MTN Uganda, the Consultative Group to Assist
the Poor (CGAP) and the Grameen Foundation will invest $1m in
research aimed to develop mobile financial solutions for low-income

MTN’s CEO Themba Khumalo said that with this
initiative, there will be a next wave of innovation in the mobile
money space by researching and developing products that are both
appropriate for poor consumers and commercially viable for the
financial service providers involved.

“To achieve our goal of financial inclusion
for all, the industry needs to move beyond mobile payments and
provide a full array of pro-poor mobile financial products,” said
Tilman Ehrbeck, CEO of CGAP.

“This collaboration with CGAP and MTN Uganda
will enable us to lead the next wave of product innovation to truly
serve poor people’s needs – a goal that is at the very core of
Grameen Foundation,” said Alex Counts, president and CEO of Grameen