MTN Group has revealed that it will be rolling out its Mobile Money (MoMo) chatbot across Africa. This is after first trying out the Artificial Intelligence based service in Cote d'Ivoire during May 2019.

The chatbot will be rolled out in all markets where MTN's MoMo service is available.

“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. Harnessing modern technologies like artificial intelligence can improve in scale, how MTN interacts with customers, enabling them to reach us anytime and anywhere, through a variety of channels including social networks and messaging applications. We can also harness the power of artificial intelligence to provide our customers with the right answers to their questions at the right time,” said Rob Shuter, President and CEO at MTN Group.

AI-based chatbots in financial services sector

Financial services has been one industry that has taken to using AI, especially chatbots. This is likely because the financial services industry, by nature, not only deals with lots of data but well structured data in most cases. Data, as you might guess, is one of the prerequisites for Machine Learning and AI.

As such, chatbots as one use case for AI on the finance industry have become somewhat popular.

MTN's AI mobile money chatbot will allow customers to engage with MTN’s MoMo services, including payments, on various social media platforms such as WhatsApp and Facebook Messenger, and via SMS. The service will also be included over time, in MTN’s own newly released advanced instant messaging service “Ayoba”.

“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," concluded Shuter.