We review mobile financial services in Africa. This reports presents growth and MVNO opportunities for the banking sector.

1. www.cartesian.com
Confidential and Proprietary — Copyright © 2015 Cartesian Ltd. All rights reserved. No part of this publication may be reproduced, stored in a retrieval
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Cartesian Ltd. Registered in England and Wales. Registered Number: 03230513
Registered Office Address: Descartes House, 8 Gate Street, London WC2A 3HP United Kingdom
African Opportunities and Perspectives
MVNO for Financial Services
June 2015

2. 2Confidential and Proprietary — Copyright © 2015 Cartesian Ltd. All rights reserved.
Cartesian™ is a leading provider of professional services and managed solutions in the
global communications, technology and digital media sector
Company Overview
• Offices in Boston, Kansas City, London, New York and
Washington
• Onsite and offsite delivery models to suit client needs;
partner network of ICs, technology providers and SIs
• Clients across six continents include communications
service providers, technology vendors/OEMs, digital
media, financial companies and regulators
• Proven understanding of business strategy and client issues
• Expert assessments of operations, platforms, and business
processes to support corporate strategies
• Аward-winning technology platform and 20+ years
experience deploying solutions for CSPs
• Industry specialists, focusing exclusively on
communications, technology and digital media
• Expert operational know-how and project management
skills, with proven methodologies across content areas
• Several hundred consultants, averaging 15 years of
sector-specific experience
Capabilities
Global Reach
Industry Focus
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3. 3Confidential and Proprietary — Copyright © 2015 Cartesian Ltd. All rights reserved.
We offer end-to-end professional services through strategy development, execution and a
suite of managed solutions
Service Portfolio
Growth & Transformation
Market & Competitive Assessment
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4. 4Confidential and Proprietary — Copyright © 2015 Cartesian Ltd. All rights reserved.
MVNO Expertise
Cartesian and its team has worked on 50+ MVNO related projects throughout Europe,
Middle East, Africa, Asia and the Americas
• Strategy and business case support including detailed cost and
revenue modelling
• Negotiation support for contracts and commercial terms
• Securing funding
• Vendor evaluation and selection (e.g. MVNE, content, etc.)
• OSS, BSS and network planning and design
• PMO and launch support (e.g. proposition development,
distribution, platform deployment)
MVNOs
MNOs
Regulators
• Assessment of MVNO policy, regulation and market impact
• International regulatory benchmarking and support with
preparation of NRA’s regulatory licensing framework
• Preparing the MVNO business case, drivers and alternative
operational and commercial models
• Detailed cost and revenue modelling to calculate MVNO /
wholesale commercial terms
• MVNO and sub-branding strategy including scenario analysis
• Cost modelling to determine wholesale pricing
• Identification and recruitment of wholesale / MVNO partners
• Contractual negotiations with MNOs and vendors
• Development of optimal operational and technical architecture
• End to end processes / architecture development
• Vendor short-list, assessment and selection
Select Clients

5. 5Confidential and Proprietary — Copyright © 2015 Cartesian Ltd. All rights reserved.
Context
• Mobile is now a key channel core to any digital banking strategy with a growing number of
services becoming mobile enabled
• Mobile money services are also on the increase as services increasingly expand beyond basic
remittance and payments
• There are a number of options for African banks seeking to engage customers through the
mobile channel
• A growing number of banks are starting to evaluate the potential opportunity that MVNO
brings, whilst also considering alternative approaches to MVNO
• Equity Bank in Kenya was the first bank in Africa to launch a mobile service via MVNO model,
with FNB in South Africa also planning to launch imminently
• Banks are entering the MVNO space leveraging existing distribution channels, integrating
mobile money propositions, strengthening customer relationships, as well as generating new
revenue streams
• MVNO is also being considered as a potential enabler of branchless banking, key to the
expansion plans of a growing number of banks across the region

6. 6Confidential and Proprietary — Copyright © 2015 Cartesian Ltd. All rights reserved.
Mobile is a key component of any digital banking strategy
Digital Strategy
Digital Banking Strategy
ATM IVR
Internet Mobile Contact Centre
Target Outcomes
•To increase convenience, speed,
accessibility, and flexibility of services
offered
•To reduce the cost and ease of
attracting and on-boarding new
customers
•To reduce the cost to serve customers
associated with traditional bricks and
mortar
•To increase scale and reach of the bank
quickly and cost effectively
•To generate data and better insights
into customer behaviour based on the
ability to track a broader range of
behaviours and transactions

