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MTN Money

Transforming Financial Services in Sub-Saharan Africa

MTN Money is a pioneering mobile payment and financial service offered by MTN Group, a telecommunications giant operating across multiple countries in Sub-Saharan Africa. Designed to cater to the region’s unique financial landscape, MTN Money empowers users to conduct a wide range of financial transactions using their mobile phones, bridging the gap between traditional banking services and digital innovation.

Documentation
% of coverage
  • Country

    South Africa

  • Population

    60 million (estimated)

  • Number of Internet users

    40 million (estimated)

  • Popular payment methods

    Credit Cards, Debit Cards, E-Wallets, Cash Payments, Bank Transfers

% of coverage
  • Credit Card

    20%

  • Debit Card

    35%

  • E-Wallets

    25%

  • Cash Payments

    10%

  • Bank Transfers

    8%

  • Other

    2%

Payment Method Overview
  • Type:Mobile Money Service
  • Currency:Multi-currency (varies by country)
  • % of coverage:50% of mobile money transactions in Africa (estimated)
  • Money transfers to date:150 billion USD (estimated)
  • Total customers:60 million (estimated)
  • Refunds:Yes, limited by MTN policies
  • Chargebacks:No

About payment system

MTN Money emerges as a transformative force in Sub-Saharan Africa’s financial landscape, addressing challenges related to limited access to traditional banking services. Designed to cater to individuals who lack access to formal financial institutions, MTN Money enables users to create virtual wallets linked to their mobile phone numbers.

Users can load funds into their mobile wallets at authorized agents, often found in local communities, and then use those funds to make various transactions. These transactions include sending money to family and friends, paying bills, purchasing airtime, and even accessing more advanced financial services like savings and loans.

MTN Money’s focus on accessibility and simplicity has contributed to its widespread adoption. It empowers people who were previously excluded from formal financial systems, enabling them to participate in economic activities, manage their finances, and access services that were once out of reach.

As mobile penetration continues to rise across Sub-Saharan Africa, MTN Money remains at the forefront of driving financial inclusion. Its impact transcends mere transactions; it fosters economic empowerment, social development, and digital transformation, highlighting the potential of technology to drive positive change in underserved communities.

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Payment flow

The customer selects Visa as their payment option and enters their credit card details to complete the payment.

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Pricing

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