$1.5 million invested in Monitise to boost m-banking in East Africa

Monitise, a UK based mobile payments service provider, reports that it was financed by the Africa Enterprise Challenge Fund (AECF) on the amount of $1.5 million in a move to stimulate the launch of the mobile banking and mobile payments service in East Africa.

On the initial stage Monitise East Africa will provide its services in Uganda and later the coverage will be extended to such countries as Burundi, Democratic Republic of Congo, Ethiopia, Kenya, Rwanda, Tanzania and Zambia. Under the project both banks and mobile networks will be participating in provision of banking, payment and money transfer services according to the local regulations of each market.