Novatti, Myriad partner to offer mobile money solutions for non-smartphone devices

Novatti, a global payment solution provider, has partnered with the Myriad Group to extend their mobile money solution with robust USSD capabilities, enabling interactivity with non-smartphone devices.

The holistic mobile money solution will focus on existing regions of operations including Sub-Saharan Africa, Southeast Asia, Latin America and Europe.

According to the World Bank, in 2014, 86% of adults in the Middle East were unbanked; the highest rate of unbanked adults in the world, this number was followed closely by Sub-Saharan Africa with 66% of adults unbanked. Central Asia, Europe and Latin America have an average of 49% of all adults unbanked. With evident demand for a stable mobile money solution around the world, the partnership is set to create a social impact on the industry.

“Our combined solution is aimed at improving financial inclusion in regions where 3g and 4g are still not readily available. By partnering with the Myriad Group, Novatti can provide a more powerful mobile money solution to any nation around the globe. Due to USSD’s simplicity and robustness, we can also utilise it as a backup channel in developed regions to ensure a user’s accessibility to their accounts,” said Peter Cook, CEO of Novatti.

A recent study by the GSM Association found that there were only 263 mobile money operators worldwide. With a current estimate of over 1,200 telecommunication companies and countless banks around the globe, there is a dire need to provide a proactive approach that will improve financial inclusion for adults without access to a bank account.

Myriad and Novatti will unveil the full solution’s specification at their exhibition stall during the upcoming AfricaCom Conference in Cape Town, South Africa on the 17th November.