Ooredoo and Huawei have partnered for mobile money in the Middle East and North Africa.
This collaboration will make Huawei’s FinTech and mobile money platform available to Ooredoo’s information and communication technology (ICT) operating companies in the region, the companies said in a press release on Sunday (March 5).
“Our plan for 2023 is to expand our FinTech marketplace to other markets within our footprint to simplify everyday financial transactions and drive financial inclusion,” said Aziz Aluthman Fakhroo, Managing Director and Group CEO of Ooredoo Group, in the press release. “This new partnership agreement with Huawei will solidly underpin our efforts in this area.”
Although millions of people in the MENA region have limited access to traditional bank accounts and reliable financial infrastructure, a combination of high smartphone penetration and a young, tech-savvy population has helped close the gap to mobile or digital purchases TPay Mobile CEO and Founder Sahar Salama to PYMNTS in an interview published in April 2022.
The merger has brought millions of unbanked and unbanked people into the financial world, allowing them to pay for goods and services with their mobile devices, Salama said at the time.
Research by PYMNTS has revealed that consumers in the United Arab Emirates (UAE) are particularly prone to using their smartphones to enhance their shopping experience, be it online or in-store.
When compared to consumers in five other countries included in the report – Australia, Brazil, Mexico, the United Kingdom and the United States – those in the United Arab Emirates were found to be the most likely to use their smartphones during their shopping journey and these also made their last purchase exclusively on their smartphone, according to The 2022 Global Digital Shopping Index: UAE Edition, a collaboration between PYMNTS and Cybersource.
According to the press release, Ooredoo Group already has a 35% share of mobile money transaction value in the Middle East and North Africa (MENA) region.
With the new partnership, the group will leverage Huawei’s platform to offer both consumers and merchants mobile-first financial services in Ooredoo’s markets, the press release said.
“This agreement is an important step forward to further our long-term strategic partnership with Ooredoo,” said Li Peng, President of Huawei at Carrier BG, in the press release. “Huawei is committed to providing industry-leading technology with purpose that will ensure the realization of this project and help Ooredoo achieve business success.”
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