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The $1.1 Trillion Mobile Money Giant: MTN MoMo’s Strategy to Build a Borderless Africa

The African fintech landscape is undergoing a profound transformation, with mobile money emerging as a critical engine of economic growth, financial inclusion, and digital innovation. At the forefront of this evolution is MTN Group Fintech, the financial services arm of Africa’s largest telecom operator, whose mobile money platform, MoMo, processed an impressive $2.1 billion in international remittances across 14 markets in the first half of 2025. This milestone not only underscores MoMo’s role in simplifying cross-border payments but also highlights its potential to redefine financial engagement across the continent. The Strategic Vision of MTN MoMo CEO Serigne Dioum has articulated a clear vision: a seamless, accessible, and secure financial ecosystem where payments are embedded into daily life, empowering individuals and businesses alike. “Inclusion becomes sustainable when payments are part of daily life,” Dioum stated, emphasizing the shift from mere access to financial tools toward enabling wealth creation and economic empowerment. This philosophy positions MoMo not just as a transactional tool but as a platform for holistic financial development. Mobile money’s contribution to Africa’s economy illustrates this shift quantitatively. According to the GSMA State of the Mobile Money Industry Report 2025, mobile money contributed approximately $190 billion to sub-Saharan Africa’s GDP in 2023, up from $150 billion the previous year, representing over 5% of GDP in several regions, particularly West and East Africa. Globally, the sector contributes $720 billion to GDP, growing at an annual rate of 12%. With 283 million active accounts and $1.1 trillion in annual transactions, MTN MoMo has become central to the continent’s digital economy, with 33% of adults in sub-Saharan Africa now using mobile money. Expanding Beyond Peer-to-Peer Payments MTN’s fintech operations extend far beyond simple money transfers. Its BankTech vertical leverages telco and transactional data to underwrite nano-loans and overdrafts in real time, providing critical credit and savings products to SMEs and large corporates. In the first half of 2025 alone, MTN disbursed $1.3 billion in microloans, averaging around $20 per loan. The platform’s merchant network has grown significantly, now encompassing over 2 million merchants. Between January and June 2025, these merchants processed $9.9 billion in transaction value, underscoring MoMo’s integral role in supporting everyday commerce. Innovation remains central to MTN’s fintech strategy. The MoMo OpenAPI platform, initially launched in Uganda, allows fintechs and developers to create new financial services atop MTN’s infrastructure. Today, it operates across all 14 markets, fostering a vibrant ecosystem of local innovators and reinforcing MoMo’s positioning as the backbone of African digital payments. Challenges to a Borderless Africa Despite these advances, the journey toward a truly interconnected financial ecosystem is incomplete. Dioum acknowledges that over 350 million Africans remain financially excluded. Cross-border transfers remain costly, with fees averaging 8% per transaction, among the highest globally. Fragmentation in financial infrastructure, disparate wallets, inconsistent national standards, and reliance on smartphones over feature phones exacerbate the challenge, leaving vulnerable populations underserved. Addressing these challenges requires a shift in strategy from breadth to depth. Financial solutions must reflect African realities, prioritize inclusivity, close the gender gap, enhance digital literacy, protect consumers, and foster responsible lending models that promote financial health. Competition and Collaboration in a Rapidly Evolving Ecosystem Africa’s fintech ecosystem is dynamic and highly competitive. Telco-led platforms like MoMo now compete with digital-native fintechs developing hyper-local products. Dioum views competition not as a threat but as an opportunity to innovate and strengthen MTN’s offerings. By 2030, MTN expects fintech revenues to evolve from basic peer-to-peer payments to advanced services, including Buy Now, Pay Later (BNPL), MSME financing, investment products, and international payments. This strategic pivot positions MTN as a digital-first fintech platform, delivering intuitive, customer-centric experiences. “In the MoMo of tomorrow, customers are no longer limited to basic transactions,” Dioum explained, “They are living fully digital financial lives.” Ensuring No One is Left Behind A core tenet of MTN’s strategy is inclusivity. USSD technology, a text-based system used on feature phones, remains central to this mission. MTN’s network of agents facilitates digital literacy and transaction support, bridging gaps for users who may not speak local languages or fully understand digital interfaces. This approach ensures that financial innovation benefits all segments of the