MTN’s Mobile Money MoMo Extends Remittance Network Across Africa
MTN has broadened its Mobile Money (MoMo) fintech services by incorporating 25 new wallet corridors spanning 10 African nations. This expansion elevates its remittance network to encompass 200 million wallets across 24 countries on the continent.
The newly expanded corridors include the DRC, Ethiopia, Gabon, Kenya, Madagascar, Mozambique, Malawi, Senegal, Sierra Leone, and Tanzania. They join Zambia, Ghana, Cameroon, Rwanda, Uganda, Ivory Coast, Liberia, Congo Brazzaville, Benin, Guinea Conakry, and Guinea Bissau.
Speaking on MoMo’s expansion, General Manager for fintech products and services at MTN South Africa, Kagiso Mothibi said,
“This move is especially beneficial for migrant communities in South Africa who send money home to Mozambique, Malawi and the Democratic Republic of Congo. With the addition of these new wallet corridors, we are furthering our commitment to facilitating seamless cross-border money transfers at a launch fee of 4%, which is lower than most competitors”.
“By expanding our services to new markets and corridors, we are not only enabling individuals to support their families across borders but also driving economic empowerment and fostering greater financial resilience within communities. We are committed to providing innovative and accessible financial solutions that cater to the diverse needs of our customers, with a focus on affordability, simplicity, and reliability,” he concluded.
Notably, in a move to enhance interoperability, MTN has collaborated with leading fintech platforms which include Orange, Tigo, M-Pesa, and Airtel to facilitate wallet-to-wallet transactions. Additionally, the platform offers wallet-to-cash functionality.
MTN South Africa has noted that the exchange rate for remittance payments is primarily determined by the market rate obtained by its partners from their respective banks. The remittance service is accessible with a transaction fee of 4%, and all transfers are processed immediately upon completion.
