Month: February 2021
- Partnership will enable millions of MTN customers to pay on global online platforms with a Mastercard virtual payment solution linked to MTN MoMo wallet
- Mastercard’s technology will enable new digital commerce opportunities for consumers and merchants with or without a bank account, through a simple and secure payment experience
- Collaboration underpins a new wave of financial inclusion through mobile devices, unlocking opportunities for millions of people across Africa
Mastercard and MTN today announced a strategic partnership to enable millions of consumers in 16 countries across Africa to make global e-commerce payments safely and securely.
Through a Mastercard virtual payment solution linked to MTN MoMo (Mobile Money) wallets, consumers and merchants can engage with brands and businesses abroad through digital commerce, extending their reach to an international marketplace and unlocking a host of opportunities.
Across Sub-Saharan Africa, mobile devices are the primary channel used to connect to the internet. According to GSMA, by 2025, it is estimated that there will be 300 million more people using their devices to access internet services. In light of this significant growth, mobile financial services have become the dominant form of digital payments, with twice as many mobile money accounts as bank accounts in the region. As a result, consumers increasingly expect to have access to a broader range of digital financial services.
However, consumers and merchants are mostly restricted to a local base of online and offline businesses, therefore curtailing customers’ ability to engage in global commerce. Through this strategic partnership, MTN customers with a Mastercard virtual payment solution linked to their MoMo wallets can make payments to global online merchants through a seamless and secure digital payment experience on websites and mobile applications. The service is available regardless of whether or not the customer has a bank account.
The solution will enable consumers to explore and shop at well-known global e-commerce brands and pay quickly and securely for leisure shopping, travel, accommodation, entertainment, streaming services and more. It will also allow small business owners to purchase from suppliers abroad and pay with the virtual payment solution.
“We are very excited about this partnership with Mastercard, which is another step in realizing our ambition to build Africa’s largest fintech platform, accelerating economic and social development through digital innovation to the benefit of citizens across the continent and beyond,” said MTN Group Chief Digital and Fintech Officer Serigne Dioum.
“This noteworthy partnership is another step to enable our customers to participate in the global economy. We are resolute that accelerated financial inclusion is a potent enabler of socio-economic development that empowers the most vulnerable in society,” he concluded.
Amnah Ajmal, Executive Vice President for Market Development, Mastercard Middle East and Africa, said: “This significant milestone will enable millions of MTN customers to benefit from global digital commerce and drive digital and financial inclusion across Africa through easy and secure access to financial services.
“At Mastercard, our innovation strategy is based on partnerships and collaboration. This agreement with MTN shows that we can deliver innovative digital solutions that have a far-reaching impact and realize the true potential of inclusive growth across the continent. Partnering with MTN allows us to accelerate our global pledge to connect 1 billion people to the digital economy by 2025, bringing us closer to a world beyond cash.”
MTN and Mastercard first launched the digital payment solution in 2018 for MoMo customers. MTN, the largest mobile network operator, is the ‘Most Admired African Brand’ based on spontaneous consumer responses in Brand Africa 100: Africa’s Best Brands 2020 survey and the most valuable telecoms brand in Africa by Brand Finance Africa.
The company will extend the virtual payment solution offering throughout its Fintech footprint. The expansion of this payment solution will play a significant role in driving the growth of digital inclusion and e-commerce thus increasing MTN MoMo customer inclusion into the global economy.
Initially designed to facilitate the transfer of cash between mobile users, MTN’s MoMo offering is now much broader – including loans, insurance, remittances and payments.
As the impacts of climate change become increasingly visible around the world, MTN believes in the benefits of a healthy planet and has pledged its commitment to achieve net zero emissions by 2040.
With global warming on the rise and impacting countries, communities and people everywhere, MTN has set science-based targets to achieve a 47% average reduction in absolute emissions (tCO2e) for scope 1, 2 and 3 by 2030.
“As we build and operate the telecommunications infrastructure to drive greater digital and financial inclusion, we believe that our growth and success should not come at the expense of the future of our planet,” says MTN Group President and Chief Executive Officer Ralph Mupita. “We must keep addressing the needs and challenges of society, which include playing our part in mitigating the effects of climate change.”
GHG emission-reduction target-setting, like that adopted by MTN, is in line with an ICT sectoral target-setting approach recently developed through a collaboration between the Global Enabling Sustainability Initiative (GeSI), the GSM Association (GSMA), the International Telecommunication Union (ITU) and the Science Based Targets Initiative (SBTi). These targets support the Paris Agreement’s central aim of strengthening the global response to the threat of climate change.
To realise its targets, MTN has launched its Project Zero programme to leverage the latest technologies and service partners to enable business sustainability via greater energy efficiencies, low carbon emissions, risk reduction and cost control. The programme prioritises renewable solutions, efficient emerging technologies and energy storage.
“We believe ICT companies and mobile operators have the potential to significantly contribute to global decarbonisation efforts,” says MTN Group Chief Technology and Information Systems Officer Charles Molapisi. “We are pleased that Project Zero is in full swing, actively driving energy efficiency and carbon emission sustainability.”
The GSMA supports the science position on climate change realities and emissions limits set by the Paris Agreement. MTN is a member of the GSMA’s Climate Action Taskforce driving the mobile industry-wide plan to back the Race to Net Zero. The aim is to ensure a resilient, zero-carbon future that leaves no one behind.
“We are excited about this next chapter in the MTN story and we recognise that we need to run and operate our business with sustainability at the core. We have a role to play in Africa and the Middle East to contribute meaningfully on much-needed actions to mitigate the impact of climate change, that’s why we are committed to achieve net-zero emissions by no later than the end of 2040,” concludes Mupita.
Because transparency and disclosure are critical in MTN’s response, we participate in the Carbon Disclosure Project in alignment with the Taskforce Recommendations on Climate-related Financial Disclosures.
MTN Group has unveiled its a new Employee Value Proposition (EVP) entitled “Live Inspired” to drive agility, flexibility and future fit skills for its workforce.
Learning the lessons of the challenges brought about by COVID-19, MTN has adopted a refreshed, organisation-wide approach, which involves a move away from older, conventional ways of working and into the ‘new normal’ with confidence and optimism.
“For us, it’s really about the power of choice, we recognise that what our staff values is motivated by choices and flexibility. It is for this reason that our EVP is designed to cater to the various personas and preferences that inspires and helps people realize their true potential,” says Paul Norman, MTN Group Chief Human Resources Officer.
MTN has entrenched smart-working through principles such as anytime work, anywhere workplace and balanced work-life. Our programmes capitalize on the organic movement towards a digital-adopter mindset and flexi-workforce.
“As technology moves forward and our business converges, we need to do the same with our capabilities. Having the best talent is as important as having the best network,” Norman adds.
Talent convergence in line with the rapid pace of technological change is the way of the future, driving digital learning consumption growth indicating a natural shift towards upskilling and re-skilling. MTN’s digital aspirations is geared towards accelerating the creation of future capabilities, empowerment and agility at scale.
“The EVP will support our reputation for innovation, customer-centricity and being a company that is driven by people who bring personal commitment and a range of skills and experience together for the benefit of our customers,” says Norman.
He says real growth is inspired by a purpose that advances individuals and impacts on organisations and communities. We aim to enable opportunities for individuals to be innovative, acquire skills and meaningfully impact on our customers.
MTN’s focus will be to create an inspiring environment for everyone to ‘activate one’s whole self’. This will be powered by genuine inclusion, respect for diversity, fair rewards, true recognition and personal flexibility to contribute most productively.