MED Mobile Limited Background:
The MEDMobile methodology and business model was originally conceived in 2010 and registered under the name MFMobile as a financial services innovation with CGAP and ILO's Knowledge Management Program (KMP). In its original design it did not fully resemble its current format. However, at the core of the original concept was the possibility of connecting customers of savings and credit groups to formal financial service providers using SMS messaging services, e-money payment systems and internet banking services.
The MEDMobile team grew from its founder, who is a senior micro-finance banking practitioner, to include an expert in rural finance, best practices and knowledge management, an ICT development and marketing professional and entrepreneur, expert software developers and programmers, a senior finance and management specialist, and a corporate lawyer. This diverse and inspired team succeeded to put together a commercially viable business model which attracted a group of visionary venture capital investors in 2013.
MEDMobile Limited is registered as a private limited liability company in Nairobi Kenya, and markets its software services internationally.
With an initial focus on the rural and remote rural communities of Kenya, Tanzania and Uganda, where approximately 84 million people live, or about 70% of the total population, MEDMobile Ltd has developed, and is marketing the Chama Mobile Software Application (CMSA). It will be used by Financial Service Providers (FSPs) to deliver a truly national outreach, and all-inclusive e-money based Grameen type savings and credit service. All customers will access this financial service only through the SMS and e-money services of their mobile network operator (MNO). The service is basic and simple to learn, to teach, and to use.