Fintech firm VYZYO has announced that its subsidiary TDFP (Tunisian Digital Finance for People) has signed a partnership agreement with local Al Baraka Bank to launch and operate a new mobile wallet service.
TDFP will deploy the VYZYOPay platform for Al Baraka Bank, allowing it to in turn deploy the mobile wallet service, which aims to drive financial and social inclusion in Tunisia. It 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 smart combination of innovative and legacy technologies for digital payments to be processed not only to those with access to web-based services on the Internet or mobile apps running on a smartphone, but also those with older devices or limited connectivity through SMS, USSD and interactive voice technologies.
The new mobile wallet service will initially enable digital payments for government services, mobile transfers and merchant payments. 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.
Mohamed El Moncer, CEO of Al Baraka Bank Tunisia, said that the partnership would push financial inclusion, contribute to fortifying the Tunisian economy, and standardise digital payments.