MTN South Africa teams up with World Bank’s International Finance Corporation on mobile money

MTN South Africa has announced a partnership of $2 million with the World Bank’s International Finance Corporation (IFC) to expand its mobile money business.

MTN’s mobile money (MoMo) business saw a jump in transaction values and customer numbers during the COVID-19 pandemic, as movement restrictions and avoidance of physical cash pushed people towards mobile money platforms.

IFC will provide $1 million, which MTN said it will match, adding the partnership will target the unbanked and underbanked population by establishing a strong network of Momo agents, who carry out cash withdrawals on behalf of customers.

“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, said.