MTN launches Africa’s first Mobile Money Artificial Intelligence platform

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MTN announced that it has launched the first Mobile Money (MoMo) artificial intelligence service in Africa.

The telecoms company said it developed the artificial intelligence service to aid users’ navigation when operating MTN‘s MoMo payment and other services.

The Chief Executive Officer of MTN, Rob Shuter said the network operator is harnessing modern technologies like artificial intelligence to bring mobile payment solution closer to more than 60 million customers across Africa over the next few years.

MTN has disclosed its willingness to begin operation in Nigeria in the second half of 2019. However, the Artificial Intelligence service was first deployed in Ivory Coast in May 2019.

The Central Bank of Nigeria (CBN) intends to deepen financial inclusion in Nigeria by allowing telecom companies operate mobile money services. MTN is one of the network providers who have stated its readiness to launch. Airtel has also declared interest but is yet to set a timeframe.

Both telecom operators have about 100 million subscribers and the CBN plans to tap into the market base to gain access to the underbanked and underserved population. The telecoms companies will be restricted from giving loans.

Shuter, who spoke on the Artificial Intelligence service, said “we are passionate about bringing the power of our mobile money solutions to more than 60 million customers across Africa over the next few years… We can also harness the power of artificial intelligence to provide our customers with the right answers to their questions at the right time”.

To highlight MTN’s impact on financial inclusion, Shuter said “we are committed to improving financial inclusion with a range of solutions aimed at addressing the needs of various market segments. While MTN has made great strides in these areas, we will continue working to deliver our vision for MTN to become one of the largest Fintech players across our footprint”.

MTN also said the company’s customers will be able to engage with MoMo services with social media platforms such as WhatsApp and Facebook Messenger and via SMS.

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