Novatti, a payments firm and developer based in Melbourne, has entered into a supply agreement with Middle Eastern bank Banque Berno Saudi Fransi (BBSF).

Through the agreement, Novatti will provide its online payments platform to enable BBSF to provide banking services to non-government organisations (NGOs) and 'unbanked' people in places like rural Syria.

The Novatti platform is "specifically designed for mobile-based micro banking services intended for those that do not have regular access to banking services", said the Melbourne firm in a statement.

"Through the use of the software, BBSF will register a select number of qualified authorised 'know your client' agents enabling them to provide banking services to people in remote and/or difficult to reach areas," said the statement.

"This means that target users are able to set up 'branchless' bank accounts enabling low value bill payments, purchase of essential goods and receipt of humanitarian assistance funds that would otherwise not be possible."

The project is expected to generate revenue of US$318,000 in fiscal year 2018 and US$477,000 in fiscal year 2019 for Novatti.

 

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