7. 7Confidential and Proprietary — Copyright © 2015 Cartesian Ltd. All rights reserved.
There is a growing range of financial services which are mobile-enabled
Mobile Financial Services
Mobile Financial Services: Example Services
Mobile Insurance
Customer
Sign-up
Claims
verification
Claims
disbursement
Premium
payments
Mobile Savings / Loans
Open account
Deposit
Repay loan
Disburse loan

Mobile Banking
Balance inquiry
Mini-statements
Deposit /
withdrawal
Alerts &
notifications
Bill payments
Brokerage
?
!
Mobile Payments
Person-person
(P2P)
Online
payments
Merchant
acceptance
Bulk payments
Government-
person (G2P)
International
remittance

8. 8Confidential and Proprietary — Copyright © 2015 Cartesian Ltd. All rights reserved.
Mobile money has gained significant traction in Sub-Saharan Africa with deployments in
all regions
Mobile Financial Services in Africa
Select Mobile Financial Initiatives in Sub-Saharan Africa
Source: GSMA, Company websites, Cartesian
• There were 8.9M active accounts in 2014
• Region accounted for 38% of international
remittances via mobile globally (2014), partly driven
by MNOs allowing cross-border remittances
• Strongest mobile money market with 93M
registered accounts
• Almost half of all mobile subscriptions have a
mobile money account
• Increasing merchant acceptance and online
shopping, e.g. Kopo Kopo
• MTN and Airtel have enabled cross-border money
transfer
• Strong increase in active accounts from 15% (2013)
to 25% (2014)
Central Africa
Western Africa Eastern Africa
• First launch of mobile money companion card by
EcoCash with MasterCard
• Very diverse region with South Africa standing out
as a highly banked market compared to the rest of
the region
Southern Africa

9. 9Confidential and Proprietary — Copyright © 2015 Cartesian Ltd. All rights reserved.
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Banks in the region and internationally are increasingly deploying a wide range of mobile
financial services
Example Financial Institution Offerings
Select Mobile Financial Services Offerings by Financial Institutions
Source: Cartesian, Company websites
* Available via MNO product (M-Pesa and EcoCash)
Customer Sign-up
Claims Disbursement
Premium Payments
MobilePayments
Mobile
Savings/
Loans
Mobile
Insurance
Mobile
Banking
Balance Inquiry
Transaction History
Cash-in/Cash-out
Open Account
Loan Application
P2P
Bulk Payments
Airtime Top-up
International Remittance
Savings Account
Bill Payment
Merchant Acceptance
Service Mcash
Country
Scheme Operator (s)
Loan Repayment
Sinar Sip MiCash Equitel
Uganda Indonesia Papua New Guinea
EcoCashSave M-Shwari
Zimbabwe Kenya Kenya
M-Benki
Kenya
PostItaliane
Italy

10. 10Confidential and Proprietary — Copyright © 2015 Cartesian Ltd. All rights reserved.
Many banking trends and opportunities in Africa are being facilitated by mobile
technology
Banking Trends
Some Trends Impacting Mobile Financial Services in Africa
Source: IMF, Cartesian
• Current mobile financial services deployments have mainly focused on peer-peer payments and mobile
banking (e.g. balance notification, cash in/ cash out)
• A number of banks are beginning to provide other services such as insurance, savings/loans, and
brokerage through the mobile channel
• Providing an alternate channel for customers to engage with the bank, a channel that is convenient, fast
and cost effective
• Facilitating the movement of some customer interactions like alerts/notifications, offers & promotions,
to mobile devices where the immediacy, and ability to facilitate a ‘call to action’ is most suited
• Providing an alternative means for banks to participate in retail, and offer a viable substitute for cash
transactions, particularly as card penetration is low and the supporting infrastructure is limited
• Increasing mobile enablement for B2B transactions, speeding up business transactions
• Enabling the substitution of cheques which are more expensive to process than electronic payments
• Reducing the costs associated with bricks and mortar banking
• Enabling the bank to reach a wider customer base
• Making account opening faster, more convenient for customers and more cost effective for the bank
• Across Africa banks have been expanding outside their home countries to extend their expertise, better
deploy increased capital, and take advantage of opportunities outside of their home countries
• Furthermore, some international expansions have been driven by regional integration, and particularly
in East Africa, the success of mobile payments
Wider Range of
Mobile Financial Services
Multi-channel
Customer Engagement
Mobile / Online
Commerce
Business-to-Business
Transactions
Branchless Banking
Pan-regional
Expansion
1
2
3
5
6
4

