MTN MoMo Expands to 10 New African Countries

MTN MoMo, MTN’s mobile money app, has made a move to expand its international remittance capabilities.

The company did this with the launch of 25 new wallet corridors across 10 new countries. It strengthens MoMo’s position as one of South Africa’s leading financial services platforms.

Effect of MTN MoMo Expansion In Africa

With this expansion, MoMo users can now send money to over 200 million wallets operated by 39 partners in a total of 24 African countries. This move is especially beneficial for migrant communities in South Africa that send money home to Mozambique, Malawi, and the Democratic Republic of Congo (DRC).

The new countries include links between South Africa and the DRC, Ethiopia, Gabon, Kenya, Madagascar, Mozambique, Malawi, Senegal, Sierra Leone and Tanzania.

Meanwhile, payments are initiated in South Africa and flow outward with little or no inbound.

“South Africa is a net sender, with about 90% outbound and 10% inbound,” Kagiso Mothibi, MTN SA’s General Manager for Fintech Products and Services, stated.

MTN MoMo Expansion Aligns With its Mission To Promote Financial Inclusion

Furthermore, Kagiso said, “At MTN, we recognize the importance of providing accessible and affordable financial services. Services which are tailored to communities that rely on remittances to support their loved ones.”

“With the addition of these new wallet corridors, we are furthering our commitment to facilitating seamless cross-border money transfers at a launch fee of 4%. This is lower than most competitors.”

MTN highlighted that the expansion is consistent with its mission to facilitate financial inclusion. Individuals who do not have a traditional bank account can now access formal financial services through the app. This includes those without traditional bank accounts, to access formal financial services.

Since it was founded in 2019, MoMo has continued to evolve. It offers a wide range of services, which include payments, e-commerce, personal insurance, lending, and more.

Conclusion

With MoMo there are no monthly fees. Also, the app is zero-rated, so it doesn’t use any airtime or data. Note, it’s available to all customers on any mobile network. There are no restrictions in that area.

Finally, Mothibi said, “By expanding our services to new markets and corridors, we enable individuals to support their families across borders. Additionally, we drive economic empowerment and foster greater financial resilience within communities.”

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