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Mobibucks: more momentum in MENA mobile money

Mobile payment specialist Mobibucks has seen a significant increase in demand for its products in the last six months in the Middle East/ North Africa (MENA) region. Mobibucks offers “unique” payment and incentive products for making purchases using a mobile phone number.

Ziad Alshobaki, MD of Mobibucks, speaking from its HQ in Dubai, declares, “Mobibucks has rapidly established itself in MENA with its innovative mobile commerce solutions...It’s been less than a year since we opened our office so it’s exciting to see how our approach is gaining traction. MENA is leading the way in mobile commerce.”

Mobibucks is described as “a patented cashless, cardless, and contactless solution that targets everyday purchases made by consumers looking for the convenience of virtual payments and by merchants looking to attract the millennium generation utilizing a mobile commerce offering. It allows banks to provide customers convenient and affordable access to their money from any mobile phone. It lets consumers use their phone to make secure payments at locations such as cafes, gas stations, grocery stores, movie theatres and convenience stores. It allows merchants to capture, inform and motivate consumer spending.”

For Jorge Fernandes, Mobibucks CEO, there are two key reasons for investing in the Middle East: “MENA is a huge market for mobile payments – not only because it’s a fast-growing mobile market but also because cash transactions are much more prevalent than the use of credit or debit cards. Second, we think that having a team in the region able to provide superior customer service will give us a competitive edge.”

* Mobibucks is led by a combination of payment industry veterans and innovative entrepreneurs working together with leading edge retailers to create the next generation payment infrastructure. They include Jorge Fernandes, founder and former CEO of ViVOtech, Dave Barram, a senior Silicon Valley executive at Apple, Silicon Graphics and Hewlett-Packard, and Tom Recktenwald, Co-Founder of Stored Value Solutions, a gift card provider.

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