Tunisian Al Baraka Bank has partnered with Tunisian Digital Finance for People (TDFP) a subsidiary of VYZO a mobile FinTech company.
As part of the partnership, both entities will jointly launch and operate a financially and socially inclusive mobile wallet service in Tunisia. TDFP will deploy VYZYOPay™ as a platform for Al Baraka Bank to offer a mobile wallet service to its customers across Tunisia.
VYZYOPay platform 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.
This 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.
“We are proud of this new challenge with TDFP and VYZYO, which supports the national effort of financial inclusion, especially through de-cashing, 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.”
“This is a wonderful deal for Al Baraka, TDFP, VYZYO and, most importantly, the people of Tunisia,” declared VJ Odedra, Founder and Group CEO of VYZYO and CEO of TDFP. “Al Baraka’s excellent management team driven by the visionary leadership of Mr. Mohamed El Moncer combined with VYZYO’s extensive global experience, full suite of products and services, and passion for deploying solutions that deliver equal opportunities for all will make social and financial inclusion in Tunisia a reality.”
