eServGlobal Ltd (ASX:ESV) and the Zain Group have been been awarded the GTB Innovation Award for their 'Zain Cash' mobile wallet service currently operational in Jordan and Iraq.
Zain Cash provides customers with a mobile wallet linked to their SIM card, facilitating simple financial transactions on the move.
The service runs on eServGlobal's flagship technology platform PayMobile, which is an end-to-end enabler of mobile financial services and recharge. PayMobile is currently allowed around the world, and is customisable according to the needs of each market.
eServGlobal is a leader in mobile financial technology which is crucial to financially excluded population segments, particularly in emerging markets.
Earlier this month, the company won a €1.6 million contract to supply PayMobile to a service provider in West Africa. In April, it announced the win of a €6 million contract to provide the platform to a mobile network operator, of which €2.5 million would be recognized within the current financial year.
The GTB Innovation Award is a recognition of the company's market-proven technology, and will help build its reach further into new markets.
During the 2016 financial year, eServGlobal aims to achieve earnings before interest, tax, depreciation and amortization (EBITDA) surplus for its core business along with revenue growth and lower costs.
In March, eServGlobal repaid a $3 million loan to National Australia Bank (ASX:NAB), and entered into a new £1 million secured loan facility with certain funds.
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