MTN, in partnership with Ubank, has launched its Mobile Money service, MoMo in South Africa. The service launch follows the Memorandum of Understanding that both the companies signed in November 2019.
With MoMo, users will be able to send, receive, save, and spend money through their mobile phones. With the new transaction service, MTN envisions to mitigate the gap between banked and unbanked consumers. The company says with MoMo, users need not have an actual bank account but must be a South African Resident, 18 years or older, with a valid South African ID.
The initial version of Mobile Money includes:
- Send money to local cellphone numbers.
- Buy prepaid services like electricity and data.
- Pay for purchases at selected till points.
- Perform “Cash In and Cash Out” transactions at MTN stores or mobile money agents.
“In today’s highly digital world driven by evolving Fintech, we are proud to partner with MTN SA in providing mobile money services. It is a great privilege for us as a bank to partner with a renowned brand such as MTN in working on a product which will create value for consumers in the under-serviced and under-banked segments of the market,” said Ubank CEO Luthando Vutula.
MTN Mobile Money Android and iOS apps are available on the Google Play Store and App Store, respectively.