MTN intros remittances app
Mobile operator MTN has announced the launch of its latest fintech service, a remittances app dubbed MTN Homeland.
This, after MTN Group CEO and president Rob Shuter told delegates at last month’s AfricaCom 2019 conference the company has a strategy to push business across telco-specific and fintech fronts.
In a statement, MTN says the mobile app aims to facilitate money and airtime transfers from Europe to Africa and parts of the Middle East.
Furthermore, the MTN Homeland app allows remittances from Europe to Cameroon, Congo Brazzaville, Ghana, Guinea Conakry, Rwanda and Uganda, while airtime can be sent to Afghanistan, Benin, Botswana, Cameroon, Congo Brazzaville, Ivory Coast, Ghana, Guinea Bissau, Guinea Conakry, Liberia, Nigeria, Rwanda, South Africa, Swaziland, Uganda, Yemen and Zambia.
Commenting on MTN’s latest offering, Shuter says: “The value of remittances from the diaspora exceeds foreign direct investment in Africa. MTN has the largest fintech and telecommunications footprint in Africa and is, therefore, uniquely positioned to go beyond mobile communication by offering instant, low-cost digital remittances. MTN Homeland is one more example of how MTN uses fintech to expand its reach beyond its existing footprint and core business, while driving meaningful impact to millions.”
In 2018, a study from Juniper Research estimated total international remittances via formal channels would exceed $600 billion in that year. It further found international digital peer-to-peer remittances conducted via mobile and online platforms would exceed $300 billion globally by 2021.
Serigne Dioum, MTN executive for fintech, adds: “We believe this offering will not only make the lives of our mobile money customers on the African continent a whole lot brighter, but those in the diaspora too.”
MTN boasts around 32 million 30-day active mobile money customers.
Dioum also indicated the company is working towards enabling remittances from the US, Australia, United Arab Emirates and other corridors into Africa.