Connecting Africa is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.

FinTech

MTN Launches Mobile Remittance App

Article Image
MTN is expanding its financial services offerings, now launching a mobile remittance application called MTN Homeland targeted at the African diaspora in Europe.

The new fintech innovation is aimed at facilitating money and airtime transfers from Europe to Africa and parts of the Middle East.

With MTN Homeland, remittances can be made from Europe to Cameroon, Congo Brazzaville, Ghana, Guinea Conakry, Rwanda and Uganda. Airtime can also 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.

"The value of remittances from the diaspora exceeds foreign direct investment in Africa," said MTN Group CEO Rob Shuter about the reasoning behind the app.

"MTN has the largest fintech and telecommunication 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," he added

MTN Group CEO Rob Shuter
MTN Group CEO Rob Shuter

The Homeland website claims the app allows transfer to more than 80 million mobile money wallets across 14 countries and access through 500,000 MTN Mobile Money Agents across Africa. The service is powered by fintech startup MFS Africa.

MTN has almost 244 million customers in 21 countries in Africa and the Middle East. At the end of September 2019 MTN's active Mobile Money subscribers had grown to around 31.7 million across its portfolio. (See MTN Group Grows, SA Struggles.)

MTN Homeland also supports the achievement of the tenth UN Sustainable Development Goal (SDG), which is to reduce inequality within and among countries. One of the SDG's targets is to reduce the price of remittances to under 3% of the value of the remittance into Africa; MTN said that Homeland has been priced with that target in mind.

To send money from Europe you need to be an EU or UK resident, have a smartphone and a debit or credit card. Recipients simply need a Mobile Money account to receive money or MTN users can be sent airtime top ups directly to their MTN number.

MTN executive for fintech, Serigne Dioum, said that the company is working towards enabling remittances from the US, Australia, UAE and other corridors into Africa in future.

— The Staff, Connecting Africa

Innovation hub

Story

Hot startup of the month: Pan-African fintech KamaPay

This month's hot startup is pan-African fintech KamaPay, which helps individuals and businesses make cross-border payments on the continent.

Story

Afretec awards $3.3M in grants to African research teams

The African Engineering and Technology Network (Afretec) has awarded grants worth $300,000 each to 11 university research teams across Africa to advance digital technologies.

More Innovation hub

Latest video

More videos

Sponsored video

More videos

Industry announcements

More Industry announcements

Flash poll

All polls

Africa Tech Perspectives

Story

Deep dive into East Africa's tech startup ecosystem

New survey reveals a lack of access to investors, reliance on international VCs and global recession trends as the biggest barriers for East African tech startups to access funds.

Story

Challenges and opportunities for women's tech careers

A new survey reveals that COVID-19, the cost-of-living crisis, skills shortages and a lack of mentorship have negatively affected women's career development over the past two years.

Story

Survey: Opportunities for Women in Tech

Take our new survey for women across Asia, Europe and Africa looking at the biggest challenges and opportunities for women-led enterprises and trends in tech careers for women.

More AfricaCom perspectives

Upcoming events

London Tech Week
June 13-16, 2023
Queen Elizabeth II Centre, Broad Sanctuary, London SW1P 3EE
Cybertech Africa 2023
August 1-2, 2023
Kigali Convention Center, Kigali, Rwanda
Africa Tech Festival, Home of AfricaCom and AfricaTech
November 13-16, 2023
CTICC, Cape Town
More Upcoming events

Guest Perspectives

Story

Omdia View: February 2023

By Omdia Analysts

In February 2023 key events in the Middle East and Africa included a major Internet project for Africa's underserved by Liquid Intelligent Technologies and Microsoft as well as a 5G launch in Tanzania – that and more in this month's Omdia View.

Story

Omdia View: July 2022

By Omdia Analysts

Kenya and Zambia move towards 5G with new spectrum allocations while Tunisie Telecom plans to shut down its 3G network - that and more in this month's Omdia View.

More Guest Perspectives

Partner perspectives

All Partner Perspectives

Like us on Facebook

Newsletter Sign Up


Sign Up