EXECUTIVE INTERVIEWS > PUBLIC SECTOR
MTN established a new subsidiary for FinTech business, it is the first licenced financial institution for Mobile Money in Sudan. It aims to support the country towards the digital financial services transformation and encouraging financial inclusion, since only less than 20% of the population has access to financial services. The subsidiary was established in 2021, and it launched its mobile money service “MoMo” in February 2022 using Ericsscon’s wallet platform utilizing the co-operation protocol between MTN Group and Ericsson company, the platform is stable and secure as it enables introduction of new features and services to the market.
MoMo service is an alternative means of dealing with money and it targets the unbanked segment, through enabling them to send and receive money, store funds, make payments and do a number of transactions simply using any mobile phone by dialling *200#. It’s fast, simple, convenient and affordable. MoMo service also enabled donations and collection of funds from many NGOs and corporates.
We can clearly see the change to the financial sector in Sudan MoMo has to offer as it has a wide network agents across the country, more than 14,000 agents that facilitate money deposit and withdraw. In addition there is a high percentage of the population use mobile phones, and MoMo is a service provided to all type of phones and it can even be accessible without internet. The service also contributes to the global SDGs and specially goal 1,8, 9, &17.
Mobile Money is in the midst of changing the way people deal with their finances, for consumers MoMo gives everyone with a mobile phone a safe and secure way to transfer, deposit, withdraw their money, and buy and use a wide range of utilities and services, and soon users will be able to receive money international from the globe, beside other services that are under development. MTN Sudan FinTech is committed to ensuring that every Sudanese can seamlessly access for their personal and business needs.
Sudan Business Magazine
