MTN, Visa Join Hands on Mobile Money

MTN Mobile Money users will now be able to make transactions everywhere that Visa is accepted as a result of a partnership agreement between both companies.

Under the agreement, MTN customers’ devices will be able to pay using their MTN Mobile Money account in stores with Visa’s Points Of Sale (POS).

“In addition, customers will be able to make online payments at all Visa merchants and withdraw money from their MTN Mobile Money account at any Visa ATM,” MTN Group said in a statement.

Speaking on the deal, Pieter Verkade, MTN group chief commercial officer  said the network’s subscribers would have access to Visa’s network.

He said: “The partnership between MTN and Visa will provide MTN Mobile Money customers with access to the entire Visa network, which includes merchants, online vendors and ATMs, to enable a “mobile” payment experience.”

The company added that its Mobile Money customers in Ghana will be first to experience the innovative new mobile payment solution when it’s launched in that country before the end of the year.

After Ghana, he said the service will then progressively be rolled out across the MTN footprint.

Vish Sowani, Visa’s head of Global Mobile Network Operator Partnerships, Innovation & Strategic Partnerships Group said the company is delighted with the partnership with MTN.

“We are delighted to launch this exciting new service with MTN. This is significant as we look to extend the benefits of electronic payments to mobile money services in Africa. Visa recognises that mobile technology is the single most significant driver of financial inclusion and improving access to financial services is a critical building block to help more people improve their lives.

“We look forward to building on this broad based partnership with MTN to bring further innovative payment related products to their customers in the future,” said Sowani.

MTN Mobile Money enables users to do national and international money transfers, make utility and other service payments, purchase airtime, access insurance and financial products and make retail payments.