11. 11Confidential and Proprietary — Copyright © 2015 Cartesian Ltd. All rights reserved.
Sub-Saharan Africa has experienced considerable growth in mobile money which is
expected to continue
Mobile Money Growth
Registered vs. Active Mobile Money
Accounts in Sub-Saharan Africa
Source: GSMA, AfDB, Cartesian
Future Growth Drivers
42M
54M
98M
146M
4M
10M
42M
62M
9%
19%
43% 42%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
20
40
60
80
100
120
140
160
2011 2012 2013 2014
(Millions)
Registered Accounts Active Accounts % Active
• Past growth has primarily been driven by mobile
penetration, latent demand for financial services,
convenience and cost
• As deployments reach scale some of the same drivers
and some new ones will further increase adoption
Mobile Penetration
Sub-Saharan Africa is expected to see unique mobile
subscriber increase from ~347M to ~504M in 2020,
increasing the size of the target market
Cost of Traditional
Banking
High costs of bricks and mortar operations will see banks
encourage the adoption of the mobile channel
Demographic
Changes
By 2030, Africa’s population will be approximately 1.5B,
with almost 65% being under-30, providing a growing
target market
Customer
Experience &
Convenience
Increase in smartphone apps, and focus on customer
experience to facilitate up take of services
Large Scale,
Interoperable
Ecosystems
The interoperable ecosystems, ubiquity of agent
locations, large scale deployments, and other ecosystem
to further increase transactions
Smartphone and
Broadband
Penetration
Increasing smartphone penetration (~13% in 2013 to
55% in 2020), and internet penetration to increase
volume and variety of transactions
Improving
Regulatory
Environment
Regulators beginning to take action to drive further
adoption of mobile and facilitate cashless societies
Ubranisation
50% of Africans are expected to be living in cities by
2030, increasing remittance back to families in rural
areas, as well as smartphone penetration as disposable
incomes rise

12. 12Confidential and Proprietary — Copyright © 2015 Cartesian Ltd. All rights reserved.
79%
67%
58%
42%
65%
43%
13%
11%
8%
16%
30%
4%
17%
14%
10%
25%
26%
28%
31%
40%
73%
0% 20% 40% 60% 80% 100%
South Africa
Kenya
Tanzania
Rwanda
Namibia
Nigeria
Burundi
Formal (Banked) Informal Excluded
Access to formal banking in Sub-Saharan Africa is still low at approximately 25%, providing
an opportunity to capture the large unbanked market through mobile financial services
Financial Inclusion
Select Examples of Financial Inclusion Measures across Sub-Saharan Africa*
Source: AFI, BNP Paribas, GSMA, Cartesian
* Year of measurement varies between 2011 and 2013
Sub-Saharan Africa
Average (~25%)
• Higher levels of financial inclusion
in Kenya and Tanzania largely
driven by the success of mobile
financial services
• One in every two mobile
connections is linked to a mobile
money account in Eastern Africa,
compared to about a quarter in
the rest of Sub-Saharan Africa
• 15 countries in Sub-Saharan Africa
have more mobile money
accounts than bank accounts

13. 13Confidential and Proprietary — Copyright © 2015 Cartesian Ltd. All rights reserved.
Without
MNO
Partner
With
MNO
Partner
There are a number of options for African banks seeking to engage customers through the
mobile channel
Mobile Financial Services Models for Banks
‘Own
MVNO’
• The bank sets up its own mobile operations as an MVNO
• Buys access to mobile network capacity from MNO on wholesale basis
• Bank owns customer relationship both from mobile and financial
services stand point
• The bank sets up and operates mobile services independent of MNO
• Obtains access to USSD, SMS and /or customer SIM through
agreements with individual MNOs, with the MNO acting merely as a
‘dump pipe’
• May instead partner with 3rd party mobile money platform provider
• Customers will retain relationship with both MNO and FI
Possible Models for Banks Operating Mobile Financial Services
• The bank partners with an MNO which provides capabilities, including
network service (SMS, USSD, and / or SIM access)
• Revenue share and customer ownership is negotiated between MNO
and bank
• Bank and MNO jointly develop solution, or in most cases the bank
takes on MNO developed solution
Source: Company websites, Cartesian
2
3
1

