Flutterwave And MTN In Mobile Money Partnership Across Africa

2 months ago 86

 Flutterwave, Africa’s largest technology company, announced that it had entered into a mobile money partnership with MTN, Africa’s largest telecommunications provider. Now businesses in African countries (Cameroon, Côte d’Ivoire, Rwanda, Uganda, and Zambia) can receive payments via MTN’s Mobile Money (MoMo) through Flutterwave.

MoMo is MTN’s fintech platform that provides consumers and businesses with an e-wallet that allows them to make e-transfers and payments. Users also have access to a range of digital and financial services within the mobile money ecosystem. As of June 2021, MoMo had 48.9 million active users and well over 500k merchants registered on the platform.

In recent years, the increased adoption and use of smartphones in Africa have enhanced mobile penetration in the continent. According to data on Statista, sub-Saharan Africa alone is responsible for more than one-third of the world’s mobile money accounts. The number of accounts holders by the end of 2020 was over half a billion. Subscriber penetration in the continent is set to reach 50% by 2025. 

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This new partnership between Flutterwave and MTN has the potential to deepen the adoption of digital payments and e-commerce in Africa. It will contribute positively to local economies in Africa and open up more job opportunities for individuals and businesses across the continent. It will also expand Flutterwave’s previous collaboration with MTN beyond Uganda and Rwanda.

Founder and CEO of Flutterwave, Olugbenga Agboola commented on the partnership. In his words:

“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. 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.”

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MTN Group’s Chief Digital and Fintech Officer Serigne Dioum also said: 

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. We believe this is an enabler to accelerating digitized payments in Africa. Building strong ecosystems through partnerships is central to our platform strategy…We will continue to invest in expanding the reach of our platform to consumers and businesses in Africa.”

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