MTN invites coders to develop apps for the fintech device
Africa’s largest telecom company MTN is seeking coders on the continent to develop financial and transactional apps for its balloon-based fintech business.
Yesterday, the mobile operator invited developers to a code festival, which will run for the next two months, and said that the winning solution will be an important step that will allow MTN Mobile Money (MoMo) to become a universal payment solution within countries where MTN operates.
MTN operates in 19 markets, with a subscriber base of more than 270 million, and seeks to gain a significant share of the growing financial sector in Africa.
Telco targets 100 million fintech users on the continent, and in recent months has strengthened the finance department with new products and made key agreements.
Yesterday, the telecommunications company MoMo Hackathon announced, and said that increased financial inclusion through the use of digital technology is a critical component in promoting Africa’s economic development.
For the challenge, MTN is looking for coders located in Ghana, Uganda, Ivory Coast, Cameroon, Rwanda, eSwatini, Congo Brazzaville, Guinea Conakry, Zambia and Benin.
“You are expected to find innovative financial and transactional apps for MTN MoMo using MTN Mobile Money APIs. Your solution will be an important step forward that will enable MTN MoMo to become a universal payment method in your country,” said MTN.
“We want to unlock economic growth through financial and digital solutions for consumers and businesses of all sizes. As we expand our range of services, we aim to create a marketplace that supports cashless and digital economies through affordable, inclusive, understandable and comprehensive financial services.
“We play a key role in the development of mobile financial services for mobile financial (fintech) platforms by offering in-store payments, money transfers, prepaid services, mobile wallets, microloans and microinsurance.”
The Fintech area has become one of the leading drivers for innovation and job creation across Africa, and for telecommunications companies it is a new cash cow as they try to diversify revenue streams away from traditional speech and data.
MTN has already made strong interventions in the area and has set the second quarter of the financial year 2022 as the deadline to spin off its lucrative fintech business.
In Nigeria, MTN’s largest market, the telecommunications company has a banking license for payment services, which allows the telecommunications company to offer a wider range of mobile financial services beyond traditional person-to-person mobile money transfers, such as loans and bill payments.
MTN announces hacking, says: “The range of solutions to bridge the gap between financial services in the markets in which MTN operates requires partnerships with financial service providers, regulators, other mobile network operators, sellers, distributors, companies, technology providers, entrepreneurs and developers. It is by working with its partners that MTN improves the economic and social well-being of millions of Africans.
In its commitment to closing the financial inclusion gap, MTN Group has made its Mobile Money platform available across its entire footprint through the MoMo API program.
“MTN is now looking for companies, entrepreneurs and developers across the continent to innovate and leverage mobile money to accelerate financial inclusion and digitize payments. MTN is pleased to invite developers and entrepreneurs from 10 countries to participate in the MoMo API Hackathon.”
