Commitment to Action

Financial Switch for Africa's Poor

Commitment by

Sevak Solutions

In 2006, Sevak Solutions, in partnership with Celltransact, commited to promote inclusive systems for the delivery of financial services to the world's 1.7 billion urban and rural poor. This will be accomplished by leading the industry toward successful solutions that combine business innovation, standard and effective infrastructures, cross-sector collaboration, and risk management, allowing microfinance institutions to become a part of formal payments systems.
As of August 2007, fund raising efforts were underway for the initial $2.75 million needed to begin the project. It was reported that they had secured funding of $170,000 from The Lemelson Foundation to enhance the existing open source payment system. Also, an agreement was reached with Celltransact to deliver their Falcon Software System to the microfinance and unbanked markets at a greatly reduced price.

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Overview
Summary

Commitment

Financial Switch for Africa's Poor

Launched

2006

Est. Duration

1-2 years

Estimated Total Value

$3,920,000

Region

Africa

Countries

KENYA, MALAWI, MOZAMBIQUE, Tanzania, UGANDA

Commitment by

Sevak Solutions

Partner(s) of the Commitment Maker(s)

Celltransact