Monet is one of Pakistan’s leading mobile-commerce providers. It is using IBM cloud-based solution to enhance service efficiency and establish its brand across Pakistan. Monet has recently started its services providing banks, mobile network operators and branchless banking agents with a technology platform. It offers end-users a simple interface to access a variety of financial services through just their mobile phones. Mobile banking and financial services through technology is a growing sector for Pakistan’s IT industry.
With a rigorous policy from the State Bank of Pakistan (SBP), e-banking has taken to better strides across the country and mobile companies have taken up to it effectively. Pakistan’s mobile phone penetration is more than 70%, but the banked ration is only 22%. However, considering the population of the country, there is a huge potential for Mobile Financial Services (MFS). Currently, there are 1.45 million mobile banking accounts in Pakistan according to SBP’s branchless banking newsletter. But that it had a growth rate of 37% during the second quarter of 2012.
Thus, with a positive trend shown by these figures, mobile banking in Pakistan has a very bright future. Thus, mobile-commerce providers like Monet, are seizing on the opportunity. IBM being one of the leading technology company in the world is therefore plays its role significantly. IBM is said to develop a specialized solution based on IBM SmartCloud technology through Fundamo, which is a leading mobile financial services platform partner for IBM. It is also cost-effective. This could inspire other mobile-commerce providers to a look into such a joint venture from an international cloud service.
According to Adnan Siddiqui, CGM, IBM Pakistan and Afghanistan, “Mobile and Cloud are a powerful combination to provide sustainable and affordable banking services to millions of people in Pakistan. IBM has global experience in the financial services sector and a thorough understanding of the local market, and our engagement with Monet is expected to benefit banking customers across the country.”