MTN South Africa has partnered with World Bank’s IFC to expand its Mobile Money business unit, MOMO, with a $2 million investment
MTN South Africa has announced a $2 million 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.”
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.
Source: Tech Gist