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MTN has significantly expanded its Mobile Money (MoMo) service by adding 25 new wallet corridors across 10 African countries, increasing its reach to 200 million wallets in 24 countries on the continent.
The expansion includes new corridors in the Democratic Republic of Congo (DRC), Ethiopia, Gabon, Kenya, Madagascar, Mozambique, Malawi, Senegal, Sierra Leone, and Tanzania, joining existing services in Zambia, Ghana, Cameroon, Rwanda, Uganda, Ivory Coast, Liberia, Congo Brazzaville, Benin, Guinea Conakry, and Guinea Bissau.
Kagiso Mothibi, MTN South Africa’s General Manager for fintech products and services, highlighted the benefits of this expansion, particularly for migrant communities in South Africa sending remittances to Mozambique, Malawi, and the DRC. “With these new corridors, we are enhancing our ability to offer low-cost, cross-border money transfers. Our launch fee of just 4% undercuts many of our competitors,” Mothibi stated.
He further emphasized the broader impact of MoMo’s expansion: “Expanding into new markets allows us to empower individuals economically, helping them support their families across borders and improve their financial resilience. Our goal is to deliver financial solutions that are not only innovative and accessible but also affordable, simple, and reliable.”
In its pursuit of greater interoperability, MTN has partnered with other leading fintech platforms like Orange, Tigo, M-Pesa, and Airtel, facilitating wallet-to-wallet and wallet-to-cash transactions.
MTN South Africa also clarified that the exchange rates for remittance payments are set based on market rates from partner banks. The remittance service charges a 4% transaction fee, and transfers are processed instantly.
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