Ericsson and the MTN have strengthened their partnership to enhance mobile financial services and financially empower millions of citizens across Africa. The partnership is set to broaden the scope of financial inclusion from first-time users to high-end business applications, utilising MTN’s Mobile Money (MoMo) service on the Ericsson Wallet Platform.
The comprehensive suite of services will provide MTN’s customer base across Africa with access to a world-class mobile connectivity-based financial ecosystem. The service provider will offer advanced financial services to address the rapidly evolving digital financial needs of individuals and enterprises.
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Powered by the Ericsson Wallet Platform, MTN Mobile Money enables individuals and businesses to conduct secure and convenient banking and payment transactions with ease, directly from their mobile devices.
“Our collaboration with Ericsson is a significant milestone in the execution of our Ambition 2025”
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. The platform places a strong emphasis on financial technology, with focus areas including the growth of merchant and e-commerce payments, facilitating national and international money transfers among family members and others.
The agreement was signed during a visit by senior MTN Group executives to Ericsson’s Group Headquarters in Kista, Sweden, where key strategic priorities and collaboration between the two companies was discussed. More than 63 million MTN active subscribers already use its Mobile Money platform in some form across 16 African countries. MTN MoMo annual transaction value has almost tripled since 2018, growing from $76bn in 2018 to $204bn in 2022.
Serigne Dioum, Chief Fintech Officer, MTN Group, 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.
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By GlobalData“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. Our collaboration with Ericsson is a significant milestone in the execution of our Ambition 2025, building the largest and most valuable platform business and create shared value for our customers in Africa.”
