MTN Mobile Money (MoMo), a fin-tech startup based in Ghana, has announced that the company is working with more than 400,000 single agents.
MTN Mobile Money is a secure electronic service that enables MTN Mobile Money wallet holders to store funds, send, and receive money. It also allows wallet holders to make payments and do some of the transactions using their mobile phones.
“We estimate that the MTN mobile money ecosystem has contributed to the creation of 1 million jobs across our footprint,” MTN Group commented in an article that was published as part of the company’s launch of “We’re Good Together” initiative.
This initiative is focused on demonstrating how, in partnering with the host countries, they can change lives by improving digital access, driving financial inclusion, empowering and enabling SMEs, and creating jobs and broad community development.
As the GSMA reports, the creation of mobile money has entered over a decade and in 2018, transactions to the value of $1.3 Billion per day were achieved.
It was reported that a regular active mobile money user transacts to the amount valued at $206 per month. This amount is expected to increase as every year, the rise of mobile money is growing by 20%.
“MTN is proud to play a part in financial transformation on the continent, ensuring that our subscribers have access to a mobile way of managing money where traditional institutions are unable to assist,” said the company’s representative on an occasion.
With the increase of mobile money, the demand for merchants has also come. There are currently 120,000 MTN mobile money merchants in Africa which indicate that 120,000 businesses have been able to increase their revenue, according to the company.
“By accepting digital payments and bringing a digital element to traditional brick-and-mortar businesses, Mobile Money can play a central role in empowering entrepreneurs.”
Mobile Money provides two streams of financial empowerment. The first is that with a small sum of cash and a mobile phone, the youth who make up the majority of Africa, can become Mobile Money agents.
Mobile Money stated, “Today MTN Mobile Money is working with more than 400,000 single agents, who in turn employ other people.”
The company is providing entrepreneurs an opportunity to start and grow their businesses. This means that the more successful the businesses are, the more opportunities for employment will come.