Modefin & MyBank Limited bag Most Effective Bank-FinTech Partnership Award in IBSi Global FinTech Innovation Awards 2022

By Leandra Monteiro

The IBSi Global FinTech Innovation Awards recognize and honor technology players and banks for their excellence in driving impact through banking technology implementations and innovations using new technologies. The Global FinTech Innovation Awards 2022 saw IBS Intelligence evaluate 151 nominations across 94 banks from 47 countries in 30 categories across the globe.

Modefin and MyBank Limited have been awarded the most effective Bank-FinTech partnership in the IBSI Global FinTech Innovation Awards 2022.

“Modefin has helped MyBank Limited build their Banking on-go application with more banking features. The implementation capitalized on the growing digital capabilities in Somalia and had a huge impact across the country by improving access to banking services for customers,” said, Nikhil Gokhale, head of research at IBS Intelligence. He congratulated Modefin on the win in the category, ‘Most effective bank-fintech partnerships: most impactful projects’.”

Amit Darda, CEO of Modefinsaid: “This partnership alliance is the best example of FinTech and Banks working together to provide innovative solutions and services to solve Bank customer’s challenges.”

MyBank Limited is a bank on the go. The bank believes that modern banking should have no boundaries or restrictions on how and when people can shop. Abdulrazak Mohamed Ahmed, CEO of MyBank Limited, said: “Through our partnership with Modefin, we are taking an initial but important step towards a premium banking experience for Somalia’s ambitious and growing customer base.”

Founded in 2011, Modefin is headquartered in Bangalore, India and currently serves 60+ banks in more than 20 countries worldwide. Modefin specializes in providing endless banking opportunities for banks of all sizes to accelerate their digital transformation and stay ahead of the competition. Modefin aims to deliver quality products and services that are reliable, built on long-lasting values ​​and relationships, win customers’ trust and improve their lives. Modefin believes in building a transparent, honest and trustworthy business relationship that improves the lives of everyone connected to Modefin, directly or indirectly. Modefin specializes in mBanking (mobile banking), mWallet (mobile wallet), digital payments, digital remittances, mobile commerce, agency banking, financial inclusion, mobile money, mobile payment, branchless banking, mPOS, SMS banking, USSD banking, virtual money and Fund payout.

Established in 2018 by a team of experienced entrepreneurs and experienced bankers, the bank’s ambition is to revolutionize how people bank by providing them with financial tools that free them to transact anytime, anywhere. Based in Somalia, its endeavor is to connect the nation to the world. The establishment of MyBank Limited was a response to the huge gap between demand and supply of financial services in Somalia.