Flutterwave, a leading fintech company here in Africa has joined forces with the MTN Group to allow businesses across Cameron, Ivory Coast, Rwanda, Uganda and Zambia to accept payments using MTN’s mobile money platform, MoMo.
Over the years MTN’s MoMo has scaled in the provision of its electronic wallet to individuals and businesses accross Africa, facilitating digital transfers and payments as well as other financial services.
MoMo had 48.9 million active users and 581,514 merchants by the end of June 2021. Flutterwave has over 290,000 businesses on its platform. We can only expect both platforms to witness a significant boost in the user bases, following the partnership.
Africa has seen tremendous growth in smartphone use in recent years, resulting in an explosion in mobile penetration. According to the GSMA, Africa will surpass half a billion unique mobile users this year, and 50% subscriber penetration will be achieved by 2025. Statista reports that Sub-Saharan Africa alone represents over 45 percent of the world’s mobile money users.
Flutterwave and MTN will support Africa’s mobile money trend by expanding its usage and penetration across the continent. A move that will help enhance local economies, improve the standard of living and provide more opportunities for businesses.
Founder and CEO of Flutterwave, Olugbenga Agboola said, “Africa has one of the highest growth rates for mobile money adoption and e-commerce in the world. It makes sense that we help provide a seamless payment method to support and ensure African businesses reap the full benefits of the e-commerce boom in the region. Our goal has always been to grow a new wave of prosperity in Africa by creating more avenues for businesses in Africa to accept payments. With this partnership, we can achieve this while creating endless possibilities for our customers.”
Group Chief Digital and Fintech Officer at MTN, Serigne Dioum, also commented on the partnership, “As we progress on our journey to becoming the largest fintech platform in Africa, we will empower millions of businesses to embrace e-commerce in our markets to accept digital payments from MoMo consumers. We believe this is an enabler to accelerating digitized payments in Africa. Building strong ecosystems through partnerships is central to our platform strategy and we will continue to invest in expanding the reach of our platform to consumers and businesses in Africa.”