14. 14Confidential and Proprietary — Copyright © 2015 Cartesian Ltd. All rights reserved.
Each option has associated pros and cons
Pros & Cons of Models
Some Advantages and Disadvantages of Adopting Each Model
+ Partner shares responsibility across key
functions
+ MNO sometimes takes responsibility for
managing agent network
+ Services potentially able to reach scale
quickly due to MNO distribution network
+ MNO potentially already engages
prospective customers through mobile
services
‒ Mobile transaction revenues split with
MNO
‒ Brand may not be a forefront of
proposition
‒ Inability to directly control costs associated
with mobile channel (e.g. USSD) which is
dictated by MNO partner
+ Ability to independently develop and tailor
the proposition for target market
+ Greater control over network and SIM,
leading to improved customer experience
and security
+ Ability to lower and control mobile access
costs
+ Retains financial transaction revenues
+ Capture Incremental mobile service
revenues (e.g. voice, data)
+ Increased brand loyalty from direct
customer engagement with bank brand
+ Ability to bundle and cross-sell mobile and
financial services
‒ Outside core competence to run and
manage mobile operations
‒ Costs associated with operating an MVNO
‒ Greater risk with model as there are fewer
proof points globally, particularly in Africa
where the MVNO market has yet to
mature
+ Ability to independently develop and tailor
the mobile solution
+ Increased brand loyalty from direct
customer engagement with bank brand
+ Ability to retain mobile financial services
transaction revenues
+ Maximises addressable market through
MNO agnostic proposition
‒ Dependent on MNO for access to SIM,
USSD or SMS (high costs often incurred
with inability to control QoS)
‒ Difficulty reaching scale (may not have the
resource and / or expertise to manage and
run agent networks)
‒ Limited brand awareness among the
unbanked vs MNO
Without MNO Partner With MNO Partner ‘Own MVNO’2 31

15. 15Confidential and Proprietary — Copyright © 2015 Cartesian Ltd. All rights reserved.
Banks have to overcome a number of challenges with managing their mobile financial
service propositions
Challenges
• The bank typically has no control over the SIM, or handset, and hence is unable to
guarantee security of transactions conducted through the mobile device
• The cost of USSD, SMS and access used to implement the majority of mobile financial
services in Africa, can be prohibitively high and will limit a bank’s ability to deliver a low
cost service
• The bank will typically not have control over the SIM/handset, so the bank will have to
transfer menu options back and forth, leading to a potentially high number of failed
transactions
• MNOs provide the main access channel (SMS, USSD, SIM) to banks and at the same time
compete directly against banks as mobile money providers
• In the partnership model, the customer is more likely to see MNO partner as the primary
provider of the service (particularly for unbanked customers), resulting in a stronger
affinity to the MNO partner than the bank
• With an MNO partner, the bank will often have to share revenues on transactions
• The bank may also be limited with respect to the portfolio of services that can be offered,
and does not benefit from the upside of increased mobile use associated with transactions
(e.g. SMS, data)
End-to-End Control over
Security
Cost of Mobile Channel
Access
Control over Customer
Experience / Proposition
Conflict of Interest with
MNO Supplier
Customer Engagement /
Brand Loyalty
Ability to Fully Monetise
Mobile Engagement
Example Challenges

16. 16Confidential and Proprietary — Copyright © 2015 Cartesian Ltd. All rights reserved.
An MVNO potentially gives the ability to address a number of the challenges faced by
banks in mobile financial services deployments
Challenges
Ability of Each Model to Address Bank Challenges
Without MNO
Partner
With MNO Partner ‘Own MVNO’
= Model addresses the
challenge
= Model partially addresses
the challenge
 = Model does not address
the challenge

Challenge:
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The relative benefits derived from
each model will vary on a case by
case basis, depending on a range
of factors such as:
• Mobile financial services
competition
• Mobile wholesale access
competition, pricing and
associated regulation
• Mobile financial services
regulation
• Amount of investment available
for mobile channel investment
• Bank’s relevant capabilities

End-to-end Control Over
Security
Control Over Cost of
Mobile Channel Access
Control Over Customer
Experience / Proposition
Customer Engagement /
Brand Loyalty
Ability to Fully Monetise
Mobile Engagement


