Mobile finance platform vendor Fundamo is aspiring to extend financial services to 40 million Indonesians in poor regions as part of a new partnership with Indonesia’s Bank Andara, a wholesale lender to microfinance institutions (MFIs).The service would allow MFI customers to make remittance transactions, top-up airtime, pay bills and check bank accounts via their mobiles phones or the internet.
Based in South Africa, Fundamo operates in approximately 40 emerging markets, in particular Africa and the Middle East. It was recently acquired by US-based payment technology firm Visa for USD 110 million.
In 2010, Bank Andara’s retail loan portfolio balance was IDR 12.6 billion (USD 1.5 million). Its shareholders include MercyCorps, International Finance Corporation (IFC), the Hivos-Triodos Fund, Cordaid, KfW Bankengruppe and Mr I Wayan Gatha.
By Hajar Elaalej, Research Associate
About Bank Andara: Founded in 2008, Bank Andara provides loans to microfinance institutions (MFIs) in Indonesia. Its shareholders include MercyCorps, International Finance Corporation (IFC), the Hivos-Triodos Fund, Cordaid, KfW Bankengruppe and Mr I Wayan Gatha. Its mission is to “to catalyze large-scale outreach to millions of Indonesians lacking access to the financial sector by providing innovative financial products and services to and through microfinance institutions; and to maximize the value of its shareholders’ investments, while creating a long-term, profitable financial institution.” In 2010, Bank Andara’s retail loan portfolio balance was IDR 12.6 billion (USD 1.5 million).
Source and Additional Resources:
Morningstar.co.uk,“ Fundamo, Bank Andara Join Hands To Launch Mobile Financial Services”, http://www.morningstar.co.uk/uk/markets/newsfeeditem.aspx?id=14857365622…
Techcrunch.com, June 9, 2011, “Visa Acquires Mobile Financial Services Company Fundamo For $110M In Cash,” http://techcrunch.com/2011/06/09/visa-acquires-mobile-financial-services…
MicroCapital Brief, April 23, 2009, “Indonesian Wholesale Microfinance Bank Andara is Officially Launched after $5m Investment from Mercy Corps, International Finance Corporation (IFC), Hivos-Triodos Fund (HTF), and CORDAID”, https://www.microcapital.org/microcapital-story-indonesian-wholesale-micr…
MicroCapital Universe Profile: Andara Bank, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Bank+Andara
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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