In the first half of 2025, MTN’s fintech arm, MoMo, facilitated cross-border remittances exceeding $2.1 billion across 14 African nations. This achievement highlights MoMo’s transformation from a mere extension of MTN, Africa’s telecom giant, into a pivotal player addressing the continent’s What fuels MoMo’s strategic ambitions? The platform is dedicated to building an integrated fintech network that seamlessly connects African countries, enabling affordable and efficient payment transactions. By removing the usual hurdles and steep fees associated with cross-border payments, MoMo envisions a unified financial ecosystem across the continent.
Is this vision within reach? Boasting a user base of 283 million and processing over $1.1 trillion annually, MoMo already holds a commanding position in the market. Within six months, it has issued $1.3 billion in microloans and serves a merchant network exceeding two million. Additionally, MoMo’s OpenAPI platform encourages developers to innovate on its infrastructure, fostering collaboration and technological advancement.
Yet, significant obstacles persist. Africa’s financial sector remains highly segmented, with average transaction costs surpassing 8%. Each country operates distinct payment systems, digital wallets, and regulatory policies, complicating efforts to achieve interoperability. Moreover, over 350 million Africans are either unbanked or underbanked, underscoring both the challenges and the vast potential for expansion.
Competition in the fintech space is intense. Key players like OPay, Wave, and Safaricom’s M-PESA are all vying for leadership in Africa’s digital payment market. MoMo is repositioning itself as a user-centric, digitally native platform that prioritizes simplicity and accessibility. Leveraging its broad reach and streamlined user experience, MoMo aims to surpass competitors and reshape financial services across Africa.