MTN Africa has announced today a significant expansion of its Mobile Money (MoMo) app's international remittance capabilities. The expansion includes the launch of 25 new wallet corridors in 10 additional countries, allowing MoMo users to send money to over 200 million wallets across 24 African countries.
The newly added countries encompass Ethiopia, Gabon, Kenya, Madagascar, Senegal, Sierra Leone, Tanzania, the Democratic Republic of Congo (DRC), Mozambique, and Malawi. This expansion is expected to particularly benefit migrant populations in South Africa, enabling them to send money home to countries such as Mozambique, Malawi, and the DRC.
This strategic move aligns with the growing demand for international remittance services, with over $2 billion processed in daily transactions, equivalent to more than 40% of the GDP of Sub-Saharan Africa, according to McKinsey. Furthermore, McKinsey's 'Future of payments in Africa' research indicates a 65% year-on-year growth in international remittances via mobile-money wallets in 2020, reaching around $1 billion.
Kagiso Mothibi, MTN SA’s general manager for Fintech Products and Services, comments: “With the addition of these new wallet corridors, we are furthering our commitment to facilitating seamless cross-border money transfers at a launch fee of 4%, which is lower than most competitors.”
He adds: “By expanding our services to new markets and corridors, we are not only enabling individuals to support their families across borders but also driving economic empowerment and fostering greater financial resilience within communities.”
MTN's MoMo platform, which was introduced in 2019, has continued to evolve, offering a wide range of services, including payments, e-commerce, personal insurance, lending, and more. The platform's accessibility and affordability are key features, with no monthly fees, zero-rated app usage (meaning it doesn't consume airtime or data), and availability to all customers on any mobile network.
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