Tunisian bank, Al Baraka Bank, is launching a financially- and socially-inclusive mobile wallet service in Tunisia, in partnership with Tunisian Digital Finance for People (TDFP), a subsidiary of VYZYO.
As a first step in the partnership between the two companies, TDFP will deploy VYZYOPay as a platform for Al Baraka Bank to offer a mobile wallet service to its customers across Tunisia. VYZYOPay is a technology platform that enables banks and other financial institutions to offer digital payments and mobile financial services as well as embrace the new wave of digital transformation towards digital and branchless banking.
The new mobile wallet service will initially enable digital payments for government services, mobile transfers, merchant payments and more. Al Baraka Bank’s mobile wallet service will also facilitate the disbursement of government social welfare, health care reimbursements, pension payments, micro-insurance and micro-savings.
Al Baraka Bank’s mobile wallet service will support financial and social inclusion and will be available to all segments of the population in Tunisia, including those with limited or no access to banking services, health care and communications infrastructure. To achieve this, Al Baraka Bank and TDFP will deploy a combination of innovative and legacy technologies for digital payments to be processed, not only for those with access to mobile apps or web-based services on the internet, but also those with older devices or limited connectivity through SMS, USSD and interactive voice technologies.
“We are proud of this new challenge with TDFP and VYZYO, which supports the national effort of financial inclusion, especially through decashing, which will contribute to fortifying the Tunisian economy and will standardize digital payments,” said Mohamed El Moncer, CEO of Al Baraka Bank Tunisia. “We strongly believe in this new partnership with TDFP and VYZYO, which will be promising for next projects.”