Yet another financial innovation using mobile telecommunications has been introduced in Africa. This time, it’s an investment product from Uganda’s MTN Mobile Money (MTN MoMo), a mobile financial service provider.
A scheduled upgrade to its M-Pesa mobile finance service, announced last week by Kenyan operator Safaricom, was successfully completed today. It has been described as the most significant upgrade of the M-Pesa platform since 2015.
Safaricom and Mastercard announced on Thursday that they have signed a partnership to accelerate adoption of payment acceptance and cross-border remittance services in Kenya.
The number of active mobile money accounts in Tanzania has reportedly more than doubled in the last five years up to the end of 2023, according to the latest figures from the Tanzania Communications Regulatory Authority (TCRA).