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MTN has broadened its Mobile Money (MoMo) service by adding 25 new wallet corridors across 10 African countries, enhancing its remittance network and extending its reach to a total of 200 million wallets across 24 nations on the continent.
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The newly established wallet corridors include connections between South Africa and countries such as the Democratic Republic of the Congo, Ethiopia, Gabon, Kenya, Madagascar, Mozambique, Malawi, Senegal, Sierra Leone, and Tanzania.
MTN highlights the significance of this expansion for South African migrant communities, particularly those who regularly send money to loved ones in Mozambique, Malawi, and the Democratic Republic of Congo.
Kagiso Mothibi, GM for fintech products and services at MTN South Africa, emphasized the benefits of these corridors for migrant communities, affirming the company’s commitment to facilitating seamless money transfers within Africa.
While South Africa predominantly serves as a net sender, with outbound transactions comprising about 90% of total remittances, MTN plans to introduce inbound transfers by the end of 2024 to cater to the remaining 10%.
MTN has forged partnerships with leading fintech platform operators like Orange, Tigo, M-Pesa, and Airtel to enable wallet-to-wallet transactions, ensuring interoperability and ease of use for users across different networks. Additionally, wallet-to-cash functionality is available for added convenience.
The exchange rate for remittance payments is determined by the market rate obtained by MTN’s partners from their respective banks. Currently, remittance transactions incur a charge of 4% per transfer, with all transfers processed immediately upon completion.
