MTN is currently boosting its capabilities in the second half of 2022 for its campaign of reducing the digital divide furthering financial inclusion.
The firm is advancing financial inclusion through FinTech offerings, for example boosting mobile money across Africa.
In an exclusive interview, MTN told Taarifa that it is committed to bridging the digital divide, furthering financial inclusion to advance the attainment of the goals.
It said that it will be advancing financial inclusion through its fintech offerings e.g. mobile money across Africa.
By year-end, the fintech business had processed 10 billion transactions worth a total US$239.4 billion – up by 56.8% from 2020 across the group and 56.8m (+10.4m) accessing financial services.
It has the distribution footprint and best-in-class connectivity infrastructure to host and develop the digital marketplace to facilitate a real change in terms of Africa’s digital and financial inclusion.
MTN has also scaled fintech business, but it has ambitions to double the size of the platform over the next three to five years and broaden the product proposition beyond payments.
In 2021, it recorded a record number of financial transactions facilitated by MoMo open API, which is live in 12 countries including Mobile Money Rwanda Limited (MMRL). New capabilities have been developed and built into the MoMo open API platform including authentication and channel as a service.
These capabilities will be rolled out across the footprint in 2022.
- 12 markets served through MoMo open API (2020: 10).
- 17 948 MoMo open API users (2020: 2 000) including 17 000 registered developers and 948 partners in production.
- 785 000 merchants served through MoMoPay (2020: 440 000).
- Over 50,000 merchants at MMRL.
In particular, Mobile Money Rwanda Ltd products/services in the first half of 2022 drastically drove financial inclusion in through its diverse products such as, MoMo Open API, MoMoBiz: a web portal that empowers businesses and merchants of all sizes to digitalize their transactions with MoMo and the Interoperability: the ability to send and receive money from MoMo wallet to Airtel Money and vice versa.