Flutterwave, Africa’s leading payments technology company recently announced a mobile money partnership with MTN Group, Africa’s largest telecommunications provider, according to media reports. This partnership will allow businesses integrating Flutterwave in Cameroon, Côte d’Ivoire, Rwanda, Uganda and Zambia to receive payments via MTN Mobile Money (MoMo).allow businesses integrating Flutterwave in Cameroon, Côte d’Ivoire, Rwanda, Uganda and Zambia to receive payments via MTN Mobile Money (MoMo).
MTN MoMo is a fintech platform that provides consumers and businesses with an electronic wallet that allows them to transfer and receive money along with both digital and financial services. During the end of the first half of 2021, MoMo revealed that they have around 48.9 million users along with 581,514 merchants. Additionally, Flutterwave is a leading payment technology company and they recently achieved unicorn status after they received $170 million during a Series C funding.
Commenting on the partnership, Olugbenga “GB” Agboola, Founder and CEO of Flutterwave told the media, “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.”
In recent years, Africa has witnessed a sharp increase in the use of mobile phones as people started using smartphones more. Going by the GSMA stats, Africa will exceed half a billion mark in unique mobile subscribers as the country strives towards meeting the goal of 50 percent subscribers by 2025.