Africa’s largest mobile network operator MTN, has strengthened its partnership with Swedish multinational networking and telecommunications company Ericsson, to enhance mobile financial services and financially empower millions of citizens across Africa.
The agreement was signed during a visit by senior MTN Group executives to Ericsson’s Group Headquarters in Kista, Sweden, where key strategic priorities and collaboration between the two companies were discussed.
MTN and Ericsson partnership will broaden the scope of financial inclusion from first-time users to high-end business applications, utilizing MTN’s Fintech subsidiary Mobile Money (MoMo) service on the Ericsson Wallet Platform. This will provide MTN’s customer base across Africa with access to a world-class mobile connectivity-based financial ecosystem.
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Powered by the Ericsson Wallet Platform, MTN Mobile Money will enable individuals and businesses to conduct secure and convenient banking and payment transactions with ease, directly from their mobile devices.
Also, 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.
Speaking on the partnership, Chief Fintech Officer, MTN Group, Serigne Dioum said,
“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. 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.”
He further added that the strategic collaboration with Ericsson is a significant milestone in the execution of MTN’s Ambition 2025, building the largest and most valuable platform business and creating shared value for its customers in Africa.
Also speaking, Head of Mobile Financial Services, Ericsson, Michael Wallis-Brown said,
“Ericsson’s partnership with MTN is a world-leading example of the ability of mobile financial services to financially empower people and businesses by 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.
“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.”
MTN has built strong core operations, which are underpinned by the largest fixed and mobile network in Africa.
Following the launch of its Fintech subsidiary, MoMo PSB in 2022, the telecoms giant remains committed to enhancing the lives of individuals through innovative and convenient financial solutions.
Its recent partnership extension with Ericsson includes a transition to public cloud deployments and the refinement of the Open API services framework, fostering the acceleration of fintech innovation in Africa.