Ericsson is expanding its presence in Africa's mobile financial services sector, leveraging its robust Wallet Platform to drive financial inclusion and economic growth. The platform currently supports over 457 million mobile wallets globally, with significant activity in Africa, where it processes 36 billion transactions annually.
Ericsson's Mobile Financial Services business has grown organically over the past decade, benefiting from partnerships like the one with MTN Mobile Money (MoMo) from MTN, powered by Ericsson's platform, now has 72.5 million users in Africa, with its fintech business valued at $5.2 billion. The collaboration has significantly contributed to financial inclusion and economic empowerment across the continent.
Ericsson aims to increase its market share from 10% to 50% by targeting new segments beyond traditional mobile money services. As such, the company continues to push for greater integration between telecoms and banking, aiming to create a pan-African economy that fosters commerce and economic growth.
Ericsson's efforts are part of a broader trend in Africa, where mobile financial services are evolving to include diverse offerings such as bill payments, lending, and cross-border remittances.
