Omidyar Network and ACCION International have announced that they have invested US $3.2 million in Mobile Transactions International, a Zambian startup that leverages mobile technology and an agent network to enable financial transactions in Zambia.
Omidyar Network is a philanthropic firm started by eBay founder Pierre Omidyar in 2004 dedicated to harnessing the power of markets to create opportunity for people to improve their lives. ACCION a private, nonprofit organization seeks to build a financially inclusive world by giving people the financial tools they need to improve their lives.
Mobile Transactions is helping to create a Cashless Africa, where organizations from all sectors can transact electronically with unbanked and unconnected end-users. Backed by a proprietary technology and innovative agent network on the ground, Mobile Transactions makes transacting in Africa easy, quick, and safe.
“We are thrilled to have the support of Omidyar Network and ACCION, investors that bring deep expertise in technology and mobile platforms, financial inclusion, and scaling companies in emerging markets,” said Mike Quinn, CEO of Mobile Transactions.
“Omidyar Network believes that Mobile Transactions demonstrates the potential of a ‘cashless Africa’ to transform the way people and organizations transact in emerging markets,” said Arjuna Costa, Director of Investments at Omidyar Network.
The investment, the first venture capital deal in a Zambian start-up technology company will enable Mobile Transactions develop its leadership team, agent network, and technology platform to provide financial access to underserved organizations and base-of-the-pyramid consumers in Zambia and in new markets.
In 2011, Mobile Transactions was named “Best Mobile Money Start-Up in Africa” by Mobile Money Africa.