MTN Group has teamed up with Network International to improve its fintech operations, selecting the company as its official payment processing partner. This collaboration is set to optimize MTN’s digital payment ecosystem, ensuring smoother and more efficient transactions for millions of mobile money users across Africa.
Network International, a leading digital payment solutions provider in the Middle East and Africa, brings expertise in integrated payment systems tailored to various market demands. Its technology is expected to strengthen MTN’s mobile money service, MoMo, by reducing transaction times and enhancing overall reliability.
This partnership aligns with MTN’s broader mission to expand its fintech services and advance financial inclusion across the continent. In February 2024, MTN secured a $200 million investment from Mastercard, granting the global payments giant a minority stake in MTN’s fintech division. The investment aimed to accelerate digital payment and remittance capabilities within MTN’s ecosystem.
MTN has also pursued acquisitions to solidify its fintech dominance. In August 2024, MTN Nigeria purchased a 7.17% minority stake in MoMo Payment Service Bank (MoMo PSB) from Acxani Capital for ₦6.95 billion, securing full ownership of the subsidiary.
Additionally, MTN has been expanding its reach to underserved regions. In April 2024, the company extended MoMo’s services to 10 new countries and introduced 25 wallet corridors, facilitating cross-border remittances. This expansion now allows users to send money across 24 African nations, connecting more than 200 million mobile wallets.
Network International has also been scaling its African operations. In August 2024, the company launched ‘Network One’ in Nigeria, a comprehensive payment suite designed to support banks, telecom operators, and fintech firms across West Africa. This platform enhances local merchant and issuer solutions, reinforcing the region’s financial infrastructure.
The collaboration between MTN and Network International is expected to make a significant impact on Africa’s digital payments landscape. By integrating advanced payment processing solutions, MTN aims to improve efficiency, ensure secure transactions, and drive greater financial inclusion. As digital payments continue to play a crucial role in economic growth, strategic alliances like this are vital for creating resilient and accessible financial ecosystems.
This move underscores MTN’s dedication to fostering fintech innovation through key partnerships. By strengthening its payment processing capabilities, MTN is better positioned to cater to its growing customer base while contributing to Africa’s digital financial transformation.
