MICROCAPITAL BRIEF: With “Homeland” App, MTN Opens Remittance Channels from Europe to Africa, Afghanistan, Yemen

South Africa’s MTN Group recently released an application for mobile phones called MTN Homeland that allows users to send money or airtime to 17 countries from Europe. The service allows cash remittances to Cameroon, Congo Brazzaville, Ghana, Guinea Conakry, Rwanda and Uganda. It also allows the sending of mobile airtime credit to these countries, Afghanistan, Yemen and nine additional African countries.

MTN CEO Rob Shuter said, “MTN has the largest Fintech and Telecommunication footprint in Africa and is therefore uniquely positioned to go beyond mobile communication by offering instant, low cost digital remittances. MTN Homeland is one more example of how MTN uses Fintech to expand its reach beyond its existing footprint and core business while driving meaningful impact to millions.”

Formerly known as the Mobile Telecommunications Network, the MTN Group is a telecom with 230 million subscribers in 22 countries in Africa and the Middle East. This includes 22 million mobile money subscribers in 15 countries. The company reported 2018 profits of ZAR 9.6 billion (USD 650 million) on 12-month revenue of ZAR 135 billion (USD 9.2 billion).

Sources and Additional Resources

MTN press release
https://www.mtn.com/mtns-latest-fintech-innovation-eases-international-remittances-to-africa/

MTN Group 2018 results
https://www.mtn.com/wp-content/uploads/2019/03/MTN-A5-Results-Booklet_Financial-Section-NO-CROPS.pdf

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