MTN And Ericsson Partner to Enhance Mobile Financial Services in Africa

Africa’s largest mobile network operator, MTN, has partnered with Ericsson, a Swedish multinational networking and telecommunications company to enhance financial services in Africa.

The partnership is set to broaden the scope of financial inclusion from first-time users to high-end business applications, utilizing MTN’s Mobile Money (MoMo) service on the Ericsson Wallet Platform.

It will enable customers across Africa to gain access to an advanced mobile financial network, enabling seamless management of funds, and payments to merchants and utility providers, and also to access loans and insurance with access to a world-class mobile connectivity-based financial ecosystem.

In addition to ramping up MTN’s goal of advancing financial inclusion for the unbanked, the service provider will offer advanced financial services to address the rapidly evolving digital financial needs of individuals and enterprises.

Powered by the Ericsson Wallet Platform, MTN Mobile Money will enable individuals and businesses to conduct secure and convenient banking and payment transactions with ease, directly from their mobile devices.

Also, MTN MoMo customers can securely manage funds, pay merchants and utility providers, and access loans and insurance services with ease and affordability, promoting financial freedom and stability.

Speaking on the partnership, Chief Fintech Officer, MTN Group, Serigne Dioum said,

“At MTN, we are not just connecting people, we are unlocking a world of financial possibilities for every African. With 63.5 million active users, our Mobile Money platform is advancing economic empowerment across the continent. MTN Mobile Money offers a spectrum of mobile financial services, encompassing money transfers, payments, savings, and loans for every consumer, actively driving financial inclusion, and advancing economic empowerment across the continent.”

He added that MTN’s collaboration with Ericsson is a significant milestone in the execution of the company’s Ambition 2025, to build the largest and most valuable platform business and create shared value for its customers in Africa.

It is worth noting that the partnership extension includes a transition to public cloud deployments and the refinement of the Open API services framework, fostering the acceleration of fintech innovation in Africa.