MTN (MoMo) Launches Affordable Smartphone Initiative
In a transformative initiative aimed at enhancing digital inclusion, MTN MoMo South Africa has introduced the Handset Rent-to-Own solution. This innovative program is focused on empowering millions of South Africans, particularly those who are unbanked or underserved, by offering affordable access to 4G or 5G smartphones for as little as R10 a day, eliminating the need for credit checks or extensive paperwork. Kagiso Mothibi, CEO of Fintech SA at MTN South Africa, emphasized that this initiative is more than just a product launch; it serves as a significant step toward providing the tools necessary for opportunity, education, and financial inclusion. By enabling rent-to-own options through the MTN MoMo App, the company aims to broaden access to connectivity and its associated benefits.
This newly launched Handset Rent-to-Own solution builds on MTN’s previous initiatives, such as Smartphone For All and Shesh@ 5G SIM Delivery, reaffirming the company’s commitment to innovation that meets practical needs. Addressing the digital divide in South Africa, this offering challenges the traditional landscape of smartphone affordability by leveraging MTN’s trusted fintech platform in collaboration with Airvantage. Utilizing advanced AI-driven affordability assessments, the service requires no payslip or credit history, making the process not only secure but also tailored for the informal and underbanked sectors. Once approved, customers can select from flexible payment plans ranging from three to twelve months; upon completion of payments, the device is fully owned. Kagiso Mothibi, CEO of Fintech SA at MTN South Africa, remarked that this initiative exemplifies customer-first innovation, aiming to integrate more individuals into the digital realm with dignity, simplicity, and flexibility.
Digital Transformation and Data Driven Approaches as Target for Telecoms & BFSI Customer Engagement Growth
According to a report from Allied Market Research, the Telecommunications and Banking, Financial Services, and Insurance (BFSI) customer engagement solutions market is anticipated to reach USD 16.1 billion by 2032, experiencing a compound annual growth rate (CAGR) of 8.7% globally. The report presents a thorough examination of evolving market dynamics, key segments, the value chain, competitive landscape, and regional perspectives. It provides essential insights for major players, investors, stakeholders, and startups to formulate strategies for sustainable growth and enhance their competitive position in the market.
Valued at $7 billion in 2023, the global telecommunications and BFSI customer engagement solutions market is expected to grow significantly, reaching $16.1 billion by 2032. This growth trajectory reflects a robust CAGR of 8.7% from 2024 to 2032, indicating substantial opportunities for stakeholders in the industry.
Digital transformation and data-driven strategies are anticipated to drive the growth of the global Telecommunications and BFSI customer engagement solutions market. However, challenges such as data privacy and security concerns, along with high implementation and maintenance costs, are expected to hinder this growth trajectory.
The telecommunications and BFSI customer engagement solution market is categorized based on various factors including offerings, deployment methods, enterprise size, and geographic regions. In terms of offerings, the market is divided into solutions and services. The solutions segment includes SMS and email solutions, chatbot solutions, interactive personalized video solutions, and digital self-service solutions. Meanwhile, the services segment encompasses professional and managed services. The market is also differentiated by deployment methods, either on-premise or cloud-based, and is analyzed according to the size of enterprises, covering large enterprises and small to medium-sized enterprises (SMEs). For those looking for comprehensive insights, a sample report detailing these aspects is available for request.
