Al Baraka Bank, Tunisia’s one of the leading banks has agreed to a collaboration with Tunisian Digital Finance for People (TDFP), VYZYO’s subsidiary to jointly unveil and run a mobile wallet service in Tunisia.
Digital payments for government services, vendor payments, mobile transfers, and more services will get empowered with the launch of the new mobile wallet service. Mobile wallet service from Al Baraka Bank will also enable health care reimbursements, government social welfare disbursements, micro-insurance, and micro-savings.
VJ Odedra, Founder and Group CEO, VYZYO and CEO, TDFP, announced, “This is a wonderful deal for Al Baraka, TDFP, VYZYO, and, most importantly, the people of Tunisia. Al Baraka’s excellent management team driven by the visionary leadership of Mr. Mohamed El Moncer combined with VYZYO’s extensive global experience, a full suite of products and services, and passion for deploying solutions that deliver equal opportunities for all will make social and financial inclusion in Tunisia a reality.”
The mobile wallet service will allow financial and social inclusion and will be accessible to all sorts of Tunisian people. It will include those people as well, who have limited or lack access to health care, banking services, and communications system. TDFP and Al Baraka Bank will jointly deploy a smart unification of legacy technologies for digital payments and innovation to accomplish this goal. The smart combination for digital payments will not only processed for those who have access to web-based services on the Internet or smartphone-based mobile apps, but also for those people who get limited connectivity via USSD, interactive voice technologies, and SMS.
At the initial level of this collaboration, TDFP will implement Visionary as a platform for Al Baraka Bank so that it can eminently provide offer a mobile wallet service to its Tunisian consumers. VYZYOPay is a technology platform that allows banking and other financial services providers to facilitate mobile financial services and digital payments and adopt digital transformation towards digital and branchless banking effortlessly.
Mohamed El Moncer, CEO, Al Baraka Bank Tunisia, stated, “We are proud of this new challenge with TDFP and VYZYO, which supports the national effort of financial inclusion, especially through decashing, which will contribute to fortifying the Tunisian economy and will standardize digital payments. We strongly believe in this new partnership with TDFP and VYZYO, which will be promising for our next projects.”
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