MTN Announces Partnership With IFC To Expand Momo Network
MTN Announces Partnership With IFC To Expand Momo Network. MTN SA has entered into a $2-million partnership with the International Finance Corporation (IFC) to expand the company’s Mobile Money (MoMo) business. “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,” MTN SA’s Chief Officer for Mobile Financial Services, Felix Kamenga said in a statement.
As part of the partnership, IFC and MTN will recruit 10 000 MoMo agents in 2021. This will increase access to the financial service in underrepresented communities. According to Venture Burn, as part of the recruitment, MTN will train and supervise new agents while also providing support if needed. In addition, MTN and IFC will create and train a team of Trade Development Representatives. The representatives will manage the MoMo agents and manage compliance regulations.
“The growth and development of 10 000 MoMo agent businesses across the country not only benefits local communities and economies, but has the ripple effect of many more unbanked and under banked South Africans having an opportunity to manage their money digitally, wherever they are.” Kamenga added.
Adamou Labara, IFC’s Country Manager for South Africa, told Venture Burn that MoMo is an example of an essential service for small businesses. “Digital technologies are helping connect businesses with customers and suppliers and increasing access to lending and payment systems for individuals and small businesses.”
MTN MoMo is a financial service introduced by the network. It is important in sending and receiving money, buying data, bundles, and more. The partnership is set up to target the unbanked and under banked population by establishing a strong network of MoMo agents in the country, in the hopes that it will boost access to financial service in underrepresented communities in South Africa.
MTN Group Limited, formerly M-Cell, is a South African multinational mobile telecommunications company, operating in many African and Asian countries. Its head office is in Johannesburg. As of September 2020, MTN recorded 273.44 million subscribers, making it the ninth largest mobile network operator in the world, and the largest in Africa. Active in over 20 countries, one-third of company revenue come from Nigeria, where it holds about 35% market share.
