MTN’s MoMo has unveiled a new open API that significantly improves its digital wallet services, taking inspiration from industry leaders such as M-PESA Africa and Airtel Money.
This innovative step allows for the effortless integration of third-party applications into the MoMo platform, opening doors to a wide variety of features like bill payments, ticket purchases, government services, and even insurance.
At the core of the MoMo API lies a vision to revolutionise the financial landscape by streamlining business transactions. By integrating payment and collection functionalities, MoMo aspires to make digital wallets the dominant force, despite their current limited adoption.
With a strong user base of over 40 million wallet holders in Nigeria alone, MoMo is strategically leveraging its open API and super app to incorporate the merchant sector.
This strategy is already proving successful, having attracted over 20 major players like Vasnets, Wakanow, Travelstart, and Huawei since its launch in 2023.
Notably, the adoption of open APIs streamlines transactions and reduces costs, especially in the development of separate APIs. The MoMo API is provided free of charge, but merchants and customers are required to create MoMo wallets to access its features.
Businesses can add a new revenue stream, leverage the MoMo API to integrate a range of products for fintech, e-commerce, payments, and collections, and access support and resources to ensure success.
In addition, the MoMo API supports various functionalities, such as collections, disbursements, collection widgets, and remittances.
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Developers can utilise the API to build applications that enable remote automatic collection of bills, fees, or taxes, automatically deposit funds to multiple mobile money users, receive and approve mobile money payments on websites by scanning a QR code, and build solutions to remit funds from the diaspora to local recipients with ease.
In order to get started with the Mobile Money Open API, you’ll need to first sign up for an account and generate an API user and API key. This process will also involve subscribing to the products you intend to use and managing any changes to those subscriptions later on .
MoMo is a convenient and secure mobile wallet service available in over 16 African countries. With over 50 million active users, it allows you to:
- Send and receive money: MoMo makes sending and receiving money to friends and family a breeze.
- Top up airtime & buy bundles: Never run out of airtime or data again! You can conveniently top up and purchase bundles directly through MoMo.
- Pay bills: Skip the queues and pay your bills for utilities, schools, and more using your MoMo account.
- Shop online: Shop safely and securely online at partnered stores with MoMoPay.
- Start saving and accessing loans: MoMo allows you to save money and even get short-term loans directly through the app.
MoMo for Businesses
By downloading the MoMo Merchant app, businesses can leverage the MoMo API to:
- Accept payments: Generate unique QR codes for easy and secure in-store payments.
- Simplify collections: Request payments, create bills, upload invoices, and collect payments from customers efficiently.
- Disburse funds: Easily pay suppliers, employees, or any group of people through MoMo’s bulk disbursement feature.
- Offer financial services: Provide access to financial loans and savings options to your customers, boosting growth.
- Become a MoMo Agent: Earn additional revenue by facilitating cash in/out transactions and bill payments for MoMo users at your store. Download the MoMo Agent App to get started.
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Benefits of MoMo for You and Your Customers
- Convenience: MoMo offers a one-stop shop for all your mobile money needs.
- Security: Transactions are secure and reliable.
- Cost-effective: Avoid transaction fees associated with traditional payment methods.
- Increased sales: Businesses can attract new customers and boost sales by offering MoMo as a payment option.
- Wider reach: MoMo allows businesses to tap into a vast network of potential customers across Africa.
Getting Started with MoMo
- Download the MoMo app for free.
- Create a free MoMo wallet. (Merchants and customers need MoMo wallets to use the service)
- Explore the MoMo website or app to learn more about available features and services.