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Fundamo signs collaboration agreement with Mosaic Software

London, United Kingdom, and Cape Town, South Africa - 27 October 2004.
South African banking and mobile commerce software company Fundamo has
signed a collaboration agreement with global transaction processing software
provider Mosaic Software to complement and promote each other's offerings in
the mobile payments arena. Mosaic Software is one of the top four payments
and EFT companies worldwide.

As Fundamo is a leading banking and mobile commerce software company
specialising in transactional banking and mobile payment solutions, its
software has enjoyed a wide range of deployments in a number of countries in
Africa with sizable customer bases and transaction volumes.

The agreement, which formalises the synergistic relationship the companies
have enjoyed over the past five years, will see the promotion by Fundamo of
Postilion, the transaction processing software application that forms the
cornerstone of Mosaic Software's business, to customers that require payment
processing capabilities and where it can be used to facilitate integration
with existing banking infrastructures.

"The blend of Fundamo's expertise, in the provision of the mobile front-end
on the mobile phone and similar platforms, together with Mosaic Software's
strength in managing transactional processing will provide a mechanism for
us to extend our offering with broad-based mobile capability," says Willem
van Biljon, director of new business development and product strategy at
Mosaic Software.

Fundamo will package a version of its Extender product to provide a mobile
front-end for Postilion users to deploy the mobile banking, payment and
commerce capabilities of Extender in conjunction with their Postilion
switches. Extender adds mobile payment and banking capabilities to existing
banking systems or financial switches. It also makes it possible to deploy a
variety of mobile commerce services in conjunction with existing bank
infrastructures.

"We see this collaboration as a strong example of two internationally
respected companies co-operating to maximise synergy between their offerings
and marketing efforts," says Craig Saks, executive director of Fundamo.