In a recent press release, Ericsson has expanded its partnership with MTN to boost mobile financial services and promote financial empowerment across Africa. The collaboration aims to enhance financial inclusion for both new users and high-end business applications through MTN’s Mobile Money (MoMo) service on the Ericsson Wallet Platform.
This strategic alliance enables efficient financial management, secure payments, and access to loans and insurance services for MTN MoMo users, fostering stability and empowerment. The emphasis on FinTech includes expanding merchant and e-commerce payments, facilitating national and international money transfers, advancing banking solutions, and providing insurance services.
The agreement was formalized during a visit by senior executives from the MTN Group to Ericsson’s Group Headquarters in Kista, Sweden. Critical discussions took place regarding key strategic priorities and collaboration initiatives between the two companies.
The press release provides compelling details: “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 USD 76 billion in 2018 to USD 204 billion in 2022. Transaction volumes increased by almost 300 percent during the same period – from 3.5 billion transactions in 2018 to 12.7 billion in 2022.”
“Ericsson Wallet Platform supports more than 400 million registered mobile wallets and processes more than 2.8 billion transactions, worth more than USD 40 billion, every month through communication service providers and financial institutions globally.”
Serigne Dioum, Chief Fintech Officer at MTN Group, stated, “At MTN, we are not just connecting people; we are unlocking a world of financial possibilities for every African. With 63.5 million active users, our Mobile Money platform is advancing economic empowerment across the continent.”
He further emphasized, “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 Ericsson is a significant milestone in the execution of our Ambition 2025 – building the largest and most valuable platform business and creating shared value for our customers in Africa.”
Commenting on this, Michael Wallis-Brown, Head of Mobile Financial Services at Ericsson, stated, “Ericsson’s partnership with MTN is a world-leading example of the ability of mobile financial services to financially empower people and businesses – from giving the unbanked their first opportunity to control their finances, making it easier for women to access financial services and promoting digital inclusion – to enabling more advanced users to access high-end services.”
He further mentions: “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 Ericsson’s AfricaInMotion vision to promote a sustainable and connected Africa.”
