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MTN signs $2 million deal to expand mobile money

Mobile money
MTN Mobile Money App

JOHANNESBURG – MTN South Africa and the International Finance Corporation (IFC) have signed a US$2 million partnership to grow the mobile network operator’s Mobile Money (MoMo) network.

The partnership will target the unbanked and underbanked population through establishing a strong network of MoMo agents in the country.

The partnership will also see a strong job employment drive and will see IFC and MTN South Africa seek to recruit 10 000 agents in 2021.

This is to increase access to affordable financial services in underserved communities.

“IFC has assisted with funding and advisory services in several other Fintech operations in Africa and this partnership provides the opportunity to bridge the digital divide and broaden financial inclusion in South Africa,” said Felix Kamenga, Chief Officer for Mobile Financial Services at MTN South Africa.

IFC is a member of the World Bank Group.

It is the largest global development institution focused on the private sector in developing countries, with a mission to advance economic development by encouraging the growth of private enterprise in developing countries.

Adamou Labara, IFC’s Country Manager for South Africa, said digital technologies were helping connect businesses with customers and suppliers as well as increasing access to lending and payment systems for individuals and small businesses.

“Mobile money is a perfect example of this and is needed now, more than ever, to help small businesses to grow and to reach communities where access to financial services is low,” Labara said.

– CAJ News










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