MCB Mobile, a Karachi, Pakistan-based partnership between MCB Bank and mobile technology developer Fundamo launched in June 2009, has reached 60,000 whom have transacted a total of PKR 1 billion (USD 11.9 million) as of April 2010 [1]. MCB Bank was founded in 1947 as Muslim Commercial Bank, and commands PKR 511 billion (USD 6 billion) as of 2009 [2]. Fundamo, founded in 2000, is a South African developer of mobile financial services software [3].
In March 2010, the service was nominated for “Best Money Service” at the Global Mobile Awards 2010 [4]. While MCB Mobile did not win the award, it was the only nominee from the Middle East, and the only one poised to become licensed as a microfinance bank. Awards for achievement in mobile communications have been distributed by the Global System for Mobile Communications Association (GSMA) since 1996 [5].
While the service requires the in-person establishment of a bank account, MCB mobile does allow checking of balances, money transfers and bill payment through a mobile device [6]. MCB Mobile was also mentioned the 2010 Branchless Banking Conference this April by Syed Salim Raza, Governor of the State Bank of Pakistan, as a founding example of a proposed expansion of microfinance bank licensure in Pakistan [1].
Additional Resources
[1] The International News: “Branchless Banking Conference,” Shahnawaz Akhter, April 18, 2010, http://www.thenews.com.pk/daily_detail.asp?id=234732
[2] “MCB Bank Limited & Subsidiary Companies,” MCB Bank: December 2009, http://www.mcb.com.pk/ir/pdf/Annual%20Consolidated%20Accounts-2009.pdf
[3] Fundamo: “About Fundamo,” http://www.fundamo.com/about_fundamo.html
[4] Global Mobile Awards 2010: “Announcing the Nominees,” http://www.globalmobileawards.com/awards/nominees.shtml
[5] GSM World: “About us,” http://www.gsmworld.com/about-us/index.htm
[6] MCB Mobile: “MCB Mobile Test Drive,” http://test.mcbmobile.com
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROCAPITAL BRIEF: China Mobile’s Zong Unveils PayMax Payment Service in Pakistan
- MICROFINANCE PAPER WRAP-UP: “Mobile Money, Interoperability and Financial Inclusion;” by Markus K Brunnermeier et al; published by National Bureau of Economic Research (NBER)
- MICROFINANCE EVENT: 5th Global Takaful and Re-takaful Forum; September 19-21, 2023; Dubai, UAE
- MICROCAPITAL BRIEF: HugoBank, KT, Mashreq, Raqami Islamic, Telenor Microfinance Earn Regulatory Approval to Pilot Digital Banking Services in Pakistan
- MICROCAPITAL BRIEF: Mastercard, Vodafone Fiji Partner to Provide Debit Cards to Mobile Money Users
