MTN’s mobile money service, MoMo, facilitated $2.1 billion in cross-border remittances across 14 African countries during the first half of 2025. This milestone highlights MTN Group Fintech’s progress in streamlining international payments within the continent. According to CEO Serigne Dioum, this achievement marks just the beginning of their ambition to create a seamless pan-African payment network.
“Our vision centers on delivering financial services that are effortless, accessible, and secure,” Dioum shared in an interview with TechCabal. “We have developed a digital platform that enables both individuals and enterprises to better manage their finances and access vital services.”
Dioum emphasizes the need to broaden the dialogue on financial inclusion in Africa. “True inclusion is sustainable only when financial transactions become part of everyday life,” he stated. “The focus must evolve from merely providing access to financial tools to empowering people to build wealth and achieve economic independence.”
This paradigm shift is evident in recent data. Mobile money, once considered a simple payment method, has transformed into a powerful economic driver. The GSMA State of the Mobile Money Industry Report 2025 reveals that mobile money contributed approximately $190 billion to sub-Saharan Africa’s GDP in 2023, up from $150 billion the year before. In several regions, especially West and East Africa, it now represents over 5% of GDP. Globally, the sector adds $720 billion to GDP, growing at a rate of 12% annually.
For MTN MoMo, this growth presents an opportunity to reshape financial engagement across Africa. With more than 283 million active mobile money users, $1.1 trillion in yearly transactions, and one-third of adults in sub-Saharan Africa utilizing mobile money, the platform has become a cornerstone of the continent’s digital economy.
Creating an integrated fintech landscape
MTN’s fintech services have expanded well beyond simple person-to-person transfers. Its BankTech division offers credit and savings solutions tailored for SMEs and large corporations, leveraging telecom and transaction data to provide instant nano-loans and overdraft facilities. In the first six months of 2025 alone, MTN issued $1.3 billion in microloans, with an average loan size of around $20.
The MoMo merchant network has also seen significant growth, now encompassing over 2 million merchants. From January to June 2025, these merchants processed transactions totaling $9.9 billion, underscoring MoMo’s vital role in facilitating everyday commerce, according to Dioum.
Innovation remains a key pillar of MTN’s fintech approach. The MoMo OpenAPI platform, initially launched in Uganda, empowers fintech startups and developers to create new financial products using MTN’s infrastructure. This platform is now operational in all 14 markets, nurturing a vibrant ecosystem of local innovators.
Challenges on the path to a unified African financial system
Despite these advancements, the vision of a fully integrated financial ecosystem across Africa is still a work in progress. Dioum points out that over 350 million Africans remain excluded from formal financial services, and cross-border money transfers continue to be costly, with fees averaging above 8% per transaction-among the highest worldwide.
“Africa’s financial services remain fragmented,” he observed. “Each nation operates its own payment rails, wallets, and standards. This fragmentation leaves many consumers, especially those underserved, behind-particularly when solutions prioritize smartphones over feature phones or offline access.”
To overcome these barriers, Dioum advocates for a fintech evolution focused on depth rather than mere expansion. This involves developing solutions that resonate with African realities, addressing gender disparities, enhancing digital literacy, safeguarding consumers, and promoting responsible lending practices that support financial well-being.
Balancing competition and collaboration in fintech’s new era
Africa’s fintech landscape is rapidly transforming, with telco-driven platforms like MoMo now competing alongside digital-native fintech companies that craft hyper-localized products. Dioum views this rivalry as a catalyst for growth. “Disruption is not a threat if anticipated,” he remarked. “It’s an opportunity to reinvent our approach.”
Looking ahead to 2030, MTN anticipates that fintech revenues will shift from basic peer-to-peer payments toward more sophisticated services such as Buy Now, Pay Later (BNPL), MSME financing, investment options, and international payment solutions. The company is evolving into a digital-first fintech platform focused on delivering intuitive, customer-centric experiences.
“In the future MoMo ecosystem, users won’t be confined to simple transactions,” Dioum explained. “They will engage in fully digital financial lifestyles.”
Ensuring inclusivity in digital transformation
A fundamental aspect of MTN’s strategy is to guarantee that digital progress includes users dependent on Unstructured Supplementary Service Data (USSD)-a text-based system accessible on feature phones. “USSD remains crucial for deepening financial inclusion,” Dioum emphasized. “Our commitment is to leave no one behind.”
MTN’s extensive agent network plays a pivotal role in this mission by assisting customers with transactions and digital literacy. “These agents support individuals who may face language barriers or struggle with digital interfaces, bridging knowledge gaps to ensure universal inclusion.”
Dioum envisions a future where financial systems are truly interoperable both within countries and across borders. “We must make cross-border trade and remittances as affordable and straightforward as local transactions,” he asserted.
This vision encompasses scaling digital payments for MSMEs, digitizing public services such as transportation and healthcare, and maintaining the coexistence of low-cost channels like USSD, feature phones, and mobile apps. It also calls for collaborative regulatory frameworks, open data initiatives, and AI-powered fraud detection to build consumer trust and protection at scale.
“The decisions we make today will shape the next decade,” Dioum concluded. “Africa’s future hinges on bold, informed collaboration among governments, regulators, and innovators. When done right, mobile money will not only empower millions but also drive Africa’s digital transformation.”
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