MTN and Flutterwave has announced a mobile money partnership that enables Flutterwave to offer MTN MoMo as an alternative payment method. The partnership allows businesses to integrate Flutterwave in Cameroon, Rwanda, Côte d’Ivoire, Zambia, and Uganda to receive payments through MTN Mobile Money (MoMo).
Fintech platform MTN MoMo provides consumers and businesses with an electronic wallet that enables electronic transfers and payments in addition to both digital and financial services. By end of June 2021, MTN MoMo boasted 48.9 million active users alongside 581,514 merchants. Through MoMo, businesses can accept and make payments within their mobile money ecosystem. Flutterwave is a leading payment technology company that recently achieved unicorn status early this year after a $170 million Serie C raise.
Recently Africa has witnessed a mobile penetration explosion as the adoption of smartphones rapidly rises. As per GSMA stats Africa will exceed the half-a-billion mark in unique mobile subscribers as the continent races towards 50% subscriber penetration by 2025. Statista estimates that Sub-Saharan Africa alone accounted for 45% of the world’s mobile money accounts where account holders exceed half a billion by 2020.
MTN and Flutterwave will work closely in this partnership by increasing Africa’s mobile money usage and penetration. In the press release, MTN Group’s Chief Digital and Fintech Officer, Serigne Dioum said, “Building strong ecosystems through partnerships is central to our platform strategy.” Flutterwave CEO, Olugbenga Agboola said, “Africa has one of the highest growth rates for mobile money adoption and e-commerce in the world.”