MTN Group and Ericsson have strengthened their partnership to enhance mobile financial services and to financially empower millions of citizens across Africa. 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 Africa with access to a world-class mobile connectivity-based financial ecosystem. 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). It focuses on the growth of merchant and e-commerce payments, facilitating national and international money transfers among family members and others (remittance services), advancing banking solutions (BankTech), and offering insurance services (InsurTech).
The agreement between MTN and Ericsson was formalized during a visit by senior MTN Group executives to Ericsson’s Group Headquarters in Sweden. The meeting focused on key strategic priorities and collaboration between the two companies. Currently, over 63 million MTN active subscribers engage with its Mobile Money platform across 16 African countries.
The annual transaction value of MTN MoMo has nearly tripled since 2018, reaching USD 204 billion in 2022 from USD 76 billion. Concurrently, transaction volumes have surged by almost 300%, escalating from 3.5 billion transactions in 2018 to 12.7 billion in 2022. Ericsson's Wallet Platform, supporting over 400 million registered mobile wallets, processes more than 2.8 billion transactions monthly, totaling over USD 40 billion, through communication service providers and financial institutions globally.
