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

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.”

Source: Further Africa

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