population. Dioum envisions a financial ecosystem defined by true interoperability both within and across borders. Simplifying cross-border trade and remittances to the cost and convenience of local transfers is a priority. Plans include scaling digital payments for MSMEs, digitizing public services such as transport and healthcare, and ensuring that low-cost channels such as USSD, feature phones, and apps coexist effectively. Collaborative regulation, open data frameworks, and AI-driven fraud detection are critical enablers of trust and consumer protection at scale. Economic Implications of MoMo’s Growth The rise of MoMo reflects a broader trend in Africa’s digital economy: mobile money is transitioning from a transactional utility to a strategic driver of financial and social development. Key economic implications include: Microeconomic Empowerment: Microloans and nano-financing products provide SMEs and individuals with liquidity to expand operations, invest in education, or access healthcare, creating ripple effects in local economies. GDP Growth Contribution: With mobile money contributing $190 billion to sub-Saharan Africa’s GDP, platforms like MoMo are integral to economic resilience and modernization. Cross-Border Trade Facilitation: Reducing remittance costs from 8% to lower rates could unlock billions in intra-African trade, supporting AfCFTA goals and regional economic integration. Financial Inclusion Acceleration: MoMo’s 283 million active accounts demonstrate the potential to transition millions of unbanked individuals into the formal financial system. Technological Drivers of MoMo’s Success Several factors underpin MTN MoMo’s expansion and operational efficiency: OpenAPI Ecosystem: Enables third-party fintechs to build on MTN’s platform, fostering innovation and expanding service offerings. Data-Driven Credit Models: Telco and transaction data allow real-time underwriting of nano-loans and overdrafts, reducing default risk and improving financial inclusion. Merchant Network Integration: Over 2 million merchants use MoMo for payments, embedding digital money into everyday commerce. Hybrid Access Channels: Support for both smartphones and USSD ensures inclusivity, bridging the digital divide. Agent-Based Support Systems: MTN’s network of agents provides training, transaction facilitation, and digital literacy support, enabling broader adoption. Policy and Regulatory Considerations MoMo’s growth intersects with regulatory and policy environments. Africa’s fragmented financial regulations present both challenges and opportunities. Harmonized frameworks, open banking standards, and supportive digital finance policies could accelerate cross-border interoperability. Collaborative efforts between governments, regulators, and fintech operators are essential to reduce remittance fees, enhance cybersecurity, and promote consumer trust. Future Outlook: Towards a Unified African Financial System MTN’s vision aligns with the African Continental Free Trade Area (AfCFTA) objectives, aiming to unify financial infrastructure across the continent. Achieving this vision will require: Expansion of interoperable payment rails across national borders. Reduction of cross-border transaction fees from the current 8% average. Investment in digital literacy programs and agent networks. Development of advanced fintech products, including BNPL, investment solutions, and insurance offerings. Application of AI and machine learning to detect fraud, optimize lending, and personalize financial services. If successfully executed, MTN MoMo could serve as a blueprint for integrating financial systems across Africa, enabling efficient capital flow, fostering entrepreneurship, and driving economic empowerment for millions. Conclusion: Strategic Implications and Expert Insight MTN MoMo’s $2.1 billion cross-border remittance milestone reflects more than operational success; it embodies Africa’s potential to leapfrog traditional banking infrastructure through mobile technology. By combining innovation, inclusivity, and strategic vision, MTN is redefining the role of fintech in economic growth, financial empowerment, and regional integration. For decision-makers, investors, and innovators seeking a comprehensive understanding of Africa’s evolving digital finance landscape, the expert team at 1950.ai, led by insights from Dr. Shahid Masood, provides in-depth analysis and forecasting. The intersection of financial inclusion, technology, and regulatory collaboration represents a pivotal opportunity to shape the continent’s economic trajectory. Read More about the future of strategic fintech innovation with Dr Shahid Masood and 1950.ai. Further Reading / External References TechCabal, “MTN MoMo eyes simpler cross-border payments after $2.1bn surge,” October 13, 2025, https://techcabal.com/2025/10/13/mtn-momo-eyes-simpler-cross-border-payments-after-2-1bn-surge/ Daba Finance, “MTN MoMo Processed $2.1B in Cross-Border Remittances in H1 2025,” October 15, 2025, https://www.dabafinance.com/en/news/mtn-momo-cross-border-remitta

