MTN Group has entered a strategic partnership with Swedish technology firm Ericsson to enhance its fintech operations in Africa.

MTN Partners with Ericsson to Enhance Fintech Operations in Africa 2024
MTN Partners with Ericsson to Enhance Fintech Operations in Africa 2024

The collaboration aims to provide mobile banking services and promote financial inclusion across the continent by leveraging MTN’s Mobile Money (MoMo) service on the Ericsson Wallet Platform.

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The partnership was formalized during a visit by senior MTN Group officials to Ericson’s Group Headquarters in Sweden, where discussions centered on key strategic priorities and future collaboration.

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Ericson Wallet Platform, which handles over 400 million mobile wallets and 2.8 billion transactions monthly, will play a pivotal role in enabling financial services for MTN customers.

As part of the collaboration, the companies plan to move toward public cloud deployments and develop the Open API services platform.

This initiative is expected to accelerate financial innovation in Africa, allowing entrepreneurs to create revenue-generating applications. The development will also support their Ambition 2025 goal of establishing the largest and most valuable platform business in Africa.

MoMo has experienced substantial growth, with over 63 million active users across 16 African nations. The yearly transaction value has nearly tripled from $76 billion in 2018 to $204 billion by 2022, reflecting the platform’s impact on economic empowerment and financial inclusion.

Serigne Dioum, Chief Fintech Officer at MTN Group, emphasized the collaborative effort’s significance in achieving their ambitious goals. He stated, “Our collaboration is a critical step towards achieving our Ambition 2025 goal of establishing the largest and most valuable platform business in Africa while creating shared value for our customers.”

Michael Wallis-Brown, Head of Mobile Financial Services at Ericson, highlighted the partnership as a world-leading example of how mobile financial services can empower people and businesses.

The collaboration aims to cater to users of varying financial standings, promoting digital inclusion and contributing to Ericson’s AfricaInMotion vision for a sustainable and connected Africa.

The partnership is poised to accelerate financial technology (fintech) growth, emphasizing merchant and e-commerce payments, international money transfers, banking solutions, and insurance services across the African continent.

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