MTN has partnered with payments technology company Flutterwave to enable Flutterwave business customers to use MTN Mobile Money (MoMo) as a payment method across its markets of operation.
This means that businesses integrating Flutterwave in Cameroon, Côte d’Ivoire, Rwanda, Uganda, and Zambia will be able to receive payments through MoMo, which provides consumers and businesses with an electronic wallet, enabling electronic transfers and payments, as well as access to digital and financial services.
The new mobile money partnership is expected to increase mobile money use and penetration in Africa to improve local economies and livelihoods and create opportunities for individuals and businesses across the continent.
Currently, Africa is experiencing an explosion in mobile penetration as smartphone adoption rises rapidly.
By 2025, it is forecast that the number of unique mobile subscribers in Africa will reach the 500-million with subscriber penetration rising to 50%. Sub-Saharan Africa alone is responsible for more than 45% of the world’s mobile money accounts with the number of account holders exceeding half a billion by 2020.
The new partnership will further expand on Flutterwave’s previous collaboration with MTN, beyond Uganda and Rwanda, with the potential of deepening adoption of digital payments and e-commerce in Africa within a sector that is expected to reach $29-billion by 2022.
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