The partnership will target the unbanked and underbanked population through establishing a strong network of MoMo agents in the country.
The partnership will also see a strong job employment drive and will see IFC and MTN South Africa seek to recruit 10 000 Mobile Money Agents in 2021 to increase access to affordable financial services in underserved communities. MTN will identify, recruit, enroll, train, and supervise the new MoMo agents and assist any dormant MoMo agents by giving them support where they struggle to get off the ground.
A team of Trade Development Representatives will be created and trained by MTNSA and IFC to manage a portfolio of MoMo agents, support them in growing their business and managing compliance regulations like Anti Money Laundering and Know Your Customer.
“IFC has assisted with funding and advisory services in several other Fintech operations in Africa and this partnership provides the opportunity to bridge the digital divide and broaden financial inclusion in South Africa.”
Felix Kamenga, Chief Officer for Mobile Financial Services at MTN South Africa
There is a particular focus on ensuring female owned businesses are empowered and involved in the financial sector through this programme. The aim is to have viable stand-alone businesses that can increase transactional activity for the agents and increase awareness of MoMo value-add services.
“The growth and development of 10,000 MoMo agent businesses across the country not only benefits local communities and economies, but has the ripple effect of many more unbanked and underbanked South Africans having an opportunity to manage their money digitally, wherever they are.”
Felix Kamenga, Chief Officer for Mobile Financial Services at MTN South Africa
MTN’s revised strategy, Ambition 2025 is anchored on building the largest and most valuable platform business with a clear focus on Africa. The strategic intent of Ambition 2025 of ‘Leading digital solutions for Africa’s progress’ is anchored in our enduring belief that ‘everyone deserves the benefits of a modern connected life’. MoMo, across the continent, offers world class customer experiences and helps further our broader MTN commitment to creating real shared value, by opening economies to communities that have previously been outside of the traditional banking systems.
“Connectivity is a critical enabler for economic growth and at MTN we are committed to partnering with the communities we serve, to provide powerful and value-adding digital platforms, to enhance the lives of individuals, business and communities as a whole.”
Serigne Dioum, MTN’s Group Chief Digital and Fintech Officer
“Digital technologies are helping connect businesses with customers and suppliers and increasing access to lending and payment systems for individuals and small businesses. Mobile money is a perfect example of this and is needed now, more than ever, to help small businesses to grow and to reach communities where access to financial services is low.”
Adamou Labara, IFC’s Country Manager for South Africa
IFC is the largest global development institution focused on the private sector in developing countries. IFC’s mission is to advance economic development by encouraging the growth of private enterprise in developing countries.
“In this programme we hope to bring this to fruition by engaging with small and medium sized retail businesses with a particular focus on developing youth and women and under-serviced areas.”
Felix Kamenga, Chief Officer for Mobile Financial Services at MTN South Africa
