MTN MoMo expands to 10 new countries at a launch fee of 4%

April 16, 2024
2 min read
  • MTN has added 25 new wallet corridors to its Mobile Money (MoMo) application and expanded its services to 10 more countries to facilitate international remittances.
  • The expansion and launch would enable MoMo users to send money to 24 African countries and interact with over 200 million wallets.
  • The new countries include links between South Africa and the DRC, Ethiopia, Gabon, Kenya, Madagascar, Mozambique, Malawi, Senegal, Sierra Leone and Tanzania.

According to MTN, this new development will benefit South African migrants who send money home to Mozambique, Malawi, and the Democratic Republic of the Congo.

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, mentioned.

However, Mothibi stated that plans are underway to launch inbound functionalities by the end of 2024.

MTN further stated that the expansion is consistent with its mission to promote financial inclusion. Individuals who do not have a traditional bank account can now access formal financial services through the app.

MTN has partnered with operators such as Orange, Tigo, M-Pesa, and Airtel to improve interoperability for wallet-to-wallet transactions.

The General Manager commented on the launch and expansion, saying it strengthens their commitment to facilitating seamless cross-border money transfers at a 4% launch fee, which is lower than most competitors.

The exchange rate on remittance payments depends on the market rate that its partners get from their banks.

He also stated that the new development not only allows individuals to support their families across borders but also promotes economic empowerment and financial resilience within communities.

The expansion comes after Mastercard and MTN collaborated in February 2024 to launch a prepaid virtual card that will allow MoMo customers to use more than 100 million acceptance points worldwide. At the time, the offering was open to MoMo's 60 million active monthly wallets in its already-exiting African markets.

Don't miss out on Africa's financial revolution

Keep up with the rapid pace of innovation in Africa's fintech landscape with Fintech Today. Designed for quick consumption, our exclusive newsletter, trusted by over 1,000 industry leaders, delivers the latest insights, trends, and breakthroughs right to your inbox.
Fintech Today

Give it a try, you can unsubscribe anytime. Privacy Policy.

Before the partnership and expansion, Mastercard announced that it would invest $200 million in MTN Group fintech, which includes MTN MoMo, for a 3.8% minority stake.

Got a tip? Our journalists are ready to dig deeper. Please share your insights and information and help us uncover the stories that matter.

Subscribe To Techpoint Digest
Join thousands of subscribers to receive our fun week-daily 5-minute roundup of happenings in African and global tech, directly in your inbox, hours before everyone else.
This is A daily 5-minute roundup of happenings in African and global tech, sent directly to your email inbox, between 5 a.m. and 7 a.m (WAT) every week day! 
Digest Subscription

Give it a try, you can unsubscribe anytime. Privacy Policy.

Other Stories

43b, Emina Cres, Allen, Ikeja.

 Techpremier Media Limited. All rights reserved