Introduction
MTN Mobile Money Zambia has launched a new international remittance service, allowing customers to send money directly from their MoMo wallets to bank accounts across the European Union, the United Kingdom, and Canada.
With transfer fees starting from as low as K5, the move positions MTN MoMo as the most affordable international money transfer option currently available in Zambia, while also making it the first mobile money provider in the country to offer direct wallet-to-bank international transfers to these regions.
What the New MTN MoMo Service Offers
The new service enables customers to:
- Send money directly from MoMo wallets to foreign bank accounts
- Transfer funds to EU countries, the UK, and Canada
- Pay transfer fees starting from K5
- Complete transactions quickly and securely
Unlike traditional remittance services that rely on agents or intermediaries, the MTN MoMo solution offers a fully digital experience.
How the Transfers Work
MTN MoMo’s international transfers are processed using globally accepted banking standards, including:
- IBAN
- SWIFT codes
- Sort Codes
- Routing Numbers
This ensures compatibility with international banking systems while maintaining security and regulatory compliance.
Why This Is a Big Deal for Zambia
Cross-border money transfers in Zambia have historically been:
- Expensive
- Slow
- Dependent on physical agents
By lowering transfer costs to K5, MTN MoMo is:
- Reducing barriers for diaspora remittances
- Improving access to global financial services
- Supporting families, students, and small businesses
The service also strengthens Zambia’s digital payments ecosystem, reducing dependence on cash-based international transfers.
MTN’s Strategic Push in Mobile Money
Speaking on the launch, MTN Mobile Money Zambia CEO Komba Malukutila said the new service responds directly to customer demand for:
- Affordable international payments
- Accessibility
- Speed and reliability
The initiative aligns with MTN Group’s broader strategy to expand mobile money capabilities beyond domestic payments into global financial services.
Competition in Africa’s Remittance Market
Africa’s remittance market is highly competitive, with players such as:
- Western Union
- MoneyGram
- WorldRemit
- Chipper
MTN MoMo’s entry into low-cost international transfers gives it a strong advantage by:
- Leveraging its existing mobile money user base
- Eliminating agent-based costs
- Offering direct wallet-to-bank settlement
What This Means for Mobile Money in Africa
MTN MoMo’s launch reflects a wider trend across Africa:
- Mobile money evolving into full financial platforms
- Telcos competing directly with traditional remittance firms
- Increased focus on affordability and inclusion
As regulators support digital finance innovation, mobile money is becoming a core channel for cross-border payments.
Risks and Considerations
Despite the strong value proposition, challenges remain:
- FX volatility
- Regulatory changes across recipient countries
- Competition from fintech-led remittance apps
Sustained success will depend on scale, reliability, and user trust.
Final Thoughts
MTN MoMo’s K5 international transfer service marks a major step forward for affordable cross-border payments in Zambia.
By enabling direct wallet-to-bank transfers to the UK, EU, and Canada, MTN is redefining how mobile money platforms serve global payment needs.
At FintechTodayNews.com, we’ll continue tracking how mobile money providers reshape international remittances across Africa.
FAQs
What countries can MTN MoMo Zambia users send money to?
The UK, European Union countries, and Canada.
What is the minimum transfer fee?
Transfers start from K5.
Is the service wallet-to-bank or wallet-to-wallet?
Wallet-to-bank.
Is the service secure?
Yes. It uses standard international banking identifiers and complies with regulatory requirements.
