eServGlobal, a France-based provider of mobile financial services to emerging markets, recently announced that it has entered a three-year framework agreement with Zain Group, a mobile telecommunications provider that operates in eight markets across Africa and the Middle East, in order to provide eServGlobal’s mobile money solution services to Zain Group’s customers. eServGlobal’s platform, which will be gradually implemented across Zain Group’s operations, includes mobile wallets, mobile commerce top-ups, money transfer from “any account to any account” and international money transfers to and from 90 telecommunications providers in approximately 65 countries all over the world [1]. The deal reportedly took place in April 2013, but eServGlobal did not disclose Zain as its partner until August 2013. The details of the agreement are undisclosed.
Zain Group’s operations service approximately 44 million subscribers across Bahrain, Iraq, Jordan, Kuwait, Lebanon, Saudi Arabia, South Sudan and Sudan [1]. As of 2013, eServGlobal’s assets were listed at USD 108 million, while Zain Group reported net income of USD 397 million.
By Anesa Kratovac, Research Associate
About eServGlobal
eServGlobal was founded in 1983 as a financial services provider for emerging markets and is headquartered in France. It specializes in mobile money solutions and Value-Added Services (VAS), and aims to help telecommunications service providers increase their revenue and gain and maintain customer ownership. eServGlobal offers services 90 companies in approximately 65 countries, including mobile wallets, mobile commerce, top-ups and agent management features. As of 2013, its assets were reported at USD 108 million.
About Zain Group
Zain Group is a Kuwait-based mobile telecommunications company and was founded in 1983. Zain coverage extends to approximately 44.4 million subscribers spanning Bahrain, Iraq, Jordan, Kuwait, Lebanon, Saudi Arabia, South Sudan and Sudan. As of June 30, 2013, Zain Group generated consolidated revenues of KD 612 million (USD 2.16 billion) and net profits of KD 113 million (USD 397 million).
Additional Sources and Resources:
[1] The Wall Street Journal Press Release, August 5, 2013, “eServGlobal and Zain Group Bring Mobile Money to the Middle East and Africa,” http://online.wsj.com/article/PR-CO-20130805-903770.html
MicroCapital Article, August 16, 2013, “MICROCAPITAL BRIEF: Western Union, eTranzact Launch Mobile Money Service in Nigeria,” https://www.microcapital.org/microcapital-brief-western-union-etranzact-launch-mobile-money-service-in-nigeria/
MicroCapital.org Article, August 6, 2013, “MICROCAPITAL BRIEF: WorldRemit Launches Direct Worldwide Money Transfer Service through Telesom’s Zaad Service,” https://www.microcapital.org/microcapital-brief-worldremit-launches-direct-worldwide-money-transfer-service-through-telesoms-zaad-service/
MicroCapital.org Article, July 9, 2013, “MICROCAPITAL BRIEF: Uganda Government Proposes 10% Tax on Mobile Money Transaction Fees,” https://www.microcapital.org/microcapital-brief-uganda-government-levies-10-tax-on-mobile-money-transaction-fees/
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.
Similar Posts:
- MICROCAPITAL BRIEF: China Mobile’s Zong Unveils PayMax Payment Service in Pakistan
- MICROCAPITAL BRIEF: Abler Nordic Sells Equity Stake in Satin Creditcare, Provider of Microfinance to Low-income Women in India
- MICROCAPITAL BRIEF: Sama Money Acquires Première Agence de MicroFinance, Entering Microcredit Market in Mali
- MICROCAPITAL BRIEF: Mastercard, Vodafone Fiji Partner to Provide Debit Cards to Mobile Money Users
- MICROCAPITAL BRIEF: Money Fellows of Egypt Borrowing $2.2m from Symbiotics to Support Digital ROSCAs
