Ericsson  partners MTN to expand financial inclusion across Africa

Joy Agwunobi

Ericsson, a Swedish telecommunications equipment and services company, and the MTN Group, Africa’s largest mobile operator, have joined forces to drive the next phase of growth in mobile financial services in Africa. The partnership aims to bring more Africans into the financial ecosystem and improve financial inclusion on the continent.

As part of the partnership, senior executives from MTN visited Ericsson’s headquarters in Kista, Sweden, where the two parties agreed to work together on a variety of initiatives. One key element of the collaboration will be the integration of MTN’s Mobile Money (MoMo) service with Ericsson’s wallet platform. This will enable MTN to offer a range of financial services, including fund transfers, utility payments, access to loans, and insurance. 

Serigne Dioum, MTN’s chief fintech officer, emphasised that MTN is not only connecting people but also unlocking financial opportunities for Africans across the continent. He pointed out that the company’s mobile money platform, which has a user base of over 63.5 million people, is providing access to financial services and promoting economic empowerment.

He further stated, “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 creating shared value for our customers in Africa.”

MTN’s Mobile Money platform has seen impressive growth in recent years, with over 63 million active subscribers in 16 African countries. In addition, the annual transaction value has grown from $76 billion in 2018 to $204 billion in 2022. Meanwhile, Ericsson’s Wallet Platform supports over 400 million registered mobile wallets globally, processing 2.8 billion transactions monthly, totaling $40 billion. 

Michael Wallis-Brown, head of mobile financial services at Ericsson, stated that the partnership with MTN is a perfect example of how mobile financial services can empower both individuals and businesses. The platform allows people who do not have access to traditional banking services to manage their finances, while also providing a range of financial services to more advanced users. 

He added,“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.”