Feature

MTN MOMO Credit Cards could be a reality in the future

Mobile money services have changed the way we conduct business, particularly in regions like Ghana and many parts of Africa.

Widely known as MOMO, this technology has helped bridge the financial inclusion gap, as everyone who possesses a SIM card can register for mobile money services with their telecommunication provider.

Over time, MOMO has grown in popularity, thanks to government policies like MOMO interoperability and transactions between MOMO and bank accounts. Now, the introduction of a MOMO credit card could further enhance its utility.

Mastercard recently acquired a minority stake in MTN Group’s FinTech business for up to $200 million a move that could pave the way for innovative financial solutions, including MOMO credit cards.

How would MOMO ATM cards work?

Mobile money operates as a digital financial service utilizing your phone number as an account for sending and receiving money.

On the other hand, a credit card electronically links to your bank account, allowing you to access funds through ATMs and online purchases.

By combining these functionalities, MOMO credit cards could connect MOMO accounts to credit cards, facilitating cash withdrawals from ATMs.

MTN already offers users the option to withdraw MOMO funds via ATMs using a voucher.

MTN’s FinTech portfolio, which includes MOMO, insurance, airtime lending, e-commerce services, and network solutions, has shown robust growth, with a 21.7% year-on-year increase in revenue driven by wallet transactions, e-commerce payments, and remittances in the first half of 2023.

The Mastercard-MTN transaction aligns with MTN’s strategy to expand its FinTech operations within the continent. Plus, leveraging technology and infrastructure to promote financial inclusion across Africa.

Will MOMO credit cards become a reality? Share your thoughts in the comments below.

Dieudonné
Reviewing gadgets and apps. Mail: quarmecaptainn@gmail.com

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:Feature