Ericsson and the MTN Group have announced a collaboration aimed at empowering millions of citizens across Africa through enhanced mobile financial services. This partnership aims to expand financial inclusion, leveraging MTN’s Mobile Money (MoMo) service powered by the Ericsson Wallet Platform.
The alliance seeks to extend financial inclusion from novice users to sophisticated business applications, offering MTN’s customer base in Africa access to an advanced mobile connectivity-based financial ecosystem.
By utilizing the Ericsson Wallet Platform, MTN’s Mobile Money service will facilitate secure and convenient banking and payment transactions for individuals and businesses directly from their mobile devices.
MTN MoMo users will have access to various financial services, including fund management, merchant payments, utility bill settlements, loans, and insurance services, promoting financial independence and stability.
With over 63 million active users across 16 African countries, MTN MoMo has witnessed substantial growth. Its annual transaction value nearly tripled from USD 76 billion in 2018 to USD 204 billion in 2022, with transaction volumes increasing by almost 300 percent during the same period – from 3.5 billion transactions in 2018 to 12.7 billion in 2022.
Ericsson Wallet Platform currently supports more than 400 million registered mobile wallets globally, processing over 2.8 billion transactions worth over USD 40 billion every month through communication service providers and financial institutions.
Serigne Dioum, Chief Fintech Officer at MTN Group, highlighted the platform’s role in advancing economic empowerment across Africa, offering a spectrum of mobile financial services, including money transfers, payments, savings, and loans.
Michael Wallis-Brown, Head of Mobile Financial Services at Ericsson, underscored the partnership’s role in financially empowering diverse user segments, from the unbanked to sophisticated users. He emphasized its potential applicability in various global markets, promoting financial inclusion.