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Monitise picks Made In Africa to launch m-banking service in East Africa |
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Mobile banking company Monitise has signed a partnership with Made In Africa, an organisation that aims to introduce capital and sustainable technologies in the region, to launch its mobile banking and payments platform in East Africa.
The partnership will create a joint venture, Monitise East Africa, which will be 51 percent owned by Monitise and 49 percent by Made In Africa. Covering Uganda, Tanzania, Rwanda, Burundi, Democratic Republic of Congo, Kenya, Sudan and Zambia, Monitise East Africa aims to provide over 220 million people with banking and payment services, delivered via the Monitise platform. Under the terms of the agreement, an annual license fee of GBP 0.8 million, plus volume-based royalties, will be paid to Monitise from Monitise East Africa for the first five years, to be capped at GBP 1.8 million per annum. The contract and joint venture are expected to be formalised by July. |
