MTN is set to launch mobile money services in South Africa in January 2020. This means that subscribers will be able to send, receive, save and pay for goods using their mobile phones.
Initially, in 2016, the service provider abandoned the mobile money service in South Africa after four years in operation, citing a lack of commercial viability.
The service, dubbed MoMo, will be available through an app or using USSD functionality on non-smartphones.
According to the service provider, the service will, in its initial phase, be available to MTN customers and offer basic services such as sending money to any mobile phone number in the country, buying prepaid services like electricity and paying for purchases at selected till points.
The introduction of this mobile money service is a pivotal step in MTN’s strategy and represents MTN’s participation in the next phase of increasing convergence we are seeing between financial services and mobile technology.
MTN South Africa CEO, Godfrey Motsa
In August this year, the Central Bank of Nigeria also licensed MTN Nigeria to provide financial services.