17. 17Confidential and Proprietary — Copyright © 2015 Cartesian Ltd. All rights reserved.
Banks can leverage their unique position in the market to capitalise on the MVNO
opportunity
Relevant Bank Capabilities
• Strong linkage with
existing mBanking
services
• Ability to offer
differentiated services to
a banks’ own MVNO
customers
• Banks have an inherent
trust established with
customers
• Banks can capitalise on
the ‘quality of service’
they are able to offer
their customers for their
financial services need
• National footprint of
branches & ATMs
• Strong distribution
presence in rural areas
• Existing contact centres to
serve / retain customers
• Existing channels will
improve MVNO
economics - lowering
acquisition and retention
costs
Existing Mobile
Services
Existing
Customer Base
Existing Channel
Footprint & Contact
Centers
Relevant Core
Business
• Ability to offer payment
plans for handsets /
devices
• Access to customer
accounts reduces financial
risk for post-paid service
offerings
• Top-ups made directly
from the customer bank
account
Leveraging Existing Capabilities
Trusted Brand
• Existing base of
customers which to cross-
sell mobile services
• Mix of customer
segments (urban / rural,
high end / low end)

18. 18Confidential and Proprietary — Copyright © 2015 Cartesian Ltd. All rights reserved.
A bank MVNO would be able to launch device financing proposition to customers much
more easily than a non-MVNO bank
Mobile Device Leasing Proposition
Lease Mobile Device to Customer Customer Pays Monthly21
• Revenues associated with financing mobile devices
• Increase customer stickiness due to use of long term financial product
• Access to customer data and insights which can enable tailored and
targeted propositions, alternative means of credit checking, and better
customer service
• Ability to cross-sell and up-sell mobile and financial services
• Use of mobile products as part of acquisitions strategy for financial
services
• Increase smartphone penetration among low-income groups to enable a
greater variety of applications and use cases, and increase convenience of
mobile banking
• Low cost devices to
benefit low-income
groups
• Phone is tied to customer
bank account
• Device is enabled with
apps for services, e.g.
banking and shopping
• Voice and data tariff
bundled
• The customer builds long-
term credit history with
the bank
• The bank is able to send
direct contextual
messages to customer
• Customer is able to shop
both online and offline
• Bank offers other
products to customer
Benefits for the
Bank
Mobile Device Financing Proposition for a Bank MVNO
Enablers
1. Direct customer relationship
2. Leasing / financing capability
3. Ability to offer competitively
priced mobile services (e.g.
devices, voice and data)
4. Direct relationships with
device vendors or major
suppliers
Total:Total:

19. 19Confidential and Proprietary — Copyright © 2015 Cartesian Ltd. All rights reserved.
Banks have a number of alternative approaches to consider in launching an MVNO
MVNO Launch Models
• The bank partners with existing MVNO licensees to bundle mobile and financial
services
• Alternatively, the bank makes an equity investment in an existing or planned
MVNO in the local market
Partnership with Local
MVNO /MVNO
Consortium
• The bank partners with an international MVNO seeking to enter the domestic
market either in brand license, franchise or joint venture model
Partnership with
Established
International MVNO
• The bank obtains an MVNO license which it owns and operates
• The entire costs and risks are borne by the bank, as well as all the benefits
• A few examples of banks that have taken this alternative include Equity (Kenya),
FNB (South Africa, proposed), Bankinter (Spain), Bancolombia (Colombia)
Fully Owned &
Managed
MVNO
High Level Alternative Approaches for a Bank to Launch an MVNO
2
1
3
• MNO provides more support to launch and operate the MVNO
• Revenue share model
• Less resource intense for the bank, lower upfront investment and execution risk
• Downside, unlikely to own customer base
Brand License
Partnership with MNO
4

20. 20Confidential and Proprietary — Copyright © 2015 Cartesian Ltd. All rights reserved.
Equity Group has launched an MVNO to tap into the growing mobile banking market in
Africa
Case Study: Bank MVNO (Africa)
MVNO
Strategy
• Wholesale partnership with Airtel to deliver MVNO services
• Launched Equitel in November 2014 following delays due to regulatory
challenges
• Objectives:
– To capture a share of the mobile market
– To capture a share of the mobile money and payments market
– To increase the affordability and adoption of smartphone devices
through offering financing plans / loans to Equity Bank customers
(based on customer rating and credit scoring)
• Positioning its MVNO offering to provide the bank’s financial services
on a single platform making it more accessible and affordable for
customers
• Introduces competition to the local mobile banking / money services
offered by Safaricom’s M-Pesa service
• Offering customer a SIM skin / wafer thin SIM to be used alongside
their conventional SIM
Bank Profile
• Largest bank in Kenya in terms of customer base with circa 8.7 million
customers
• Operations in Kenya, Uganda, South Sudan, Rwanda and Tanzania
• 2.9 million mobile banking customers as of Mar 2014
Results
• Over 600,000 subscribers registered in the first six months of launch
• 70% of subscribers using both mobile and financial services
Source: Company website, HumanIPO

