The partnership is set to broaden the scope of financial inclusion from first-time users to high-end business applications, utilizing MTN's Mobile Money (MoMo) service on the Ericsson Wallet Platform.
The comprehensive suite of services will provide MTN's customer base across
In addition to ramping up MTN's goal of advancing financial inclusion for the unbanked, the service provider will offer advanced financial services to address the rapidly evolving digital financial needs of individuals and enterprises.
Powered by the Ericsson Wallet Platform, MTN Mobile Money enables individuals and businesses to conduct secure and convenient banking and payment transactions with ease, directly from their mobile devices.
MTN MoMo customers can securely manage funds, pay merchants and utility providers, and access loans and insurance services with ease and affordability, promoting financial freedom and stability.
The platform places a strong emphasis on financial technology (FinTech), with focus areas including the growth of merchant and e-commerce payments, facilitating national and international money transfers among family members and others (remittance services), advancing banking solutions (
MTN visit to Ericsson HQ
The agreement was signed during a visit by senior
More than 63 million MTN active subscribers already use its Mobile Money platform in some form across 16 African countries. MTN MoMo annual transaction value has almost tripled since 2018, growing from
Ericsson Wallet Platform supports more than 400 million registered mobile wallets and processes more than 2.8 billion transactions, worth more than
He adds: 'MTN Mobile Money offers a spectrum of mobile financial services, encompassing money transfers, payments, savings, and loans for every consumer, actively driving financial inclusion and advancing economic empowerment across the continent. Our collaboration with
He adds: 'This model can be applied in any market anywhere in the world to genuinely empower mobile subscribers of all financial standings. Our valued MTN partnership also supports
Other technical details
The partnership extension includes a transition to public cloud deployments and the refinement of the Open API services framework, fostering the acceleration of fintech innovation in
It will give entrepreneurs an opportunity to develop revenue-generating applications and, by utilizing Continuous Integration/Continuous Deployment (CI/CD), will enable an automated software development and deployment workflow for the MTN Mobile Money (MoMo) fintech platform across all of its African operations.
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