It is – as so often these days – a busy time for finance initiatives targeting developing regions. Indeed, two recent announcements relevant to such regions involve pan-African operator MTN.
Firstly, a new alliance between global payment infrastructure provider Thunes and MoMo PSB, the fintech platform of Nigeria’s largest mobile network operator MTN, is claimed to enable millions of Nigerians to now receive money from abroad instantly.
Through this collaboration, says Thunes, MoMo users can receive international funds instantly and use them for everyday needs.
MoMo PSB is a fintech platform and now also a member of Thunes’ Direct Global Network, offering a wide range of digital financial services, including payments, e-commerce, insurance and remittances.
As a subsidiary of Nigeria’s largest mobile network operator, MTN, MoMo PSB provides millions of Nigerians with access to digital financial solutions anytime, anywhere.
Thunes’ Direct Global Network enables its members to securely send and receive money across borders in real time by connecting with local wallets, neobanks, and financial institutions.
By connecting with MoMo PSB’s wallet ecosystem, the collaboration is claimed both to enhance financial inclusion and strengthen the flow of global money into Nigeria’s rapidly growing digital economy.
MoMo says the alliance marks the significant strides attained in the expansion of its African and international remittance corridors, allowing MoMo customers to receive funds from key international markets including the USA, UK, Canada, France, Australia, Saudi Arabia, Israel and South Africa.
Thunes says its mission is to enable the next billion end users in emerging markets to access the global economy.
And that’s not the only finance initiative MTN has recently become part of. Indeed, MTN Group Fintech, Africa's largest fintech platform and the name behind MoMo, is one of the members of the recently launched Global Financial Health Coalition, a diverse network of financial institutions, NGOs, telcos, wallet providers and industry leaders.
It’s aim? To bring together leaders across the ecosystem to share insights that help move consumers and micro and small businesses beyond access and towards overall financial health and the ability to withstand and navigate shocks.
This group was launched in late October at the ASEAN Inclusive Growth Summit in Kuala Lumpur, hosted by the Mastercard Centre for Inclusive Growth.
As Mastercard explains: “Billions of people still face the daily stresses of being underbanked or unbanked…We must ensure that individuals are not just connected to the digital economy, but empowered and protected – with the tools, trust and capabilities to actively participate, transact, save and grow. The digital transformation has driven unprecedented access – and it holds the key to unlocking meaningful financial well-being for all.”
Other members of the group include pan-African telecoms group Axian, DANA Indonesia, which provides secure mobile payment and remittance services, GCash, a Philippines-based mobile wallet service, and The Centre for Financial Inclusion, an independent think tank.
