Lewis Silkin has advised client Made in Africa Limited, on a corporate joint venture agreement with Monitise plc (MONI.L).
Made in Africa is an organisation which acts as a catalyst to aid Eastern African economic growth by bypassing all the business development stages of the West and Far East. It finds economically viable solutions with the aim of exposing its own African businesses to international investment and capital markets for the benefit of the African economy.
Monitise provides specialist mobile banking technology expertise. It created the world’s first mobile banking network, which allows customers of multiple banks and mobile operators to perform banking and payment transactions directly from their mobiles.
Entitled ‘Monitise East Africa’, the joint venture will bring together multiple banks, mobile operators and service providers and puts financial services in reach of consumers, presenting the first opportunity for many people to be able to manage their money and make payments using a financial account. The service will launch initially in Uganda, before being rolled out to Rwanda, Tanzania, Burundi, Democratic Republic of Congo, Ethiopia, Kenya and Zambia.
The deal involved assistance from Lewis Silkin’s corporate and commercial teams. The Lewis Silkin team consisted of Simon Entwistle, Daniel Shier and Ian McDonald.
Commenting on the venture James Nwankwo, lead partner, Lewis Silkin said:
"We were delighted to advise Made In Africa on this innovative tie-up."
Chris Cleverly, director and founder of Made in Africa said:
“I am absolutely delighted that we can confirm the launch of the Monitise East Africa service later this year. It has been clear for some time that the lack of access to financial services has inhibited social and financial mobility across the region. Monitise’s mobile money services in the United Kingdom and North America have already demonstrated that the ecosystem model has the potential to bring together banks, operators and service providers to roll out a service that benefits the mass market of consumers. I firmly believe that its services will have a profound impact on the lives of many people across the region.”
Ozwald Boateng, Director, founder and shareholder of Made in Africa added:
“Monitise East Africa is a great business which is designed to unlock the frozen wealth of Africa. This is an important step in Africa becoming part of the global economic system and at the same time it will improve the lives of ordinary Africans."
For further information please contact:
Becky Gillett
Marketing & Business Development Manager
Lewis Silkin LLP
5 Chancery Lane
Clifford's Inn
London
EC4A 1BL
T:+44 (0) 20 7074 8234
E:Becky Gillett