Key Developments
MTN MoMo and Mastercard Announce Partnership to Expand Mobile Money Services in Africa
MTN MoMo, the mobile money arm of MTN Group, and Mastercard have announced a multi-market partnership aimed at expanding access to digital financial services across Africa.
Through this collaboration, MTN MoMo’s 60 million active users in 13 African countries will gain access to a wider range of financial tools, including prepaid virtual cards, seamless card payments for merchants, and enhanced cross-border money remittance services.
This agreement builds upon Mastercard’s recent $200 million investment in MTN Group Fintech, which acquired a 3.8% stake in the company.
“Collaboration is our innovation strategy,” said Amnah Ajmal, Executive Vice President of Market Development for Mastercard in Eastern Europe, Middle East, and Africa (EEMEA).
“We look forward to working with Mastercard as a partner that shares our commitment to empowering individuals and businesses,” echoed Serigne Dioum, Group CEO of MTN Fintech.
This partnership is expected to significantly contribute to the growth of digital financial services in Africa, offering greater financial inclusion and convenience for millions of users.
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