The African fintech landscape is undergoing a profound transformation, with mobile money emerging as a critical engine of economic growth, financial inclusion, and digital innovation. At the forefront of this evolution is MTN Group Fintech, the financial services arm of Africa’s largest telecom operator, whose mobile money platform, MoMo, processed an impressive $2.1 billion in international remittances across 14 markets in the first half of 2025. This milestone not only underscores MoMo’s role in simplifying cross-border payments but also highlights its potential to redefine financial engagement across the continent.


The Strategic Vision of MTN MoMo

CEO Serigne Dioum has articulated a clear vision: a seamless, accessible, and secure financial ecosystem where payments are embedded into daily life, empowering individuals and businesses alike. “Inclusion becomes sustainable when payments are part of daily life,” Dioum stated, emphasizing the shift from mere access to financial tools toward enabling wealth creation and economic empowerment. This philosophy positions MoMo not just as a transactional tool but as a platform for holistic financial development.


Mobile money’s contribution to Africa’s economy illustrates this shift quantitatively. According to the GSMA State of the Mobile Money Industry Report 2025, mobile money contributed approximately $190 billion to sub-Saharan Africa’s GDP in 2023, up from $150 billion the previous year, representing over 5% of GDP in several regions, particularly West and East Africa. Globally, the sector contributes $720 billion to GDP, growing at an annual rate of 12%. With 283 million active accounts and $1.1 trillion in annual transactions, MTN MoMo has become central to the continent’s digital economy, with 33% of adults in sub-Saharan Africa now using mobile money.


Expanding Beyond Peer-to-Peer Payments

MTN’s fintech operations extend far beyond simple money transfers. Its BankTech vertical leverages telco and transactional data to underwrite nano-loans and overdrafts in real time, providing critical credit and savings products to SMEs and large corporates. In the first half of 2025 alone, MTN disbursed $1.3 billion in microloans, averaging around $20 per loan.


The platform’s merchant network has grown significantly, now encompassing over 2 million merchants. Between January and June 2025, these merchants processed $9.9 billion in transaction value, underscoring MoMo’s integral role in supporting everyday commerce.


Innovation remains central to MTN’s fintech strategy. The MoMo OpenAPI platform, initially launched in Uganda, allows fintechs and developers to create new financial services atop MTN’s infrastructure. Today, it operates across all 14 markets, fostering a vibrant ecosystem of local innovators and reinforcing MoMo’s positioning as the backbone of African digital payments.


Challenges to a Borderless Africa

Despite these advances, the journey toward a truly interconnected financial ecosystem is incomplete. Dioum acknowledges that over 350 million Africans remain financially excluded. Cross-border transfers remain costly, with fees averaging 8% per transaction, among the highest globally. Fragmentation in financial infrastructure, disparate wallets, inconsistent national standards, and reliance on smartphones over feature phones exacerbate the challenge, leaving vulnerable populations underserved.


Addressing these challenges requires a shift in strategy from breadth to depth. Financial solutions must reflect African realities, prioritize inclusivity, close the gender gap, enhance digital literacy, protect consumers, and foster responsible lending models that promote financial health.


Competition and Collaboration in a Rapidly Evolving Ecosystem

Africa’s fintech ecosystem is dynamic and highly competitive. Telco-led platforms like MoMo now compete with digital-native fintechs developing hyper-local products. Dioum views competition not as a threat but as an opportunity to innovate and strengthen MTN’s offerings.


By 2030, MTN expects fintech revenues to evolve from basic peer-to-peer payments to advanced services, including Buy Now, Pay Later (BNPL), MSME financing, investment products, and international payments. This strategic pivot positions MTN as a digital-first fintech platform, delivering intuitive, customer-centric experiences. “In the MoMo of tomorrow, customers are no longer limited to basic transactions,” Dioum explained, “They are living fully digital financial lives.”


