Fintech alliance facilitates MoneyGram MoMo transfers in Cameroon
MTN Mobile Money (MoMo) subscribers in Cameroon can now receive international money transfers through MoneyGram directly into their mobile wallets.
This is thanks to a recent partnership between MoneyGram and MFS Africa, which extends the inbound international money transfer service to MTN MoMo payment accounts on new channels.
Alain Claude Nono, MTN Mobile Money Director at MTN Cameroon, said, “Indeed, our customers receive money directly in their MTN MoMo payment accounts and can withdraw it without the stress of filling out documents or constraint of going to any branch. This allows us to continue helping our customers to respect the protective measures with regard to the ongoing health crisis [coronavirus pandemic].”
John Gely, MoneyGram Africa Executive, sees the deal supports the company’s ongoing ambitions in Africa.
Gely believes the company made significant strides in 2020, enabling the international money transfer agency to access mobile wallets and offer account deposit solutions in key markets.
“As a brand, we are proud of our strategy because it makes life easier and more valuable for our customers and enables us all to continue caring for our loved ones,” he said.
Finance expert Ongbe Fidelis Ebenye suggests the move will challenge MTN MoMo’s main rival, Orange Money, into taking similar steps. “The implication for the local mobile money services is that competition will be stiffer and there will be better customer services.”
MTN MoMo was rolled out in 2009 and has a base of over eight million registered subscribers, with over 80,000 active access points across the ten regions of Cameroon.
The payment platform has the first and only GSMA certification in CEMAC (Central African Economic and Monetary Community), but is closely rivalled by Orange Money operated by Orange Cameroun.