Al Baraka Bank, VYZYO to jointly debut mobile wallet service in Tunisia

VYZYO, a mobile financial services tech company, has announced that its subsidiary firm TDFP (Tunisian Digital Finance for People) has recently entered into a joint venture agreement with one of the most recognized banks in Tunisia, Al Baraka Bank.

Under this agreement, both firms will collaborate to introduce and run a socially inclusive mobile wallet service in Tunisia.

In the first phase of this collaboration, TDFP will roll out VYZYOPay™ as a platform enabling Al Baraka Bank to provide a mobile wallet service to its clients all over Tunisia.

With the help of the cutting-edge technology platform, VYZYOPay, banks, and other financial institutions may offer mobile financial services, accept digital payments, and participate in the latest wave of digital transformation toward branchless banking.

Initially, these new mobile wallet services will authorize digital payments for mobile transfers, government services, merchant payments, and more.

Additionally, the mobile wallet service of Al Baraka Bank will enable the disbursement of pension payments, government social welfare, health care reimbursements, micro-savings, and micro-insurance. 

The novel mobile wallet service will encourage social and financial inclusion and be accessible to all population segments in Tunisia while also including people with limited or no access to banking services, communication infrastructure, and health care.

In view of accomplishing this, Al Baraka Bank and TDFP will leverage a more exceptional combination of cutting-edge and traditional technologies for digital processing payments.

While commenting on the move, Mr. Mohamed El Moncer, Chief Executive Officer (CEO), Al Baraka Bank Tunisia, said that the firm is pleased to work on this new challenge with VYZYO and TDFP. They are supporting the national effort of financial inclusion, primarily via decashing.

This will help strengthen the economy of Tunisia and will regulate digital payments. He further went on to say that the firm puts strong faith in this new collaboration which seems to be very promising for upcoming projects.

Source Credit - https://www.zawya.com/en/press-release/companies-news/al-baraka-bank-and-vyzyo-partner-to-launch-financially-and-socially-inclusive-mobile-wallet-service-in-tunisia-rmf7c3eg