Over the past 10 years, mobile money has transformed the face of financial services in Africa and Middle East as the harnessing of technology provided the opportunity to “leapfrog” traditional financial service solutions. This rapidly growing industry has accelerated financial inclusion, which is a potent enabler of socio-economic development that empowers the most vulnerable in society.
We believe that MTN has the potential to be a transformational force in mobile financial services industry. Historically, mobile financial services included basic money solutions, payments including in-store till points and remittances, prepaid services like electricity and data, and interoperable mobile wallets, micro-loans and micro-insurance. Today, the industry supports digital economies and marketplaces, connecting consumers and businesses in multiple ways and we plan to promote and accelerate these vast opportunities.
MTN plays a critical role in the evolution from mobile financial services (MFS) to a mobile financial platform (Fintech) in the markets we operate by offering services including in- store payments, remittances, prepaid services, mobile wallets, micro-loans, and microinsurance. These services are available to individuals and several services are accessible to small and medium enterprises through MoMoBusiness.
As we grow our service offering, we aim to create a digital marketplace that supports cashless and digital economies through affordable, inclusive, understandable and comprehensive financial services in Africa and the Middle East. In doing so, we are becoming the largest Fintech platform in Africa, accelerating economic and social development through digital disruption.
We have continued our efforts in developing solutions through e-commerce and transport platforms. Key developments include launching and growing our MoMoBusiness supports businesses of all sizes to digitise transactions through a MoMo- driven public web interface that facilitates bulk disbursements and collections in real- time, anytime, anywhere. Implementing transport solutions such as digitised the routes for more than 2 500 taxi drivers.
Through MoMoPay, we offer small businesses a secure, convenient and efficient payment method that can be tailored to meet their unique needs. Merchants can sign up through various channels including self-onboarding. Our MoMo Application Programming Interface (API) platform allows partners and vendors to integrate the MoMo platform into their own applications seamlessly.