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Bengaluru-based mobile payment solutions firm Obopay has bagged a $15-million deal from Bank Atlantique, a West African financial services conglomerate, to provide digital banking and mobile money services technology for their customers.
“Banks are figuring out ways to cost effectively service their customers whose incomes are irregular such as daily wage earners,” said Shailendra Naidu, CEO, Obopay. In effect, companies like Obopay are helping financial institutions to service customers at cheaper costs as they do not meet a bank's lending or deposits criteria.
The deal would be primarily in the area of setting up a digital infrastructure for these kinds of customers and provide them mobile money transfer and other services, added Naidu. The bank, which was set up in 1978 and based in Togo had total assets in excess of $1.5 billion.
Obopay, at present, powers 11 per cent of the global mobile money transactions, or three billion in total.
Correction
This copy has been amended to correct factual errors.
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