Flutterwave, a number one funds expertise firm in Africa, is collaborating with MTN Group to allow companies working Flutterwave in some African nations to obtain funds by way of MTN Cellular Cash referred to as MoMo.
The approaching collectively of the 2 corporations would enable Flutterwave to supply MTN Cellular Cash as a cost methodology to its enterprise clients in Cameroon, Côte d’Ivoire, Rwanda, Uganda and Zambia and allow them obtain funds via MTN MoMo.
MTN and Flutterwave partnership would additionally positively contribute to this pattern by rising cellular cash utilization and penetration in Africa to enhance native economies and livelihoods in addition to create alternatives for people and companies throughout the continent.
MTN MoMo is a fintech platform offering customers and companies with an digital pockets, enabling digital transfers and funds in addition to entry to digital and monetary companies.
Commenting on the partnership, Olugbenga “GB” Agboola, Founder and CEO of Flutterwave, mentioned: “Africa has one of many highest development charges for cellular cash adoption and e-commerce on this planet. It is sensible that we assist present a seamless cost methodology to help and guarantee African companies reap the complete advantages of the e-commerce growth within the area.
‘Our aim has at all times been to develop a brand new wave of prosperity in Africa by creating extra avenues for companies in Africa to just accept funds. With this partnership, we will obtain this whereas creating limitless potentialities for our clients.”
Additionally commenting on the collaboration, Serigne Dioum, MTN Group Chief Digital and Fintech Officer mentioned: “As we progress on our journey to changing into the biggest fintech platform in Africa, we are going to empower hundreds of thousands of companies to embrace e-commerce in our markets to just accept digital funds from MoMo customers. We imagine that is an enabler to accelerating digitized funds in Africa. Constructing sturdy ecosystems via partnerships is central to our platform technique and we are going to proceed to spend money on increasing the attain of our platform to customers and companies in Africa.”
The brand new partnership will additional increase on Flutterwave’s earlier collaboration with MTN, past Uganda and Rwanda – with the potential of deepening adoption of digital funds and e-commerce in Africa, a sector anticipated to succeed in $29 billion by 2022, in response to Statista.
MoMo allows companies to just accept and make funds throughout the cellular cash ecosystem and the platform recorded 48.9 million energetic customers and 581,514 retailers on the finish of June 2021,
In recent times, Africa has witnessed an explosion in cellular penetration as smartphone adoption has risen quickly. In line with the World System for Cellular Communications (GSMA), this yr Africa will hit the half a billion mark of distinctive cellular subscribers and the continent will attain 50% subscriber penetration by 2025. Sub-Saharan Africa alone is chargeable for greater than 45% of the world’s cellular cash accounts with the variety of account holders exceeding half a billion by 2020, as shared on Statista.
Flutterwave is a funds expertise firm that helps companies everywhere in the world increase their operations in Africa and different rising markets, via a platform that permits cross-border transactions by way of one API.