Orange Group, one of the world’s leading telecommunications operators and MTN Group, Africa’s leading cellular telecommunications company, launched Mowali, a mobile money wallet, on Thursday, 22nd November 2018 in Africa in Paris, France.
According to the two groups, Mowali is a digital payment infrastructure that connects financial service providers and customers in one inclusive network that makes it possible to send money between mobile money accounts issued by any mobile money provider, in real time and at low cost
Stéphane Richard, CEO, Orange, said 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.
“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.” He added that this solution embodies Orange’s ambition to be a leading player in the digital transformation of the continent
According to the World Bank Findex survey, financial inclusion in Sub-Saharan Africa “increased dramatically” to 43 percent in 2017 from 23 percent in 2011.
“One of MTN’s goals is to accelerate the penetration of mobile financial service in Africa; Mowali is one vehicle that will help us achieve that objective,” Rob Shuter, CEO, MTN, said in a statement made available to BusinesDay. “Furthermore, co-operation and partnerships that help us accelerate the pace of development and overcome some of the scale, scope and complexity of challenges that society faces are key,” he added.
Mowali is a digital payment infrastructure that connects financial service providers and customers in one inclusive network. Its goal is to increase the usage of mobile money by consumers and merchants. From the customer’s point of view, this means “I can pay or receive money anywhere from my mobile account regardless of my operator”.
Also, the Global System for Mobile Communication popularly known as (GSMA), an association that represents the interest of mobile network operators worldwide, supports the Mowali initiative as interoperability and a key accelerator for both financial inclusion and mobile money usability across Africa.
Mats Granryd, DG, GSMA said that 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,” Granryd further explained.
Kosta Peric, the deputy director of Financial Services for the Poor at the Bill and Melinda Gates Foundation, said that a new wave of innovation is coming to help alleviate poverty and drive economic opportunity
Orange Group is present in 28 countries, and has a total customer base of 261 million worldwide as at 30th September 2018, including 201 million mobile customers and 20 million fixed broadband customers. It is also a leading provider of global IT and telecommunication services to multinational companies, under the brand Orange Business Services.
MTN Group which was launched in 1994 is a leading emerging market operator, connecting subscribers in 21 countries in Africa and the Middle East. The MTN Group is listed on the Johannesburg Securities Exchange in South Africa under the share code “MTN”.
As of 30th , September 2018, MTN recorded 225,4 million subscribers across its operations in Afghanistan, Benin, Botswana, Cameroon, Ivory Coast, Ghana, Guinea Bissau, Guinea Republic, Iran, Liberia, Nigeria, Republic of Congo (Congo-Brazzaville), Rwanda, South Africa, Sudan, South Sudan, Swaziland, Syria, Uganda, Yemen and Zambia.
