Flutterwave, MTN Partner on Mobile Money

Flutterwave, Africa’s payment technology company, has announced a mobile money partnership with MTN Group, that will allow businesses that are integrating Flutterwave in Cameroon, Côte d’Ivoire, Rwanda, Uganda and Zambia, to receive payments via MTN Mobile Money, called MoMo.

MTN MoMo is a fintech platform providing consumers and businesses with an electronic wallet, enabling electronic transfers and payments as well as access to digital and financial services.

At the end of June 2021, MTN MoMo had 48.9 million active users and 581,514 merchants. MoMo enables businesses to accept and make payments within the mobile money ecosystem. The new partnership will enable Flutterwave to offer MTN Mobile Money as a payment method to its business customers.

In recent years, Africa has witnessed an explosion in mobile penetration as smartphone adoption has risen rapidly. According to the GSMA, this year, Africa would hit the half a billion mark of unique mobile subscribers and the continent would reach 50 per cent subscriber penetration by 2025. The sub-Saharan Africa alone is responsible for more than 45 per cent of the world’s mobile money accounts with the number of account holders exceeding half a billion by 2020, as shared on Statista.

Through the partnership, MTN and Flutterwave will positively contribute to this trend by increasing mobile money usage and penetration in Africa to improve local economies and livelihoods as well as create opportunities for individuals and businesses across the continent.