Telecom and mobile money service providers, MTN Group and Orange Group have announced Mowali – a joint venture to enable mobile money interoperability across the continent. Mowali will make it possible to send money between mobile money accounts issued by any mobile money provider, in real time and at low cost.
Mowali is a digital payment infrastructure that functions as an industry utility — connecting financial service providers and customers in one inclusive network. And it’s open to any mobile money provider in Africa; including banks, money transfer operators and other financial service providers.
Between MTN Mobile Money and Orange Money, Mowali is bringing together over 100 million mobile money accounts and operations in 22 sub-Saharan markets. Beyond MTN and Orange, Mowali will enable support for the existing 338 million accounts in Africa.
Increasing financial inclusion through the use of digital technology is an essential element in furthering the economic development of Africa, particularly for more isolated communities. By providing full interoperability between platforms, Mowali will provide an important step forward that will allow mobile money to become a universal means of payment in Africa.
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“Today, there are over 690 million mobile money accounts around the world. Mobile money services have become an essential, life-changing tool across Africa, providing access to safe and secure financial services but also to energy, health, education and employment opportunities. The creation of Mowali will help to further transform mobile financial services throughout the African region. It demonstrates the mobile industry’s continued leadership and commitment to driving financial inclusion and economic empowerment through industry collaboration. The GSMA is proud to support its development,”said Mats Granryd, Director General, GSM Association.