MTN South Africa today announced a $2 million (R28 million) partnership with the International Finance Corporation (IFC), a member of the World Bank Group, to expand MTN’s Mobile Money (MoMo) business. The partnership will target the unbanked and underbanked population by 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, enrol, 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,” says 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,” says Kamenga, “but has the ripple effect of many more unbanked and underbanked South Africans having an opportunity to manage their money digitally, wherever they are.”
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.
“Digital technologies are helping connect businesses with customers and suppliers and increasing access to lending and payment systems for individuals and small businesses,” said Adamou Labara, IFC’s Country Manager for South Africa.
“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.”
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