Africa's. Leading mobile network provider MTN,has signed a memorandum of understanding with Fortis mobile money, a recently licensed mobile financial services provider in Nigeria. With the partnership, fortis mobile money can now available to every subscriber across different device types on Nigeria's largest mobile network, MTN.
The mobile network is active in 21 countries in Africa and middle east and actively deplores, the continent's most deployed mobile money system on the Fundamo platform.
Forts Mobile Money is part of the Fortis Microfinance PLC, a leading provider of microfinance in Nigeria.
The partnership will see Fortis Mobile Money access the network infrastructure and distribution network of Africa's leading mobile network provider in Nigeria. Henry Nwawuba, CEO at Fortis Mobile Money- in our desire to deliver services that meets the strong compelling needs of millions of banked and unbanked Nigerians and justifies the confidence of the regulator in us as the only licensed Microfinance bank in Nigeria, we actively sought partnerships that will meet our visions for the Nigerian markets. It is an exciting future ahead for us, working with Africa's leading mobile network provider.
Speaking about Mobile Money, the GM, Mobile Money of MTN Nigeria said 'We are excited to be at the forefront of providing Nigerians with innovative products and services and we will continue to harness cutting edge technology to deliver a variety of solutions that affect the way Nigerians live, work and play'.
In what is termed the deal of the year by Emmanuel Okoegwale, principal associate at MobileMoneyAfrica, He said 'it is the synergy across diverse industry segments that can deliver the value of mobile money to the bottom of the pyramid and both players are leaders in own segment'.
MTN as industry leader comes with a proven and superb understanding of mass market telecommunications services offerings while Fortis Mobile Money with background in Microfinance is an industry leader in providing low value financial services for the bottom of the pyramid. It is a perfect entry strategy and a relationship built on mutual knowledge of the world most deployed mobile money system, Fundamo.
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