MTN MoMo launches in 10 new countries with a low 4% launch fee, thus expanding access to mobile money across regions.
Telecommunications company, MTN has now added 25 new wallet corridors to its Mobile Money (MoMo) application and with that being said has expanded its services to 10 more countries to help facilitate international remittances.
MTN MoMo Launches in 10 New Countries
MTN MoMo, the mobile money platform of MTN Group, has embarked on a significant expansion initiative, introducing its services to 10 new countries across Africa. This expansion aims to enhance financial inclusion and facilitate seamless cross-border money transfers for millions of users.
With the launch, MoMo users now have access to send money to 24 African countries and interact with over 200 million wallets, marking a substantial increase in accessibility and convenience for customers.
The newly included countries span various regions, including South Africa, the Democratic Republic of the Congo (DRC), Ethiopia, Gabon, Kenya, Madagascar, Mozambique, Malawi, Senegal, Sierra Leone, and Tanzania.
The Benefits of This Expansion
MTN highlights the benefits of this expansion, particularly for South African migrants who frequently send money back home to countries like Mozambique, Malawi, and the DRC. The initiative aligns with MTN’s mission to promote financial inclusion by providing individuals without traditional bank accounts access to formal financial services through the MoMo app.
One notable aspect of the expansion is the focus on outbound transactions from South Africa, reflecting the country’s status as a net sender of remittances. However, plans are underway to introduce inbound functionalities by the end of 2024, further enhancing the platform’s capabilities and meeting the evolving needs of users.
MTN Strategic Partnerships with Leading Operators in the Industry
MTN has forged strategic partnerships with leading operators such as Orange, Tigo, M-Pesa, and Airtel to improve interoperability for wallet-to-wallet transactions. This collaboration underscores MTN’s commitment to creating a seamless and interconnected financial ecosystem across the continent.
The expansion also comes with a competitive advantage for users, as MTN MoMo offers a launch fee of just 4%, lower than many of its competitors in the market. Additionally, the exchange rate for remittance payments is determined by market rates obtained from partner banks, ensuring transparency and fairness for users.
MTN MoMo’s Expansion Aims To Promote Economic Empowerment and Financial Resilience
Beyond facilitating cross-border money transfers, MTN MoMo’s expansion aims to promote economic empowerment and financial resilience within communities. By enabling individuals to support their families across borders, the platform contributes to fostering economic growth and stability across the continent.
MTN’s Collaboration with MasterCard
This expansion follows MTN’s collaboration with MasterCard in February 2024, which introduced a prepaid virtual card allowing MoMo customers to access over 100 million acceptance points worldwide. The partnership underscores MTN’s commitment to leveraging innovative solutions to enhance the financial capabilities of its users.
Prior to this collaboration, MasterCard announced a significant investment of $200 million in MTN Group fintech, including MTN MoMo, further bolstering the platform’s growth trajectory and expanding its reach to serve more users across Africa.
What MTN MoMo’s Expansion Represents
In conclusion, MTN MoMo’s expansion to 10 new countries represents a significant milestone in the journey toward financial inclusion and empowerment in Africa. With affordable fees, extensive reach, and strategic partnerships, the platform is poised to play a transformative role in driving economic prosperity and connectivity across the continent.
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