Ericsson & MTN Promote Financial Empowerment for Africa
Telecommunications giant Ericsson is headquartered in Sweden, and works to enable communications service providers and enterprises to capture the full value of connectivity.
Designed to support digitisation, increase efficiency and find new revenue streams, the company’s key business areas include Networks, Cloud Software and Services, Enterprise Wireless Solutions, Global Communications Platform, and Technologies and New Businesses. Ericsson’s innovation investments have delivered the benefits of mobility and mobile broadband to billions of people globally since the company was founded in 1876.
Partnerships for global empowerment
Fuelled by a belief that everyone deserves the benefits of a modern connected life, leading emerging market operator the MTN Group is working with Ericsson to enhance mobile financial services and financially empower millions of citizens across Africa. The MTN Group was founded in 1994, and is Africa’s largest mobile network operator.
Using MTN’s Mobile Money (MoMo) service on the Ericsson Wallet Platform, the partnership is working to increase financial inclusion from first-time users to high-end business applications, providing MTN customers across Africa access to a world-class mobile connectivity-based financial ecosystem.
Powered by the Ericsson Wallet Platform, MTN MoMo enables individuals and businesses to conduct secure and convenient banking and payment transactions with ease, directly from their mobile devices.
“At MTN, we are not just connecting people, we are unlocking a world of financial possibilities for every African. With 63.5 million active users, our Mobile Money platform is advancing economic empowerment across the continent,” shares Serigne Dioum, Chief Fintech Officer of MTN Group.
“MTN Mobile Money offers a spectrum of mobile financial services, encompassing money transfers, payments, savings, and loans for every consumer, actively driving financial inclusion and advancing economic empowerment across the continent. Our collaboration with Ericsson is a significant milestone in the execution of our Ambition 2025 - building the largest and most valuable platform business and create shared value for our customers in Africa.”
MoMo already has over 63 million active subscribers across 16 African countries, and has seen its annual transaction value almost triple since 2018, growing from US$76bn in 2018 to US$204bn in 2022, as well as transaction volumes increase by almost 300% during the same period - from 3.5 billion transactions in 2018 to 12.7 billion in 2022.
Ericsson Wallet Platform supports more than 400 million registered mobile wallets and processes more than 2.8 billion transactions, worth more than US$40bn, every month through communication service providers and financial institutions globally.
“Ericsson’s partnership with MTN is a world-leading example of the ability of mobile financial services to financially empower people and business — from giving the unbanked their first opportunity to control their finances, making it easier for women to access financial services and promoting digital inclusion — to enabling more advanced users to access high-end services,” adds Michael Wallis-Brown, Head of Mobile Financial Services at Ericsson.
“This model can be applied in any market anywhere in the world to genuinely empower mobile subscribers of all financial standings. Our valued MTN partnership also supports Ericsson's AfricaInMotion vision to promote a sustainable and connected Africa.”
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