The MTN Mobile Money (MoMo) app has significantly broadened its international remittances capabilities by launching 25 additional wallet corridors in 10 new countries, as revealed by the group
With this extension, MoMo users can now send money to more than 200 million wallets, maintained by 39 partners, across 24 African countries.
MTN announced the decision stating that it will benefit migrant populations in South Africa who send money home to Mozambique, Malawi, and the Democratic Republic of Congo (DRC).
Ethiopia, Gabon, Kenya, Madagascar, Senegal, Sierra Leone, and Tanzania are among the other countries where passageways have recently been opened. This is in addition to the existing corridors, which include Zambia, Ghana, Cameroon, Rwanda, Uganda, Ivory Coast, Liberia, Congo Brazzaville, Benin, Guinea Conakry, and Guinea Bissau.
The latest development comes as demand for international remittance services is growing. More than US$2bn is processed in daily transactions, which is equivalent to more than 40% of the GDP of Sub-Saharan Africa, according to McKinsey.
In its ‘Future of payments in Africa’ research, McKinsey noted that international remittances via mobile-money wallets grew by 65% year on year in 2020 to around US$1bn, with no signs of slowing.
In announcing the expansion of MTN MoMo’s international remittance services, the mobile operator says this aligns with the platform’s mission to promote financial inclusion and empower individuals, including those without traditional bank accounts, to access formal financial services.
Since its inception in 2019, MoMo has continued to evolve, and offers a wide range of services, including payments, e-commerce, personal insurance, lending, and more, commented MTN.
Kagiso Mothibi, MTN SA’s general manager for fintech products and services, commented, “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.”
“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,” remarked Mothibi.
“We are committed to providing innovative and accessible financial solutions that cater to the diverse needs of our customers, with a focus on affordability, simplicity, and reliability,” Mothibi concluded.
According to the telco, with MoMo there are no monthly fees; the app is zero-rated, so it doesn’t use any airtime or data; and it’s available to all customers on any mobile network.
