September, 9th 2021 — Flutterwave, Africa’s leading payments technology company,
has today announced a mobile money partnership with MTN Group, Africa’s largest
telecommunications provider. This partnership will allow businesses integrating
Flutterwave in Cameroon, Côte d’Ivoire, Rwanda, Uganda and Zambia to receive
payments via MTN Mobile Money (MoMo).

MTN MoMo is a fintech platform providing consumers and businesses with an electronic
wallet, enabling electronic transfers and payments as well as access to digital and
financial services. At the end of June 2021, MTN MoMo had 48.9 million active users
and 581,514 merchants. MoMo enables businesses to accept and make payments
within the mobile money ecosystem. This new partnership will enable Flutterwave to
offer MTN Mobile Money as a payment method to its business customers.

In recent years, Africa has witnessed an explosion in mobile penetration as smartphone
adoption has risen rapidly. According to the GSMA, this year Africa will hit the half a
billion mark of unique mobile subscribers and the continent will reach 50% subscriber
penetration by 2025. Sub-Saharan Africa alone is responsible for more than 45% of the
world’s mobile money accounts with the number of account holders exceeding half a
billion by 2020, as shared on Statista.

Through this partnership, MTN and Flutterwave will positively contribute to this trend by
increasing mobile money usage and penetration in Africa to improve local economies
and livelihoods as well as create opportunities for individuals and businesses across the

Commenting on the partnership, Olugbenga “GB” Agboola, Founder and CEO of
Flutterwave, said: “Africa has one of the highest growth rates for mobile money
adoption and e-commerce in the world. It makes sense that we help provide a seamless
payment method to support and ensure African businesses reap the full benefits of the
e-commerce boom in the region. Our goal has always been to grow a new wave of
prosperity in Africa by creating more avenues for businesses in Africa to accept
payments. With this partnership, we can achieve this while creating endless possibilities
for our customers.”

Commenting on the collaboration, Serigne Dioum, MTN Group Chief Digital and
Fintech Officer said: “As we progress on our journey to becoming the largest fintech
platform in Africa, we will empower millions of businesses to embrace e-commerce in
our markets to accept digital payments from MoMo consumers. We believe this is an
enabler to accelerating digitized payments in Africa. Building strong ecosystems through
partnerships is central to our platform strategy and we will continue to invest in
expanding the reach of our platform to consumers and businesses in Africa.”

The new partnership will further expand on Flutterwave’s previous collaboration with
MTN, beyond Uganda and Rwanda – with the potential of deepening adoption of digital
payments and e-commerce in Africa, a sector expected to reach $29 billion by 2022,
according to Statista.