MTC, a prominent telecommunications company in Namibia, has disclosed plans to introduce mobile financial services to its subscribers in 2024
This forthcoming service will empower users to conduct various financial transactions such as money transfers, digital payments, and ATM withdrawals.
These services will be facilitated by WGA Proprietary Limited, an inactive subsidiary of MTC, rebranded as MTC Maris, operating independently from MTC with its distinct board of directors, workforce, and corporate identity.
Securing an electronic money license from the Bank of Namibia in November, MTC has also forged a strategic partnership with Vodacom Financial Services to facilitate this endeavor.
Anticipating revenue growth right from the commencement of operations, MTC acknowledges that achieving profitability within the initial three years might be challenging. This projection is based on the past experiences of similar mobile financial services operators in Southern Africa, primarily due to the high implementation costs associated with such solutions.
MTC is no stranger to financial services, having already established MTC Money, a mobile payment solution enabling customers to execute a range of transactions using their mobile phones. This initiative aligns with MTC's strategic shift from being solely a communication service provider to evolving into a digital service provider, aligning with its long-term growth strategy.
Expressing the broader aim behind this move, MTC emphasised, "By extending mobile financial services to many unbanked and underbanked Namibians, we will make further progress in closing the digital divide."