21. 21Confidential and Proprietary — Copyright © 2015 Cartesian Ltd. All rights reserved.
Several financial services institutions in Europe have also launched MVNOs,
demonstrating that the model can be successful
Case Studies: Bank MVNOs (Europe)
Source: Bank Websites, Agcom, MVNO Dynamics, NFC World
Italy
• Established their MVNO in November 2007
• Customers can link their SIM to their BancoPosta or Poste
Italiane account - 70% of subscribers have chosen to do this
• Offers customers VAS services such as mobile money, checking
bank balance, payments at retailers / service provider partners
• In Jan 2012, the MVNO launched special tariff for subscribers
using BancoPosta payment services
• Received ‘Most Successful MVNO’ and ‘Most Innovative
MVNO’ at the MVNO World Congress 2013
• 75% of customers use their phones to make payments and to
transfer money (leverages its banking division – Banco Posta)
• Italy’s largest MVNO with close to 3 million subscribers and a
54% market share of the MVNO customer base
• Poste Mobile customers carried out 26.6 million financial
transactions in 2013, with a total value of €290 million
Spain
• Bankinter launched an MVNO service in 2008 for its customers
• Simple proposition offered:
– Pricing based on service usage
– Mobile banking value-added services at no extra cost
• Expanded services to target non-bank customers in 2011
• Announced partnership with Visa in 2011 to offer NFC based
mobile payment services which allows customers to set up
more than one payment card on a singe handset
• Announced launch of Host Case Emulation (HCE) for NFC
payment in mid 2014
• The MVNO has 160, 000 active customers after increasing
from about 20% in 2013
• Mobile service users have reached 25.9% penetration of the
bank’s customer base
Financial Services MVNO Examples

22. 22Confidential and Proprietary — Copyright © 2015 Cartesian Ltd. All rights reserved.
Launching an MVNO could provide a number of benefits to a bank
Opportunity for Banks
• Incremental revenue stream from mobile revenues (voice, data and
VAS)
• Increase CLV of customer base
• Increase account activity (deposits / transactions)
• Use mobile to win new banking customers (~25% of Sub-Saharan
Africans are formally banked vs more than 65% mobile penetration)
• Opportunity to further monetize existing assets it already has in
place (e.g. distribution and contact centre)
• Leverage existing mobile banking platforms
• Increase retention through customers taking more services with the
bank
• Offer device financing for smartphones locking in customers for 24
month duration
• MVNO offering can be integrated with m-Banking proposition
• Capture share of mobile money market currently dominated by
Safaricom
Mobile Revenue
Stream
Uplift Core
Business
Leverage Existing
Assets
Enhance Existing
Proposition
Increase
Customer
Stickiness
• Reduce costs of acquiring and serving customers by focusing on low
cost digital channels
• Offer a unique and differentiated banking experience to select
customer segments
Launch Separate
“ Digital Bank”
Brand

23. 23Confidential and Proprietary — Copyright © 2015 Cartesian Ltd. All rights reserved.
We believe Cartesian is uniquely qualified to support banks with their MVNO initiatives
Why Cartesian
We have extensive end-to-end MVNO experience ranging from strategy formulation through to
successful negotiation of airtime contracts, proposition design, technical build and launch
We have hands-on experience of working with MVNO entrants in Africa, including those with
financial services assets
We have a strong contact base across operators in the region
We have extensive experience providing MVNO regulatory and licencing advisory support
We have negotiated many successful MVNO and brand license contracts; we will be able to
leverage this experience as well as key commercial and contractual learnings for this engagement
We will place a highly experienced and relevant team onto the project that will have the optimal
skills mix to deliver this project
We will work collaboratively ensuring transferring knowledge to your team
We are frequently developing thought leadership in the MVNO area so have a view on the latest
developments
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24. 24Confidential and Proprietary — Copyright © 2015 Cartesian Ltd. All rights reserved.
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Contact Information
Mike Greening
Vice President
mike.greening@cartesian.com
+44 (0) 7739 570829
www.cartesian.com
To discuss potential areas of support, please contact us