First Global Launches African Mobile Wallet and Secures Three New US State Licenses

First Global Data is very pleased to announce that pursuant to its June 6, 2017 press release, the Company has launched the ImpalaPay mobile wallet under the brand “Comet”, and the Company has also secured three additional US State money transmitter licenses.

The Company had previously announced its strategic partnership with ImpalaPay. As a reminder, ImpalaPay is a Kenyan based payments company which has significant partnerships and reach across the African continent. ImpalaPay and First Global have partnered to white label the First Global mobile wallet and cross border compliance platforms for the deployment of a FINTECH ecosystem and marketplace with domestic and cross border payment and remittance services in 19 countries across the African continent. ImpalaPay has access to 7 national payment switches, and is in partnership with Airtel Africa for access to 76 million subscribers. ImpalaPay is also engaged in a universal agreement with UBA Bank which provides licensing in 19 countries and to approximately 17 million account holders.

The Comet mobile wallet has been launched in Kenya in a controlled beta format which is part of the standard product launch process. The beta version is available in Google Play and can be found when searching for “Comet-Mobile Wallet” provided by MSEWA. MSEWA is the Company’s India subsidiary. Access to Comet is limited to persons with a Kenyan mobile phone number, which is standard for the Company’s in-country mobile wallet deployments. Over the next few weeks, First Global will work with ImpalaPay to fine tune the user experience and services toward a full launch. This will be followed by a two phased marketing program designed to first penetrate the existing available client base through downloads, then to increase the number of transactions per user.

First Global is also pleased to advise that its wholly owned US subsidiary, First Global Money Inc., has been granted three new money transmitter licenses in the USA in the States of IndianaWyoming and Alabama. The Company now has money transmitter licenses and is able to conduct money service business in 29 US States.

“We are very fortunate to have secured a number of quality partnerships as is evidenced by our earlier press releases. As we continue to increase our business partnerships, we have also focused on methodically increasing our staffing to deploy these opportunities. That process is working well and we look forward to sharing additional progress with our shareholders. We are also very pleased to have obtained three new US State money transmitter licenses for a total of 29 as we focus to increase our licensing footprint in the USA and elsewhere. Our US licenses enable us to build world class compliant technology and services, and also enable us to expand our services across the USA and beyond. This is a cornerstone for First Global. We are generally pleased with our progress to date as we have shifted into deployment mode. Beyond deployment our focus is on monetization”, said Andre Itwaru, Chairman and CEO of First Global Data Limited.

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Author: Dylan Jones

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