Redknee's Mobile Money 2.0 solution to enable Ugandans to overcome key barrier to accessing financial services
TORONTO, Feb. 16 /PRNewswire/ -- Redknee (TSX / AIM: RKN), a leading provider of mission-critical software and solutions for communications service providers, is pleased to announce that it has been selected by Uganda Telecom to provide Redknee's Mobile Money 2.0 solution, enabling Uganda Telecom subscribers to pay for goods and securely store and transfer funds with their mobile phones. Implementation will begin as soon as all requirements for launching the service have been approved.
It has been projected that almost 90 percent of the five million households in Uganda do not have a bank account. Redknee's Mobile Money services will enable Uganda Telecom to provide its subscribers the means to store funds easily and to send payments and transfers using a safe and inexpensive channel.
Redknee's newly introduced Mobile Money 2.0 solution enables subscribers to store and transfer funds through their mobile handset, providing an ideal service for developing countries that may have poor or limited banking resources in their rural communities.
Some of the rural regions of Uganda lack an easily accessible banking infrastructure, which has been a key barrier to providing financial services. Through increased mobile penetration in Uganda and the expected launch of Mobile Money, Uganda Telecom will be providing Ugandans with unparalleled access to a new generation of financial services.
"Uganda Telecom realizes that the benefits of Redknee's Mobile Money solution go beyond innovation and service excellence, but also have the potential to deliver socio-economic change. I believe this solution will put Uganda Telecom in good stead to truly elevate Uganda's citizens with easy access to financial services across the board," says Hans Paulsen, Chief Commercial Officer of Uganda Telecom.
The Mobile Money service is planned to be available initially for domestic payments and transfers, and Uganda Telecom has the potential to expand the service and other microfinance initiatives easily, quickly and cost effectively to international regions. Uganda Telecom serves over 1 million subscribers.
"The benefits of Mobile Money services for the high-growth markets translate into strong socio-economic benefits. This milestone that Uganda Telecom has committed to achieving helps to truly elevate Uganda's citizens by providing easy access to financial services," says Mark Yaphe, Vice President of Product Management and Marketing at Redknee.
Redknee's Mobile Money portfolio includes Mobile Wallet, Mobile Money Transfer, Roaming Recharge and Airtime Reseller. Redknee's Mobile Money solution is easily integrated into any existing billing solution, reducing the expense and time-to-market for operators.
For more information about Redknee, visit www.redknee.com. About Redknee:
Redknee is a leading global provider of innovative communication software products, solutions and services. Redknee's award-winning solutions enable operators to monetize the value of each subscriber transaction while personalizing the subscriber experience to meet mainstream, niche and individual market segment requirements. Redknee's revenue generating solutions provide advanced converged billing, rating, charging and policy for voice, messaging and next- generation data services to more than 70 network operators in over 50 countries. Established in 1999, Redknee Solutions Inc. (TSX / AIM: RKN) is the parent of the wholly-owned operating subsidiary Redknee Inc. and its various subsidiaries. References to Redknee refer to the combined operations of those entities. For more information, visit http://www.redknee.com/
Caution Regarding Forward-Looking Information:
This release contains forward-looking information within the meaning of applicable securities laws ("forward-looking statements") that relates to deployment which is and remains subject to government and regulatory approval. Such forward-looking statements are not promises or guarantees and involve known and unknown risks, uncertainties and other factors and assumptions that may cause the actual results, performance or achievements of Redknee, or developments in Redknee's business or industry, to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the uncertainties related to government and regulatory approval, technological change and changes in the industry in which Redknee competes; changing global economic conditions and uncertainties; the impact of foreign currency exchange rates; credit and collection risk; departure of key personnel; departures of key customers; and other risks detailed from time to time in the Company's filings with the Ontario Securities Commission including Redknee's Annual Information Form dated for the fiscal year ended September 30, 2007. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Redknee does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
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