Unlocking business growth and success for SMEs through MoMo APIs

29 April 2024

Small and medium-sized enterprises (SMEs) form the backbone of economies worldwide, particularly in developing and emerging markets. These enterprises contribute significantly to employment, income generation, and economic growth. In Africa, SMEs employ an estimated 80% of the continent’s workforce, both in formal and informal sectors, making them pivotal to economic prosperity and societal well-being.

However, small businesses and startups encounter various challenges that impede their growth and sustainability. These challenges include limited access to finance, markets, skills, technology, and infrastructure. Moreover, traditional banking services often fail to provide SMEs with the tailored solutions they need, leading to inefficiencies and frustrations.

Recognising the vital role SMEs play in Africa’s economic landscape, MTN is committed to empowering these enterprises through innovative financial solutions. At the forefront of this endeavor is MTN’s MoMo platform, a mobile financial service that caters to people across Africa and businesses of all sizes.

Since its inception, MoMo has evolved into a comprehensive ecosystem offering a myriad of services, including payments, e-commerce, personal insurance, lending, and more. One of the groundbreaking developments within this ecosystem is the MoMo Business Wallet, designed to streamline operations and optimise efficiency for businesses. The platform enables businesses to accept payments directly from customers for various transactions, from prepaid services to shopping vouchers, without incurring transaction fees. This not only enhances profitability but also grants businesses access to a vast customer base that has embraced MoMo wallets.

Moreover, MTN has democratised access to its mobile money platform through open application programming interface (API) solutions. Our open API software platform allows developers and programmers to integrate MoMo into their applications seamlessly, unlocking new possibilities for SMEs. MoMo APIs are available to facilitate all key use cases, including consumer to business payments (C2B), business to business payments (B2B), collections, and disbursements, cash in, cash out, refunds, notifications, and more. SMEs can even easily integrate a collection widget on their websites using the MoMo API, enabling customers to make payments by scanning a QR code.

MTN’s MoMo APIs represent a game-changer for SMEs seeking secure payment solutions and efficient transactions. Through these APIs, businesses can leverage innovative solutions for a range of financial and operational needs, propelling them towards growth and success.

Medhi Matovu, an entrepreneur from Uganda, has used MoMo APIs to boost his business, Lusuku, to new heights. Medhi explained that “Before integrating the MoMo API, we encountered challenges with cash transactions, including cases where drivers disappeared with funds. The API transformed our payment process, making it seamless and secure. Now, our drivers only focus on delivering products, while the API takes care of the monetary transactions.”

“The transition was remarkably smooth, thanks to the comprehensive documentation available on the MoMo website and an active developer community. With the API, we’ve experienced improved accuracy and speed in processing payments. The MoMo API not only boosted conversion rates but also increased customer confidence. The ease of making payments without extensive verifications has positively impacted user behavior. The return rate has surged compared to cash transactions, as customers have a clear record of their interactions.”

Moreover, Medhi emphasises the scalability and flexibility of the MoMo API, noting its ability to handle any volume of orders and adapt to dynamic user requirements. He credits MoMo APIs with increasing revenue and minimising losses, heralding it as a game-changer for developers seeking reliable and scalable solutions in the e-commerce landscape.

Success stories, such as those of Medhi Matovu, inspire MTN to amplify our efforts to empower SMEs by providing them with the necessary tools, resources and support to thrive in a competitive business landscape. As MTN continues to expand its partner ecosystem and fintech capabilities, we remain committed to supporting SMEs on their journey towards growth and success. Through MoMo and our comprehensive range of SME services and solutions, we aim to be the go-to brand for African entrepreneurs seeking success in today’s digital economy.

MTN’s commitment to supporting SMEs through MoMo APIs has garnered global recognition, winning prestigious awards such as the Global Telecom Award (Glotel) and the MEA Finance Banking Technology Award. These accolades underscore MTN’s leadership in fostering digital innovation and financial inclusion across Africa.