In Congo, Airtel Money and MTN Mobile Money have taken a notable step forward by establishing the Professional Association of Payment Institutions (APEP). This association aims to advocate for the interests of payment institutions and enhance digital payment services for the local population
African financial inclusion initiative
APEP's primary objectives include representing the collective interests of payment institutions to the government, informing the public about industry trends, undertaking collaborative projects, ensuring the smooth operation of payment and settlement systems, and modernising payment systems.
This initiative reflects the commitment of MTN Mobile Money and Airtel Money to comply with new directives from the Ministry of Economy and Finance. The ministry has mandated that various establishments under its supervision form associations to streamline regulation processes.
“These companies can create other services or merge their services with those of banks to facilitate transactions and allow users to save money while saving time. This is truly the realisation of financial inclusion since it is beneficial not only for the State, but also for customers and companies," remarked Jean Pierre Nonault, the general director of National Financial Institutions.
According to statistics from the Postal and Electronic Communications Regulatory Authority (ARPCE), Congo recorded approximately 3 million active users of mobile financial services as of March 2023. MTN held a dominant market share of 72.5%, with Airtel Money accounting for the remaining 27.5%.
