MTN And Orange Join Forces To Target Money Users In Africa
MTN Group and Orange Group have announced a joint venture that will place its focus on mobile wallet ability to enable interoperable payments throughout Africa.
Africa’s leading mobile operator and mobile money provider have joined forces and created Mowali.
Mowali is a digital payment platform that connects financial service providers and their customers in one inclusive network. It works as an industry utility that is open to all mobile money providers in Africa, including money transfer operators, banks and other financial service providers.
It allows the user to send money between mobile money accounts that are issued by any mobile money provider, at a low cost and in real time.
The infrastructure will benefit from the reach of Orange Money and MTN Mobile Money, bringing together more than100 million mobile money operations and mobile money accounts in 22 of the 46 sub-Saharan markets in Africa.
The objective of Mowali is to promote the usage of mobile money by consumers and merchants.
Stéphane Richard, the Chairman & CEO of Orange, said that by providing full interoperability between the relevant platforms, Mowali would provide a crucial step forward that would allow mobile money to become the standard means of payment in Africa, particularly for more isolated communities.
Richard added that by joining forces with MTN, the aim is to accelerate the pace of transformation in a manner designed to change the lives of all customers by providing them with safer, simpler and more helpful services.
The platform enables transactions between mobile money accounts from any operators in all countries.
The Group CEO of MTN, Rob Shuter said that one of MTN’s objectives is to speed up the penetration of mobile financial services in Africa, and Mowali would be one such vehicle that would help the telecommunications giant achieve that objective.
The GSMA is in full support of Mowali as interoperability will be a crucial accelerator for both Mobile Money usability and financial inclusion across Africa.
The Director General of GSMA, Mats Granryd said that there are currently over 690 million mobile money accounts in the world and mobile money services have become essential across Africa.
Granryd believes that the level of demand for these services will enable Mowali to help to further transform mobile financial services all across the African region.
Credit: This article originated from www.techfinancials.co.za