Mastercard and MTN Group Fintech have signed an agreement to provide all MTN MoMo customers with payment cards.
Details
In a joint statement, both companies stated that a virtual and physical Mastercard companion card would be added to every MoMo wallet, allowing users access to over 100 million acceptance locations globally.
The cards will be offered to all of the 60 million active monthly MoMo wallets in the 13 countries where the mobile money service is available, namely South Africa, Benin, Cameroon, Cote d’Ivoire, Eswatini, Ghana, Liberia, Nigeria, Republic of Congo, Republic of Guinea, Rwanda, Uganda, and Zambia.
Digging Deeper
The companies explained that SME owners can now access solutions with the opportunity to set up an e-commerce shopfront, including QR enablement, Tap-on-Phone solutions, and digital card acceptance.
In addition to enabling MoMo users to transact at regular payment terminals, it will allow MoMo merchants to accept card payments.
The partnership will also expand the reach of mobile money remittance services – both inward and cross-border remittances in Africa.
What They’re Saying
Mastercard EMEA market development vice president Amnah Ajmal said the company was proud of the partnership enabling digital commerce for millions of people in Africa.
“The agreement will enable SMEs with payments acceptance solutions such as Mastercard’s SME-in-a-Box, a low-cost payments solution that enables small business owners to move their businesses online and accept a range of digital payments from their customers,” they said.
MTN Group Fintech CEO Serigne Dioum said the collaboration would offer MoMo customers best-in-class apps, superior user experiences, safe transactions, secure remittances, new use cases, and expanded acceptance.
“The demand for international remittance services is growing with more than US$2 billion in daily processed transactions, equivalent to more than 40% of the GDP of Sub-Saharan Africa,” Mastercard and MTN said.
“International remittances via mobile money wallets grew by 65% year-over-year in 2020 to around US$1 billion, with no signs of slowing.”
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