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MTN MoMo Expands Remittance Reach Across Africa. MTN has expanded its Mobile Money (MoMo from MTN) service by introducing 25 new remittance corridors across 10 African countries, enhancing its network to encompass 200 million wallets in 24 countries. The new remittance routes added by MTN include Kenya, Democratic Republic of Congo, Ethiopia, Gabon, Madagascar, Mozambique, Malawi, Senegal, Sierra Leone, and Tanzania. Currently, remittance services from MTN allow only outbound payments from South Africa, but plans are in place to enable inbound transfers by the end of 2024. MTN has collaborated with major fintech platforms like Orange, Tigo, M-PESA Africa, and airtel to ensure smooth wallet-to-wallet transactions, with a transaction fee set at 4%. The initiative addresses the longstanding issue of the underserved African remittance market, which has traditionally forced many to rely on insecure cash-based transfer methods. #MTNMoMo #MobileMoney #Remittances #Africa #Fintech

The Mobile Money Revolution in #Africa 🌍💱 In the world of cross-border payments, the rise of Mobile Money in Africa is transforming the continent's economy, and the #opportunities are endless. Africa's unique financial landscape and desire for change, with years of extreme inflation and a high rate of unbanked and underbanked individuals, paved the way for this local alternative to traditional banks. Mobile Money is a digital wallet service that allows users to store, send, and receive money using their mobile phones. It's like having a bank account in your pocket. Mobile Money's simplicity, accessibility, and the widespread use of mobile phones have brought basic financial services to the masses and facilitated cross-border payments and international transactions like never before. In the past few years, businesses are expanding their reach, connecting with new customers, and navigating the evolving African financial landscape. Whether it's MTN in Nigeria, Vodafone in Ghana, or Safaricom PLC in Kenya, the potential is enormous. Our expertise and wide coverage network can connect your business seamlessly to this transformative ecosystem. 🌐 Learn more at business.getneema.com #localpayments #DigitalWallets #MobileMoney #africamoney #crossborderpayments #fintechs #NeemaGlobal #globalpaymentsnetwork

The Mobile Money Revolution in #Africa 🌍💱 In the world of cross-border payments, the rise of Mobile Money in Africa is transforming the continent's economy, and the #opportunities are endless. Africa's unique financial landscape and desire for change, with years of extreme inflation and a high rate of unbanked and underbanked individuals, paved the way for this local alternative to traditional banks. Mobile Money is a digital wallet service that allows users to store, send, and receive money using their mobile phones. It's like having a bank account in your pocket. Mobile Money's simplicity, accessibility, and the widespread use of mobile phones have brought basic financial services to the masses and facilitated cross-border payments and international transactions like never before. In the past few years, businesses are expanding their reach, connecting with new customers, and navigating the evolving African financial landscape. Whether it's MTN in Nigeria, Vodafone in Ghana, or Safaricom PLC in Kenya, the potential is enormous. Our expertise and wide coverage network can connect your business seamlessly to this transformative ecosystem. 🌐 Learn more at Neema - Better Than a Bank website business.getneema.com #localpayments #DigitalWallets #MobileMoney #africamoney #crossborderpayments #fintechs #NeemaGlobal #globalpaymentsnetwork

MoMo from MTN, the fintech subsidiary of MTN, has launched inbound and outbound remittance services for its customers in Nigeria, enabling them to send money to 13 African countries and receive money from 6 nations across the continent. “With this development, users in Nigeria can now send money directly to the Benin Republic, Cameroon, Congo Brazzaville, Côte d’Ivoire, the Democratic Republic of Congo, Gambia, Liberia, Malawi, Rwanda, Sierra Leone, Togo, Uganda and Zambia. They also receive money from six African countries: South Africa, Rwanda, Uganda, Zambia, the Democratic Republic of the Congo, and Mauritius. “MoMo users can instantly send and receive funds, with the transaction value automatically converted to the recipient’s local currency. The sender is charged a minimal 3% transaction fee and is informed of the conversion rate. The recipient receives funds with no extra charges.” Via Techpoint Africa. To learn more, click the link in the comments section. #fintech #financialservices #moneytransfer #crossbordertransfers #crossborderpayments #remittances #africa

This sounds familiar 😁 MTN’s Mobile Money (MoMo) is making waves in South Africa by transitioning from a digital-first approach to a grassroots strategy. Recognizing the need for a more personalized touch in a market where 85% of people have bank accounts, MTN is deploying "foot soldiers" to engage directly with the unbanked and underserved populations. This move aims to build trust and demonstrate the value of MoMo's services beyond basic transactions like airtime and prepaid electricity purchases. Despite having over 11 million registered users, MoMo's active user base in South Africa remains limited. By enlisting agents to educate users on the platform's full range of offerings, MTN hopes to bridge this gap and encourage more complex transactions, such as merchant payments and insurance products. With 18,000 registered merchants and a partnership with Mastercard MTN is expanding its merchant network to drive higher-margin activities. This strategic shift comes as MTN reports significant growth in its fintech operations, with transaction volumes reaching $9.7 billion in H1 2024. MTN's focus on trust-building and personalized service mirrors successful mobile money models in Nigeria and Kenya. Will this strategy succeed in South Africa where the market conditions are markedly different from Kenya and Nigeria? 🌍💡 More on this story by Andrew Christian https://lnkd.in/deHVfndq #Fintech #Innovation #MTNMoMo #SouthAfrica #FinancialInclusion

