Online Payments & Money Transfer

Tata Indicom and Mchek receive grants for Mobile Microfinance from GSMA

The GSMA MMU Fund funded by the Bill and Melinda Gates Foundation has announced the details of a further seven grantees from the Mobile Money for the Unbanked (MMU) Fund.New grantees are Cellcard in Cambodia, Digicel in Fiji, Orange in West Africa, Safaricom in Kenya, Tata Indicom in India, Telenor in Pakistan and Tigo in Africa.

Tata Teleservices is working with its technology partner mChek and will use the funds to target microfinance customers in rural India and particularly the large numbers of dairy, contract and agricultural workers.

There are over 550 million mobile connections in India with year-on-year growth of 49 per cent, and research has shown that there are 91 million households who are currently financially excluded.tata-mchek-mobile-money

mChek’s research has shown a clear need for cash management and money transfer services among customers who are not currently served by traditional banking services.

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