MTN has expanded its Mobile Money (MoMo from MTN) service by introducing 25 new remittance corridors across 10 African countries, enhancing its network to encompass 200 million wallets in 24 countries.
MTN added new remittance routes to Kenya, the Democratic Republic of Congo, Ethiopia, Gabon, Madagascar, Mozambique, Malawi, Senegal, Sierra Leone, and Tanzania. These routes are in addition to the existing ones, which include Nigeria, Zambia, Ghana, Cameroon, Rwanda, Uganda, Ivory Coast, Liberia, Congo Brazzaville, Benin, Guinea Conakry, and Guinea Bissau.
The initiative addresses the longstanding issue of the underserved African remittance market, which has traditionally forced many to rely on insecure cash-based transfer methods.
The latest development also addresses the growing demand for international remittance services. According to McKinsey, more than $2 billion is processed in daily transactions, equivalent to more than 40% of Sub-Saharan Africa's GDP.
While announcing the expansion of MTN MoMo’s international remittance services, the mobile operator says this aligns with the platform’s mission to promote financial inclusion and empower individuals without traditional bank accounts to access formal financial services.
