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Home Fintech

MTN South Africa, World Bank’s IFC partner to expand mobile money business

TechGist Africa by TechGist Africa
May 24, 2021
in Africa, DFI, Finance, Fintech, South Africa
Reading Time: 1 min read
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MTN South Africa has announced a US$2M partnership with the International Finance Corporation (IFC) of the World Bank to expand its mobile money business.

During the COVID-19 pandemic, MTN’s mobile money (MoMo) market, like that of other telcos, saw an increase in transaction values and customer numbers, as travel constraints and the avoidance of physical cash drove people to mobile money platforms.

In 2021, MTN South Africa and the International Finance Corporation (IFC) will employ 10,000 MoMo agents, and a team of trade development representatives will be established and trained to manage a portfolio of agents, provide support, and ensure compliance with regulations.

MTN South Africa’s Chief Officer for Mobile Financial Services, Felix Kamenga, said, “This collaboration offers the opportunity to bridge the digital divide and expand financial inclusion in South Africa.”

Also read: MTN values mobile money arm at US$5B, considers IPO

MTN introduced its mobile payment service in South Africa in January 2020, and as of March 31, there were 3.1 million registered users. It is expanding its programs, such as microloans and the ability to pay for groceries with mobile money.

MTN and the IFC will also shape and train a team of Trade Development Representatives. The representatives will be in charge of the MoMo agents as well as regulatory compliance.

Customers who sign up for MTN MoMo services do not need a bank account. They only need a phone number, and there are no monthly payments for accounts or transfers with this service.

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Via: Tech Gist Africa
Tags: digital economyfintechIFCInternational Finance CorporationMobile MoneyMTN GroupMTN South AfricaMTN South Africa World Bank’s IFC partner to expand mobile money businessSouth AfricaTech Gist Africatelecomюжная-африкаجنوب-أفريقيا南アフリカ南非
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TechGist Africa

TechGist Africa

Tech Gist Africa is a leading online technology and digital media outlet, dedicated to providing latest tech news, product launch, startup news across.

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