Dubai-based fintech Mamo Pay that lately raised $1.5 million in a seed spherical has joined Visa’s Fintech Quick Observe Program, it introduced in a press release to MENAbytes in the present day. This system will allow Mamo Pay to succeed in a wider viewers, and profit from the capabilities and safety of VisaNet, Visa’s world cost community.
“Through Fast Track, Mamo Pay and Visa will partner on a number of initiatives including launching prepaid cards to accelerate financial inclusion and cashless adoption in Mamo Pay’s key markets,” mentioned the assertion.
Based by three former Google staff; Mamo Pay’s platform (which is at present out there as a personal beta) allows customers and companies to handle their cash by means of a cellular app. Its peer-to-peer funds app permits the customers to make transfers and funds to household, pals, and companies with a couple of faucets and 0 charges.
The startup in a press release mentioned that by becoming a member of Visa’s Fintech Quick Observe Program, it now has the “ability to access Visa’s growing partner network and experts helping them integrate with existing financial services in the most efficient way possible.”
Mamo Pay co-founder Mohammad El Saadi, mentioned, “Less than half of adults in the MENA region have access to a formal bank account, while even those that do, are often forced to rely on cash. Mamo Pay not only increases speed but removes all of the hassle associated with banking in the MENA region while also providing financial access to those that have been excluded from the traditional financial system. We are excited about partnering with Visa to deliver an intuitive, fast and effortless payments service to users and businesses across the region”
Otto Williams, Vice President, Strategic Partnerships, Fintech and Ventures, CEMEA at Visa, mentioned, “By joining Visa’s Fast Track program, exciting fintechs like Mamo Pay gain unprecedented access to Visa experts, technology, and resources. Fast Track lets us provide new resources that rapidly growing companies need to scale with efficiency. We’re delighted to welcome Mamo Pay into our program and look forward to working with them on their payment solutions that will help promote financial inclusion in the MENA region.”