NuMobile Acquires Kenyan Startup To Enter Africa’s Mobile Banking Market

NuMobile Acquires Kenyan Startup To Enter Africa’s Mobile Banking Market


NuMobile, Inc. today announced the acquisition of Kruze Technologies Ltd, a mobile wallet operation headquartered in Nairobi, Kenya. NuMobile has scheduled an on-demand Webcast to be released next Tuesday, December 7th to present the Company’s African mobile banking strategy and to provide an overview of the acquisition announced today and of the pending acquisition expected to close imminently.

NuMobile is building a portfolio of security and software solutions for the global mobile computing and smartphone market. Through a roll-up strategy, NuMobile plans to acquire and develop mobile computing solutions for a variety of applications, including mobile banking, for the global marketplace.

According to McKinsey Quarterly, there are 1 billion people in emerging markets with a mobile phone but no access to banking, a number that is expected to nearly double by 2012. In 2012, there could be as many as 360 million mobile money users generating $5 billion annually in direct revenue and an additional $3 billion in indirect revenue.

In a November 28th article titled ‘ Mobile Banking in the Emerging World,’ The New York Times reported, “Globally, the number of mobile banking users is expected to surge more than sixteenfold, to 894 million by 2015 from 55 million in 2009, according to Berg Insight, an industry research firm based in Stockholm.


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