Exciting News from MTN Mobile Money (MoMo)!
MTN Group has announced a significant expansion of its international remittances capabilities with the launch of 25 additional wallet corridors in 10 new countries. Now, MoMo users can send money to over 200 million wallets across 24 African countries, benefiting migrant populations and promoting financial inclusion.
This expansion aligns with MoMo’s mission to empower individuals, including those without traditional bank accounts, to access formal financial services. Since its inception in 2019, MoMo has evolved to offer a wide range of services, including payments, e-commerce, personal insurance, lending, and more.
The demand for international remittance services is growing, with over $2 billion processed daily, equivalent to more than 40% of Sub-Saharan Africa’s GDP. McKinsey’s research indicates that international remittances via mobile-money wallets grew by 65% year on year in 2020 to around $1 billion, showing no signs of slowing down.
With the addition of these new wallet corridors, MTN MoMo aims to facilitate seamless cross-border money transfers at a launch fee of 4%, lower than most competitors. This expansion not only enables individuals to support their families across borders but also drives economic empowerment and fosters greater financial resilience within communities.
