MTN South Africa, IFC to help underbanked in South Africa

Monday 24 May 2021 13:00 CET | News

MTN South Africa has announced a USD 2 million partnership with the International Finance Corporation (IFC), to expand MTN’s Mobile Money (MoMo) business in South Africa.

The partnership will target the unbanked and underbanked population through establishing a strong network of MoMo agents in the country, as The Fast Mode reports

The partnership will also see a strong job employment drive and will see IFC and MTN South Africa seek to recruit 10,000 Mobile Money Agents in 2021 to increase access to affordable financial services in underserved communities. MTN will identify, recruit, enrol, train, and supervise the new MoMo agents and assist any dormant MoMo agents by giving them support where they struggle to get off the ground.  

A team of Trade Development Representatives will be created and trained by MTNSA and IFC to manage a portfolio of MoMo agents, support them in growing their business and managing compliance regulations like Anti Money Laundering and Know Your Customer. 

There is a particular focus on ensuring female owned businesses are empowered and involved in the financial sector through this programme. The aim is to have viable stand-alone businesses that can increase transactional activity for the agents and increase awareness of MoMo value-add services.  

More: Link

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Keywords: partnership, unbanked, financial services, compliance
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: South Africa
This article is part of category

Banking & Fintech