Monet adopts IBM cloud setup for mobile banking

STAFF REPORT KHI: IBM has announced that Monet, one of Pakistans leading mobile-commerce providers, has selected a customized IBM cloud-based solution that will enable the company to enhance service efficiency and expand its presence across the country, says a press release issued here.

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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.

To capture this opportunity, Monet chose IBM to develop a unique IT environment allowing the company to offer reliable and efficient services to a growing customer base throughout the country.

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Mobile banking and financial services are expected to grow significantly in Pakistan in the coming years. Increased demand for affordable banking, a lack of a more traditional banking infrastructure and an aggressive branchless banking mandate from the State Bank of Pakistan (SBP) has driven a quick uptake of mobile banking in the country.

“Mobile financial services have reached an inflection point where they have moved from niche to mainstream,” said Ali Abbas Sikander, CEO, Monet. “We believe mobile can potentially become the strongest channel for the delivery of financial services. IBMs cloud solution will allow us to reach our clients easily, giving us access to a wider base of customers and ultimately extending the reach of financial services in the country.”

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