Africa’s largest telecommunications provider, MTN has announced a mobile money partnership with one of Africa’s payment technology companies, Flutterwave.
This new partnership will enable Flutterwave to offer MTN Mobile Money (MoMo) as a payment method to its business customers in Cameroon, Cote d’Ivoire, Rwanda, Uganda and Zambia.
“As we progress on our journey to becoming the largest fintech platform in Africa, we will empower millions of businesses to embrace e-commerce in our markets to accept digital payments from MoMo consumers,” Serigne Dioum, MTN Group Chief Digital and Fintech Officer said.
“We believe this is an enabler to accelerating digitized payments in Africa. Building strong ecosystems through partnership are central to our platform strategy and we will continue to invest in expanding the reach of our platform to consumers and businesses in Africa.” He said.
MoMo is a fintech platform that provides consumers and businesses with an electronic wallet to store funds, send and receive money, as well as make payments and other transactions with the use of their mobile phone.
At the end of June 2021, MTN MoMo had 48.9 million active users and 581,514 merchants.
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In recent years, Africa has witnessed an explosion in mobile penetration as the use of Smartphones increase.
According to the Global System for Mobile Communications (GSMA), Africa will hit the half a billion mark of unique mobile subscribers and the continent will reach 50 percent subscriber penetration by 2025.
Through this new partnership, Flutterwave will be able to offer MTN Mobile Money as a payment method to its business customers.
Also, this collaboration will positively contribute to the increase of mobile money usage and penetration in Africa. This will thereby improve local economies, livelihoods, and create opportunities for individuals and businesses across Africa.
“Africa has one of the highest growth rates for mobile money adoption and e-commerce in the world. It makes sense that we help provide a seamless payment method to support and ensure African businesses reap the full benefits of the e-commerce boom in the region,” Olugbenga Agboola, Founder and CEO of Flutterwave said.
“Our goal has always been to grow a new wave of prosperity in Africa by creating more avenues for businesses in Africa to accept payments. With this partnership, we can achieve this while creating endless possibilities for our customers,” He said.
