MTN has launched a mobile remittance application dubbed MTN Homeland. The application will enable Africans living in European countries to transfer funds or airtime to their home country in Africa and the Middle East.
The move into fintech by telecom companies has been on for a while. The likes of momo, airtel money amidst others have a mobile payment platform that facilitates local fund remittance.
Thus, the move to expand its services and be the first telecom company to provide fintech services to Africans in diaspora became imperative. The service will expand the MTN business footprint and position the company as a leading telecom company to provides fintech services.
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The new remittance app-Homeland is powered by MFS Africa . The platform will enable money transfer to over 80 million MTN mobile money wallets across 14 African countries, and help receivers access the fund through 500,000 MTN mobile money agents.
Africans living in Europe can transfer funds to Cameroon, Congo Brazzaville, Ghana, Guinea Conakry, Rwanda, and Uganda. Airtime can also be sent to Afghanistan, Benin, Botswana, Cameroon, Congo Brazzaville, Ivory Coast, Ghana, Guinea Bissau, Guinea Conakry, Liberia, Nigeria, Rwanda, South Africa, Swaziland, Uganda, Yemen, and Zambia.
The Group CEO, MTN Rob Shuter has lauded the launch of Homeland. Rob noted that remittance from the diaspora exceeds the typical foreign direct investment in Africa. These figures prompt the telco to create Homeland and expand its business globally.
To use the Homeland App, users must reside in Europe and have a debit or credit card. The card details will be inputted into the homeland platform to send the fund. The receiver on the other end needs a mobile money account to receive the fund or airtime sent to their phone number, which also serves as the wallet number.
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