MTN MoMo and EcoCash Partner for Seamless Cross-Border Money Transfers

MTN South Africa’s mobile money platform, MoMo, and Zimbabwe’s leading mobile payment service, EcoCash, have launched a partnership to enable direct, affordable, and efficient cross-border cash transfers between the two countries. The collaboration aims to simplify remittances for the Zimbabwean diaspora in South Africa, providing a seamless link to EcoCash wallets.

Key Features of the Partnership:

Real-Time Transfers: All transactions made via the MTN MoMo app reflect instantly in the recipient’s EcoCash wallet.

Low Fees: With a 4% sending fee, the service offers one of the most cost-effective solutions for cross-border remittances.

Flexibility: Recipients in Zimbabwe can cash out payments in U.S. dollars at over 9,000 EcoCash points or use the funds electronically.

 Statement from Leadership:

Kagiso Mothibi, CEO of Fintech at MTN South Africa, emphasized the partnership's significance, saying, *“Zimbabweans in South Africa can now easily send money to their loved ones without relying on expensive or time-consuming remittance methods.”*

 Enhanced Financial Access:

EcoCash noted that the service’s appeal lies not only in its affordability but also in its accessibility, as recipients can withdraw funds in their preferred currency.

A Broader Context:

MTN MoMo, first launched in Uganda in 2007, has expanded to 16 countries, evolving from basic person-to-person payments to a comprehensive digital wallet. This new partnership represents a step forward in its mission to provide accessible and innovative financial services across Africa, despite regulatory hurdles in markets like Nigeria, Ghana, and Cameroon.

This collaboration underscores the growing trend of leveraging digital platforms to enhance financial inclusion and improve cross-border financial services in Africa.