MTN and Ericsson wins Global Telecom Award for Mobile Financial Services Mastery
The Mobile Financial Services Mastery Award was given to MTN and Ericsson at the London-hosted 2022 Global Telecom (Glotel) Awards. The award honors MTN’s Mobile Money Open Application Programming Interfaces (APIs), as well as the firms’ creativity and excellence in expanding and revolutionizing the telecommunications sector today.
Over 63 million consumers in 17 markets currently use MTN Mobile Money (MoMo), a financial product powered by the Ericsson Wallet Platform. MTN MoMo reported a 23.3% rise in active users from 2021 to the third quarter of 2022 and a 32.7% increase in transaction volumes to 9.5 billion transactions.
By introducing the MoMo Open API platform and developer portal, MTN opened up its MoMo platform to other parties, accelerating the growth of mobile financial services and fostering innovation in Africa. By giving all programmers and developers free access to the MTN Mobile Money proprietary software platform, the MTN MoMo Open APIs foster an inclusive partner environment. This makes it possible for programmers and developers to produce cutting-edge digital financial services and solutions to satisfy Africa’s expanding financial needs.
MTN executive Cedric Nguessan declares that the company is honored to share the Glotel Award with technology partner Ericsson for MTN Mobile Money Open APIs. This demonstrates the significant contribution that Mobile Money Open APIs are making to boosting the development of fintech in Africa. In order to improve the economic and social benefits of mobile financial services, we established an open ecosystem through the use of mobile money APIs.
Before making their applications live in production, developers can thoroughly test them using the API sandbox offered by the MoMo Developer portal. The portal also offers developer support and digitalizes documentation to speed up the process.
This award strengthens MTN’s position in the facilitation of mobile financial services as well as Ericsson’s capacity to deliver a cutting-edge mobile wallet platform, according to Hossam Kandeel, Vice President and Head of Global Customer Unit MTN and Customer Unit MTN Africa at Ericsson. In order to provide more open, secure, and easily accessible mobile money platforms and hence create a more integrated and transparent financial ecosystem, MTN and Ericsson are leading the change together.
MTN and Ericsson introduced the MoMo API platform in Uganda in 2018; since then, it has expanded to include Ghana, Zambia, Cameroon, Eswatini, Ivory Coast, Benin, Rwanda, Guinea-Conakry, Congo, South Africa, and Liberia. In the sandbox of the platform, 23,961 developers are experimenting with MTN MoMo Open APIs to expand their inventions, and 1,656 partners are actively using these APIs in production. More than 287.5 million financial transactions will be successfully processed in 2022 thanks to MTN MoMo Open APIs.
