Speaking at the recent 3i Summit in Ghana, West Africa, Michael Wallis-Brown, Group Head for Ericsson Mobile Financial Services, highlighted the transformative partnership between Ericsson and MTN.
According to Michael, Ericsson provides a stable infrastructure and software platform, which is the foundation for MTN’s mobile money services across various markets in Africa.
He emphasized that such powerful partnerships are key to delivering African solutions for African people, creating a robust framework for impactful financial services.
Ericsson Mobile Financial Services is present in 24 countries, with over 450 million registered wallets and over USD 500 billion in transactions. Sixteen of these countries are in Africa, where Ericsson’s secure and reliable platform is driving MTN’s mobile money across the continent.
Michael stressed that this stability is essential for enabling users to confidently adopt and benefit from the technology, enhancing their personal and business lives. He also emphasized the importance of a stable regulatory environment to support this ecosystem.
At the heart of this partnership is a commitment to accessibility. Michael explained that Ericsson and MTN work closely to educate markets and ensure that people can easily use the services provided. By offering access to technology through APIs, Ericsson also empowers local innovators to develop solutions tailored to the unique needs of the African continent.
This approach underscores the belief that local partners understand their market’s needs better and can create more effective solutions when supported by a stable platform.
According to Michael, while there has been significant progress, only 10 to 15 percent of the market currently benefits from these financial services, with most of the markets still operating in a cash-heavy economy.
Educating people about these services and ensuring they are simple to use is crucial. Once individuals gain basic knowledge and usage skills, they can then leverage more advanced and innovative offerings.
Looking forward, Ericsson envisions creating an inclusive financial ecosystem with partners like MTN. Michael highlighted that this ecosystem aims to impact millions, if not billions, of lives by offering essential financial services that can make a significant difference at the grassroots level.
From job opportunities to loans and money transfers, these services are designed to improve the daily lives of African people.
Ultimately, Michael’s vision is to foster innovation and create an environment where Africa can thrive.
By focusing on impactful financial services and strong partnerships, Ericsson and MTN are working to make Africa an incredibly innovative place to live, work, and do business.
This partnership exemplifies the potential of combining technology and local expertise to drive meaningful change across the continent.