MTN SA partners with IFC to expand its mobile money business

MTN South Africa has recently announced a strategic partnership with the World Bank's International Finance Corporation (IFC) in a bid to enhance its mobile money business. The $2 million collaboration aims to not only expand the company's mobile money offering but also to promote financial inclusion and access to digital services for more South Africans. Felix Kamenga, Chief Officer for Mobile Financial Services at MTN SA, shared insights on the partnership with CNBC Africa. Kamenga explained that the partnership with the IFC was driven by a shared mission to accelerate financial services and promote financial inclusion. He emphasized that both organizations are aligned in their visions, making it a natural fit to collaborate and combine resources for a greater impact. The focus of the partnership is on leveraging advisory services provided by the IFC to recruit more participants into the mobile money ecosystem. One of the key initiatives under this partnership is the recruitment of existing businesses to adopt mobile money services. MTN SA aims to empower women and youth through this initiative, specifically targeting female entrepreneurs and young individuals. Kamenga highlighted that the program is designed to facilitate the expansion of service offerings for small business owners who are interested in integrating mobile money into their operations. In terms of implementation, MTN SA plans to hire approximately 10,000 agents to support the onboarding of businesses into the mobile money ecosystem. These agents will play a crucial role in ensuring compliance with regulatory requirements and providing guidance to businesses entering the digital financial space. The focus on youth and women empowerment is a strategic move by MTN SA and the IFC, especially in the wake of the economic challenges posed by the COVID-19 pandemic. By targeting these demographics, the partnership aims to drive economic participation and empowerment among traditionally underserved groups in South Africa. Overall, the collaboration between MTN SA and the IFC represents a significant step towards advancing financial inclusion and fostering digital innovation in the country. With a strong emphasis on empowering women and youth, the partnership signals a commitment to creating opportunities for economic growth and development for all South Africans.