advertisement
Facebook
X
LinkedIn
WhatsApp
Reddit

MTN partners with IFC as it expands MoMo network in SA

MTN has announced a significant investment into its Mobile Money (MoMo) business in South Africa. This as the network has partnered with the International Finance Corporation (IFC), a member of the World Bank Group, that’s resulted in $2 million being invested into an expansion of its local MoMo operations.

The partnership will aim to assist the unbanked and underbanked population of the country by establishing a strong network of MoMo agents South Africa, MTN explains.

More specifically it will see the network go on an employment drive to recruit 10 000 Mobile Money Agents in 2021.

“MTN will identify, recruit, enroll, train, and supervise the new MoMo agents and assist any dormant MoMo agents by giving them support where they struggle to get off the ground. A team of Trade Development Representatives will be created and trained by MTNSA and IFC to manage a portfolio of MoMo agents, support them in growing their business and managing compliance regulations like Anti Money Laundering and Know Your Customer,” explains a press release sent to Hypertext.

“IFC has assisted with funding and advisory services in several other Fintech operations in Africa and this partnership provides the opportunity to bridge the digital divide and broaden financial inclusion in South Africa,” adds Felix Kamenga, chief officer for Mobile Financial Services at MTN South Africa.

As part of the expansion, MTN says that there will also be a particular focus on ensuring female-owned businesses are empowered and involved in the financial sector as a result of this programme. The aim is to have viable standalone businesses that can increase transactional activity for the agents and increase awareness of MoMo value-add services, the network highlights.

“The growth and development of 10 000 MoMo agent businesses across the country not only benefits local communities and economies, but has the ripple effect of many more unbanked and underbanked South Africans having an opportunity to manage their money digitally, wherever they are,” concludes Kamenga.

With access to financial services an issue that needs addressing for large swathes of the country, for small businesses and people alike, it will be interesting to see if this sizeable investment and IFC partnership yields significant change on SA’s unbanked landscape.

advertisement

About Author

advertisement

Related News

advertisement