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

By Leandra Monteiro

December 23, 2022

  • Collaboration
  • Digital Transformation
  • FinTech


ModefinIBSi Global FinTech Innovation Awards recognizes and honors technology players and banks for their excellence in driving impact through banking technology implementations and innovations using emerging technologies. The Global FinTech Innovation Awards 2022 saw IBS Intelligence evaluate 151 nominations across 94 banks from 47 countries across 30 categories all over the globe.

Modefin and MyBank Limited have been awarded the Most Effective Bank-FinTech Partnership in IBSI Global FinTech Innovation Awards 2022.

“Modefin’s helped MyBank Limited build their Banking on the go application with multiple banking functionalities. The implementation capitalised on the rising digital opportunities in Somalia and had a huge impact across the country by improving access to banking services to customers” said, Nikhil Gokhale, Head of Research at IBS Intelligence. He congratulated Modefin for their win in the category, ‘Most Effective Bank-FinTech Partnership:  Most Impactful Project’.”

Amit Darda, Chief Executive Officer at Modefin, said: “This partnership alliance is the best example of FinTech and Bank’s collaboration in offering innovative solutions and services to solve Bank Customer’s challenges.”

MyBank Limited is a bank on the move. The bank believes that modern banking should have no borders or limitations on how and when people can transact. Abdulrazak Mohamed Ahmed, Chief Executive Officer at MyBank Limited, said: “Through our partnership with Modefin, we are taking a first but important step towards a premium banking experience for Somalia’s aspirational and growing customer base.”

Founded in 2011 and headquartered in Bangalore, India, Modefin currently serves 60+ banks in more than 20 countries worldwide. Modefin specializes in providing infinite banking possibilities for banks of any size to accelerate their digital transformation & stay ahead of the competition. Modefin aims to deliver quality products and services that are reliable, built on long-standing values and relationships, win customers’ confidence, and enhance their lives. Modefin believes in building a transparent, honest, and reliable business relationship that enhances the lives of all associated with 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 Disbursement, Branchless Banking, mPOS, SMS Banking, USSD Banking, Virtual Money and Fund Disbursement.

Established in 2018 by a team of seasoned entrepreneurs and experienced bankers, the bank’s resolve is to revolutionize how people bank by giving them financial tools that free them to transact whenever, wherever they go. Starting in Somalia, its endeavour is to connect the nation to the world. The establishment of MyBank Limited was a response to the massive gap between demand and supply of the financial services in Somalia.

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