Emida and M Kudi Licensed for Mobile Money in Nigeria

FOOTHILL RANCH, California, October 14, 2011 (Business Wire) – Emida, leader in the global prepayment and value transfer market, is proud to announce the Central Bank of Nigeria [CBN] has issued a full mobile money license to M Kudi, Emida’s partner in Nigeria.

M Kudi is using Emida’s world class top up and mobile wallet enterprise payments suite. M Kudi began building its agent network in January 2011, and plans more than 20,000 agents by 2014. The company expects 8 million users of its mobile payments services within the next 2 years.

Richard Akerele, M Kudi Chairman, stated “The M Kudi team has worked hard to build a value proposition for rural and urban Nigerians in partnership with Emida. M Kudi now has more than 10,000 customers ready to send money to any other mobile phone on any network, top up, pay bills–more safely and securely.”

M Kudi is integrating to all major banks in Nigeria, as required by the CBN. The mobile payments service is being used by subscribers of all mobile networks in the country.

“Emida is proud to be working with M Kudi” said Dennis Andrews, Emida CEO. “We enjoy working closely with our clients, no matter how challenging the market, to make sure their mobile commerce services are right for their market, in their local languages and available 24/7.”

About Emida

Emida is a leader in the global prepayment and value transfer market, operating in 37 countries throughout North, Central and South America, the extended Caribbean, Africa, Oceania, the Middle East and Europe. We support a network of more than 54,000 retail points with an annual dollar payment volume in excess of $1.5B, processing more than 240 million annual payment transactions.

Our network technology enables the domestic and international distribution and value transfer of many types of prepaid products and payment services. Our strategy is to build profitable, robust distribution networks for many prepaid products in targeted operating geographies, and to introduce unique cross border value products between regions. Our payment processing platform provides robust revenue solutions for distributors, ISOs, retailers, carriers and service providers alike.

For more information, please visit www.emida.net or email info@emida.net.

Media Contact: Martyn Fricker +1 949-860-3522

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