Available with Mobile Phones from All Operators, Includes Payroll and Merchant Functionality

Freetown, Sierra Leone; Newton, MA, US; GSMA Mobile World Congress, Barcelona, Spain - February 16, 2010

Splash Mobile Money Limited ("Splash"), a leading mobile payment system provider, and MoreMagic Solutions, a leading mobile payments platform provider, announced today the expansion of Sierra Leone’s first mobile money transfer system, enabled by MoreMagic Solutions industry-leading MWallet platform. Splash is now available from all network operators in Sierra Leone, including Africell, Comium, and Zain, enabling customers to freely trade across mobile operators. In addition, Splash customers in Sierra Leone can now receive payments from employers, and pay for goods and services by sending splash-cash to merchants, in addition to sending money using the mobile phone.

Splash Mobile Money and MoreMagic Solutions launched pilot operation in Sierra Leone on September 16, 2009, and in less than 4 months have seen over 12,000 clients enroll to the service. Splash is available in agency locations in all major cities around the country and virtually every Chiefdom of Sierra Leone. To send money, the customer registers with an agent and loads money into the Splash account. The customer can then send that money to another mobile phone user, using just text messages.

“The key distinction of our service is that clients can freely trade across mobile operators and thus, in markets where multiple operators co-exist, the service creates more opportunity for commercial growth and individual economic empowerment,” said Ben Farren, Director, Splash. “We are pleased that the ease-of-use and reliability of the MoreMagic Solutions platform has allowed Splash to expand with new operators and functionality, resulting in dramatically increasing take rates among Sierra Leoneans.”

“Splash’s success demonstrates that mobile phone customers in Sierra Leone have welcomed the chance to keep cash secure and convenient, even as they travel far from home to support their families,” said Pankaj Gulati, chairman and CEO, MoreMagic Solutions. “MoreMagic Solutions is pleased to support Splash as the service expands, not only with new operators, but also with increased mCommerce functionality for the customer.”

Splash

Launched in early 2008, Splash Mobile Money Limited, designs and delivers mobile payment solutions in West Africa. Splash is a Sierra Leone-based company and is Sierra Leone’s first and only cross network mobile banking system.

MoreMagic Solutions

With deployments in more than 50 countries worldwide, MoreMagic Solutions offers payment solutions for mobile operators, financial institutions, content providers, and distributors, enabling consumers to purchase goods and services on demand using a mobile phone, POS, or web. MoreMagic Solutions International Recharge Hub offers connectivity worldwide to deliver revenue-generating services, both domestic and international, including mobile recharge, minute transfer, mobile money transfer, mobile banking, bill payment; and mobile commerce; with integration into diverse network environments, languages, and currencies.

Contacts

Ben Farren
Splash
benfarren@mac.com
www.splash-cash.com

Carol J. Meier
MoreMagic Solutions
+1 617-244-1598 x128
cjmeier@moremagic.com
www.moremagic.com