Mobile Money

South Africa: MTN To Roll Out Mobile Money Service In The New Year

MTN has announced that its mobile money service, MoMo is set to go live in January 2020, allowing subscribers to save, spend, send and receive money as well as pay for services and goods using their mobile phones.

The announcement comes after MTN finalised its engagements with all the necessary regulatory authorities and bodies including the SA Reserve Bank.

MTN has welcomed the positive conclusion of these engagements and is looking forward to making MoMo available to all its consumers via USSD functionality as well as through App download in the Apple App Store and the Google Play Store by 30 January 2020.

Felix Kamenga, MTN SA’s Chief Officer of Mobile Financial Services, said that MTN is delighted to make this payments service available to South Africans as many people remain unbanked. He added that MoMo aims to bridge the gap with this innovative mobile money service, providing a payments solution that will encourage financial inclusion.

Kamenga also referred to MTN’s mobile money successes in other African countries stating that MTN had worked with its counterparts in other markets, tapping into the technical and human resources that are available from established markets which made the journey much easier.

During its initial phase, MoMo will only be available to MTN subscribers and offer essential services it also promises further innovation in early 2020 that will bring even more of South Africa’s people into the digital economy.

Users of MoMo will not need to have an existing bank account but must be a South African citizen, who is 18 years or older, with a valid South African ID. The user will also need to be an active MTN subscriber to qualify for selected promotional offers.

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