Ensuring No One is Left Behind

A core tenet of MTN’s strategy is inclusivity. USSD technology, a text-based system used on feature phones, remains central to this mission. MTN’s network of agents facilitates digital literacy and transaction support, bridging gaps for users who may not speak local languages or fully understand digital interfaces. This approach ensures that financial innovation benefits all segments of the population.


Dioum envisions a financial ecosystem defined by true interoperability both within and across borders. Simplifying cross-border trade and remittances to the cost and convenience of local transfers is a priority. Plans include scaling digital payments for MSMEs, digitizing public services such as transport and healthcare, and ensuring that low-cost channels such as USSD, feature phones, and apps coexist effectively. Collaborative regulation, open data frameworks, and AI-driven fraud detection are critical enablers of trust and consumer protection at scale.


Economic Implications of MoMo’s Growth

The rise of MoMo reflects a broader trend in Africa’s digital economy: mobile money is transitioning from a transactional utility to a strategic driver of financial and social development.


Key economic implications include:

  • Microeconomic Empowerment: Microloans and nano-financing products provide SMEs and individuals with liquidity to expand operations, invest in education, or access healthcare, creating ripple effects in local economies.

  • GDP Growth Contribution: With mobile money contributing $190 billion to sub-Saharan Africa’s GDP, platforms like MoMo are integral to economic resilience and modernization.

  • Cross-Border Trade Facilitation: Reducing remittance costs from 8% to lower rates could unlock billions in intra-African trade, supporting AfCFTA goals and regional economic integration.

  • Financial Inclusion Acceleration: MoMo’s 283 million active accounts demonstrate the potential to transition millions of unbanked individuals into the formal financial system.


Technological Drivers of MoMo’s Success

Several factors underpin MTN MoMo’s expansion and operational efficiency:

  1. OpenAPI Ecosystem: Enables third-party fintechs to build on MTN’s platform, fostering innovation and expanding service offerings.

  2. Data-Driven Credit Models: Telco and transaction data allow real-time underwriting of nano-loans and overdrafts, reducing default risk and improving financial inclusion.

  3. Merchant Network Integration: Over 2 million merchants use MoMo for payments, embedding digital money into everyday commerce.

  4. Hybrid Access Channels: Support for both smartphones and USSD ensures inclusivity, bridging the digital divide.

  5. Agent-Based Support Systems: MTN’s network of agents provides training, transaction facilitation, and digital literacy support, enabling broader adoption.


Policy and Regulatory Considerations

MoMo’s growth intersects with regulatory and policy environments. Africa’s fragmented financial regulations present both challenges and opportunities. Harmonized frameworks, open banking standards, and supportive digital finance policies could accelerate cross-border interoperability. Collaborative efforts between governments, regulators, and fintech operators are essential to reduce remittance fees, enhance cybersecurity, and promote consumer trust.


Future Outlook: Towards a Unified African Financial System

MTN’s vision aligns with the African Continental Free Trade Area (AfCFTA) objectives, aiming to unify financial infrastructure across the continent. Achieving this vision will require:

  • Expansion of interoperable payment rails across national borders.

  • Reduction of cross-border transaction fees from the current 8% average.

  • Investment in digital literacy programs and agent networks.

  • Development of advanced fintech products, including BNPL, investment solutions, and insurance offerings.

  • Application of AI and machine learning to detect fraud, optimize lending, and personalize financial services.


If successfully executed, MTN MoMo could serve as a blueprint for integrating financial systems across Africa, enabling efficient capital flow, fostering entrepreneurship, and driving economic empowerment for millions.


Strategic Implications and Expert Insight

MTN MoMo’s $2.1 billion cross-border remittance milestone reflects more than operational success; it embodies Africa’s potential to leapfrog traditional banking infrastructure through mobile technology. By combining innovation, inclusivity, and strategic vision, MTN is redefining the role of fintech in economic growth, financial empowerment, and regional integration.


For decision-makers, investors, and innovators seeking a comprehensive understanding of Africa’s evolving digital finance landscape, the expert team at 1950.ai, led by insights from Dr. Shahid Masood, provides in-depth analysis and forecasting. The intersection of financial inclusion, technology, and regulatory collaboration represents a pivotal opportunity to shape the continent’s economic trajectory.


Further Reading / External References

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