MTN has revealed it is targeting an increase in its mobile money subscribers from the current 21 million to 60 million in the next three to four years across the continent.
Mr. Rob Shutter, Chief Executive Officer, MTN Group who disclosed this at the Deloitte Africa in 2018 Outlook conference in South Africa recently. Disclosing that the company is encouraged by the progress made by its Mobile Money offering in other geographies that it operates in.
Shutter said “the core digital service that we have decided to put our money on is Mobile Money. Mobile Money is really about leveraging the strength of the brand and leveraging the strength of the distribution because we have built a huge informal distribution network for prepaid airtime to bring customers into a transactional banking system.”
He believes there is also potential for the adoption of digital services – Mobile Money, media, entertainment and social media.
“When you look at the adoption of mobile Internet, we are talking 20 per cent to 30 per cent of these markets. These are markets with born-digital youthful populations – these are people who were introduced to the Internet on a mobile device.”
How MTN mobile money services work.
MTN Mobile Money is a fast, simple, convenient and a secure way of transferring money, airtime recharge, making payments and other transactions with the use of a mobile phone via an MTN enabled SIM.
This service enables users to send and receive money with their mobile phone from far and wide relations on the network and bank account holders.
Mobile Money is provided by MTN in conjunction with GTBank. It is one of numerous mobile money services that have been launched in Nigeria over the past few years.
With the MTN Mobile Money, you transform your mobile phone into an e-wallet. Any MTN subscriber with a mobile money compatible SIM can open an e-wallet account on their mobile phone and deposit funds in it.
After the mobile money account is funded, you may then pay for goods and services via your mobile phone at participating merchants or transfer funds to loved ones, business partners and clients.
The mobile money service is resident on compatible MTN SIMs, so it can be accessed from all types of mobile phones.