MOZIDO EXPANDS INTO AFRICA WITH NETTCASH ACQUISITION

Mozido, a global provider of trusted digital commerce and payment solutions, has expanded into Africa with its NettCash mobile financial services offering. By acquiring a majority of NettCash, a Zimbabwe mobile wallet company, Mozido has further established its foothold in Africa. The NettCash pre-paid electricity solution is being extended by integrating Mozido’s Mobile Transaction Platform services, including mobile bill pay, stored value account, and person-to-person payment services, to launch Zimbabwe’s first mobile wallet that includes prepaid utility services.

“Mozido’s global strategy is to identify opportunities where mobile financial services, that are designed to be inclusive and easily accessible, can solve important problems for the region - no matter the user’s banking status or physical location,” said Michael Liberty, founder of Mozido. “We saw an opportunity to fulfill an important need in Zimbabwe, and Mozido’s NettCash mobile prepaid utility service has made it possible for hundreds of thousands of families to simply top up their electricity meters whenever they need, instantly from their mobile phones.”

Mozido’s NettCash mobile prepaid utility service has the potential to reach tens of millions of citizens who previously were faced with the challenge of traveling many miles to the electricity company or authorized dealer to manually top up their electricity meters after the country moved to a prepaid electricity model. The Mozido NettCash service has reached more than 250,000 consumers in just four months since its launch in February 2015, and is poised to expand significantly in the region throughout the year. Mozido’s NettCash offering is the first of many solutions that Mozido is bringing to Zimbabwe and the African continent.

“Mozido’s NettCash services use mobile phones to fill a real need to conveniently pay for essential services in a predominantly cash society,” said BJ Carter, president of EMEA at Mozido. “Our mobile service is inclusive. Anyone can load cash at NettCash agents and kiosks, and then access their stored value account through mobile SMS, feature phones, and smart phones using the NettCash service to start topping up their electricity accounts from the convenience of their own homes. It’s a safe and secure method of storing the money they need to access vital services like pre-paid electricity.”

Following the initial success of the company’s debut service in Zimbabwe, Mozido is currently adding additional financial services to its NettCash mobile solutions. In the coming months, Mozido will expand mobile bill pay to other service and utility providers, and add inbound remittance transactions, and person-to-person payments.