MTN’s Mobile Money (MoMo) service is making progress across Africa. They’ve recently expanded their remittance services, adding 25 new corridors across 10 African countries.

This impressive growth brings their network to a remarkable 200 million mobile wallets across 24 African nations.

MTN has added more countries, including Kenya, Congo, Ethiopia, Gabon, Madagascar, Mozambique, Malawi, Senegal, Sierra Leone, and Tanzania to its remittance routes.

“This move is especially beneficial for migrant communities in South Africa who send money home to Mozambique, Malawi, and the Democratic Republic of Congo,” said Kagiso Mothibi, GM for fintech products and services at MTN South Africa, on Monday.

Remittance services from MTN currently only allow outbound payments from South Africa, but there are plans to enable inbound transfers by the end of 2024.

“South Africa is a net sender, with about 90% outbound and 10% inbound. We will be launching inbound by the end of 2024 to address the remaining 10%,” Mothibi said.

MTN has partnered with fintech platforms such as Orange, Tigo, M-PESA Africa, and Airtel to facilitate wallet-to-wallet transactions with a 4% transaction fee.

This collaboration aims to solve the issue of the underserved African remittance market by providing a reliable alternative to cash-based transfer methods.

MTN MoMo’s expansion is expected to have a significant impact on financial inclusion in Africa by providing a convenient and accessible way for individuals to send and receive money.

Mobile money services like MoMo address the limitations of traditional cash-based remittance methods by allowing for instant transactions, lower fees, and increased security.

By using technology and mobile phone penetration in the region, MTN MoMo will be able to reach underserved populations and improve their access to financial services.

Increased access to remittance services empowers African communities by providing migrants with a secure and efficient way to send money back to their families.

This financial support can help improve the quality of life for their loved ones, by ensuring access to necessities such as education, healthcare, and food.

Remittance services can also stimulate economic growth in the recipient countries, as the funds are often used to start small businesses or invest in local infrastructure.

For a long time, Africa’s financial industry has ignored the remittance market, causing migrant workers to use unsafe methods like physical cash to send money home.

Secure and affordable remittance services play a crucial role in enabling financial inclusion for marginalized communities, allowing them to access and participate in the formal economy.

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Mobile money platforms like MoMo have been instrumental in driving financial inclusion in Africa by providing easy access to banking services for unbanked populations.

FinTech solutions in Africa have transformed financial management, allowing people to easily conduct transactions, save money, and access credit through mobile phones.

M-PESA, MTN Mobile Money in Uganda, and EcoCash in Zimbabwe are also helping to create a more inclusive financial system in Africa.

The expansion of MTN MoMo is a significant step towards enhancing financial inclusion in Africa.

By providing a secure and affordable platform for money transfers, MTN MoMo is empowering individuals and businesses to easily send and receive funds across borders.

This not only promotes economic growth but also fosters a more connected and prosperous continent.

The continued success and growth of MTN MoMo will undoubtedly play a crucial role in shaping the future of financial services in Africa.

To sign up, you’ll need an active phone number in one of the MTN Mobile Money-supported countries, and the exact services you can access may depend on the country you’re based in.

Stay updated on the latest developments with MTN MoMo as they continue to revolutionize the way people access and use financial services in Africa.