Monet, an Abu Dhabi Group backed mobile-commerce providers in Pakistan, today announced that it has selected a customized IBM cloud-based solution that will enable the company to enhance service efficiency and expand its presence across the country.
Launched in 2012, Monet provides banks, mobile network operators and branchless banking agents in Pakistan with a technology platform that offers end-users a simple interface through which they can access a wide range of financial services on their mobile phones.
Monet is currently said to be deploying Mobile Financial solution for Warid and Bank Alfalah. Additionally, Mobilink is also considering to revamp its mobile financial services through Monet’s platform.
Mobile banking and financial services are expected to grow significantly in Pakistan in the coming years. Increased demand for affordable banking, a lack of traditional banking infrastructure and an aggressive branchless banking mandate from the State Bank of Pakistan (SBP) has driven quick uptake of mobile banking in the country.
With a population of 180 million, a mobile phone penetration of over 70% and a banked ratio of only 22%, Pakistan is the perfect market for mobile financial services. According to SBP’s recent quarterly branchless banking newsletter, the number of mobile banking accounts stood at 1.45 million, experiencing growth of 37% during the second quarter of 2012 with new level account openings registering a jump of 370% .The existing accounts activity level also improved substantially during the quarter as the number of active accounts increased by 66%.
IBM, in a statement, said that it will develop a specialized solution based on IBM SmartCloud technology, to deploy Monet’s mobile banking applications from Fundamo, a leading mobile financial services platform provider and an IBM partner. The private cloud will allow Monet to save on initial investments in IT and help the company offer more efficient services at a reduced cost.
IBM SmartCloud infrastructure is based on IBM servers, storage and software that is optimized to meet growing mobile demand. In addition, Monet has outsourced the entire networking, security, cryptographic solutions, and disaster recovery to IBM to focus on its core business.