IN a strategic move to bolster mobile financial services, MTN Group has expanded its partnership with Ericsson, focusing on widening the scope of financial inclusion and addressing the evolving digital needs of individuals and enterprises in Africa.
The extended collaboration centres around leveraging MTN’s Mobile Money (MoMo) service on the Ericsson Wallet Platform, aiming to cater to a diverse range of users, from first-time adopters to high-end business applications. Both companies have previously entered agreements dedicated to enhancing mobile financial services across the continent.
MTN’s goal is not only to improve financial inclusion for Africa’s unbanked population but also to adapt swiftly to the more advanced digital requirements emerging in the market.
Powered by the Ericsson Wallet Platform, MTN Mobile Money allows individuals and businesses to conduct secure and convenient banking and payment transactions directly from their mobile devices. This comprehensive service encompasses managing funds, paying merchants and utilities, and facilitating easy access to loans and insurance services.
The partnership extension includes a strategic shift towards public cloud deployments and the refinement of the Open API services framework. This move is expected to accelerate fintech innovation in Africa, fostering a dynamic ecosystem for digital financial services.
Serigne Dioum, Chief Fintech Officer at MTN Group, expressed the impact of the Mobile Money platform, stating, ‘With 63.5 million active users, our Mobile Money platform is advancing economic empowerment across the continent.’
Michael Wallis-Brown, Head of Mobile Financial Services at Ericsson, highlighted the versatility of their business model, stating that it ‘can be applied in any market anywhere in the world to genuinely empower mobile subscribers of all financial standings.’ Wallis-Brown recently shared insights in features exploring the success of mobile money in Africa.
The collaboration between MTN Group and Ericsson reflects a concerted effort to not only drive financial inclusion but also to stay ahead in meeting the evolving digital demands of a rapidly advancing market. As the partnership evolves, it is poised to play a pivotal role in shaping the landscape of mobile financial services in Africa.