The news

• MTN Group’s fintech arm has selected Network International as its payment processing partner.
• Network International’s integrated payment solutions are expected to enhance transaction efficiency for MTN’s mobile money users.
• This partnership aligns with MTN’s strategic efforts to expand its fintech services and promote financial inclusion on the continent.
  

In a strategic move to bolster its fintech capabilities, MTN Group has appointed Network International as its payment processing partner. This collaboration aims to enhance MTN’s digital payment infrastructure, providing seamless and efficient transaction experiences for its users across Africa.

Network International, a prominent enabler of digital commerce in the Middle East and Africa offers integrated payment solutions tailored to diverse market needs. Their expertise is expected to complement MTN’s existing fintech services, particularly the widely used mobile money platform, MoMo.

By integrating Network International’s advanced payment processing capabilities, MTN seeks to streamline transactions, reduce processing times, and improve service reliability for millions of customers.

This partnership aligns with MTN’s broader strategy to expand its fintech footprint and promote financial inclusion across the continent. In February 2024, MTN secured a $200 million investment from Mastercard, acquiring a minority stake in MTN’s fintech business. This investment was aimed at accelerating payment and remittance services within MTN’s ecosystem.

MTN has also pursued strategic acquisitions to strengthen its fintech capabilities. In August 2024, MTN Nigeria acquired a 7.17% minority stake in MoMo Payment Service Bank (MoMo PSB) from Acxani Capital for ₦6.95 billion, making MoMo PSB a wholly-owned subsidiary.

Furthermore, MTN has been proactive in extending its services to underserved regions. In April 2024, MTN’s MoMo expanded to 10 new countries, adding 25 wallet corridors to facilitate international remittances. This expansion enabled users to send money to 24 African countries, interacting with over 200 million wallets.

Network International has also been strengthening its presence in Africa. In August 2024, the company launched ‘Network One’ in Nigeria, an integrated payment suite offering merchant and issuer solutions hosted and supported locally. This platform is designed to empower banks, mobile network operators, and fintechs in Nigeria and the broader West African region.

The collaboration between MTN and Network International is poised to significantly impact Africa’s digital payment landscape. By leveraging Network International’s robust payment processing solutions, MTN aims to enhance the efficiency and reliability of its fintech services, thereby fostering greater financial inclusion. As digital payments become increasingly integral to economic activities, such partnerships are essential in building resilient and inclusive financial ecosystems across the continent.

This development underscores MTN’s commitment to leveraging strategic alliances to drive innovation and growth in Africa’s fintech sector. By enhancing its payment processing capabilities through this partnership, MTN is well-positioned to meet its customers’ evolving needs and contribute to the continent’s economic advancement.