancy level of their solution and the ability to extend the platform with new functionality as the market matures.”

Opportunities

ASGSM.MOBI wants to capitalise on the growth of mobile connections in the East African country, which lacks a formal banking sector.

Alternative money transfer and remittance services reached $1.6 billion on average in a year and the ASGSM.MOBI seeks to have a slice.

The telecom industry has been thriving in this war-torn country that lack a central government following its collapse in 1991.

PayMobile

eServGlobal’s PayMobile platform will be hosted in Dubai to ensure the highest levels of security, availability, and support, according to the statement.

The solution will be integrated with existing domestic money transfer companies, including traditional banks and ATM switches. PayMobile is used in 25 other countries, in partnership with BICS, a joint venture between Belgium’s Belgacom Group, Switzerland’s Swisscom, and South Africa’s MTN Group.

Speaking on behalf of eServeGlobal, Vice President for Marketing & Strategic Alliances Katia Hilal said they are providing real value to both service providers and users with their mobile solutions.

Company Spotlight

eServGlobal is a product innovator of mobile financial services and international money transfer solutions and value-added services employed by telecommunications companies in 45 countries around the globe. eServGlobal is quoted on both the London and Australia stock exchanges.

In London trading today, shares of the company are up 0.6%, or 0.125 pence, to 22 pence a share.

References
↑ Company history
↑ ASGSM.MOBI Official Company Website
↑ Somalia Profile
↑ SOMALIA: Telecom Firms Thrive in Somalia Despite War, Shattered Economy
↑ BICS Company Profile
↑ eServGlobal Company Profile

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @kennethgmondero

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Charlie Hayter

• 

  Ramla Soni

• 

  Glenmore Investments

• 

  Beth Anne Lamar