CBK to Open Up East Africa's Largest Payments Market 💳🌍 The Central Bank of Kenya (CBK) is revising the National Payment Systems Act of 2011 to create a clear legal framework for fintech operations. This shift aims to benefit remittance and payment providers like Flutterwave and Chipper Cash, previously hindered by regulatory challenges and money laundering allegations. CBK Governor Kamau Thugge announced updates to the Payments Act and related regulations to better guide payment service providers. The new framework is expected to resolve legal ambiguities and promote fintech growth in Kenya, allowing firms like Flutterwave and Chipper Cash to operate more freely. #Fintech #Kenya #Payments #CBK #Regulation #Flutterwave #ChipperCash #FinancialInclusion #Innovation

📱 Mobile Wallets Revolutionizing Finance in East Africa! 💼🌍 East Africa continues to lead in mobile wallet innovation, driving financial inclusion and transforming everyday transactions. Here's how mobile wallets are changing the game in the region: 🔹 M-Pesa (Kenya): The pioneer of mobile payments in Africa, M-Pesa allows users to send money, pay bills, and access financial services—all through their mobile phones. Today, it's a lifeline for millions of Kenyans and has expanded into other markets like Tanzania and Mozambique. 🔹 Airtel Money (Uganda, Kenya, Tanzania): Offering seamless transfers, bill payments, and even savings services, Airtel Money has gained popularity by bridging the gap between urban and rural financial access. 🔹 Tigo Pesa (Tanzania): Known for its extensive agent network, Tigo Pesa provides reliable money transfers and financial solutions, reaching even remote areas. It has introduced exciting partnerships for micro-loans and insurance, empowering users financially. 🔹 MTN MoMo (Uganda, Rwanda): MTN’s MoMo is a game-changer with features like mobile loans, savings, and international remittances. Its versatility makes it a go-to for personal and business transactions alike. The impact? 🌱 Financial inclusion is growing exponentially, with even the unbanked now able to participate in the formal economy. From entrepreneurs to rural farmers, mobile wallets have unlocked new possibilities for millions of people. East Africa’s mobile wallet revolution is more than just convenience—it's driving economic transformation! 🚀📈 #MobileWallets #FinancialInclusion #Fintech #EastAfrica #MPesa #AirtelMoney #MTNMoMo #TigoPesa #DigitalTransformation #flaviathefintechdinosaur

Africa’s payment scene is changing fast! By 2025, online wallets are expected to contribute 22% of electronic payment revenue across the continent. Eastern Africa is leading the charge with mobile money, while South Africa’s digital payments are set to double by 2027. But there’s still room for growth, especially with cash still playing a big role in some regions. We’ve got you covered with reliable payment solutions in key markets: 🇳🇬 Nigeria: bank transfer 🇰🇪 Kenya: mobile money 🇺🇬 Uganda: mobile money 🇬🇭 Ghana: mobile money Ready to take on the African market? Let’s talk about how we can support your business there! https://t.me/payfast_bot   #Africa #MobileMoney #Payments #iGaming #SettlePay

For over two decades, #mobilemoney services have grown exponentially, driving financial inclusion for billions of people and opening up incredible opportunities for entrepreneurs and small businesses worldwide. Today, 1.75 billion registered accounts process $1.4 trillion annually, or about $2.7 million a minute. Those are truly remarkable numbers. Over the years, Sub-Saharan Africa has been a key driver of mobile money’s success, home to almost three-quarters of the world’s accounts. In the past 10 years, West Africa has emerged as a key player, with the number of registered mobile money accounts doubling between 2013 and 2023, driven mostly by growth in Nigeria, Ghana, and Senegal. As the industry continues to grow, we see it maturing. In the 10 years to 2022, mobile money contributed $600 billion to countries' GDP with a mobile money service. GSMA's The State of the Industry Report on Mobile Money 2024 is intriguing. Over the next few days, we shall delve into these numbers and glean insights for you. KICTANet, Association of Fintechs in Kenya, Africa Fintech Network, M-PESA Africa, MTN, Airtel Africa

Tanzania’s fintech sector is experiencing a rapid advancement, driven by a combination of increasing mobile phone penetration, the introduction of innovative financial tools, and a regulatory environment that is supportive of these endeavors. Mobile services companies, such as Vodacom’s M-Pesa and Airtel Money, have initiated a revolution in the financial sector by introducing mobile money services. These services have extended financial access to millions of individuals who were previously either completely unbanked or severely underbanked. Read more about the leading fintech companies in Tanzania here: https://lnkd.in/ddXryDcc #Tanzania Tigo Tanzania Plc Jamii Umoja Tanzania @temboplus Ramani.io Swahilies