MTN MoMo Introduces An Array Of Services Aimed At Revolutionising Consumer Financial Interactions

MTN’s Mobile Money platform, MoMo, with a substantial base of nine million subscribers in South Africa, is poised to elevate itself into one of the country’s leading financial services platforms. This transformation is underway with the introduction of a range of innovative services, which encompass a business wallet, a simplified payments solution, and international remittance capabilities.

The MoMo Business Wallet represents a groundbreaking development, offering businesses the means to streamline their operations and optimise efficiency.

Beyond facilitating real-time payments from customers without incurring transaction fees, thereby significantly enhancing profitability, it also grants access to a vast customer base that has already embraced MoMo wallets.

This strategic move holds the potential to reshape the financial landscape in South Africa.

“The versatility of the MoMo Business Wallet is ushering in a new era of financial management for businesses of all sizes”, says Bradwin Roper, MTN SA Chief Financial Services Officer. 

  “With this innovative tool, businesses can accept payments directly from customers for transactions on everything from prepaid services to shopping vouchers, completely fee-free. Flexible cash-out options ensure easy access to funds, providing both convenience and security in financial management. It’s the ultimate in simplified financial transactions.” 

With MoMo Eazi, MTN is making it easier for consumers to manage their finances too. This service entails a registration profile on the MoMo App that allows for card payments without the complexities of a full registration process – offering a streamlined approach to payments for users seeking simplicity and convenience, while making financial transactions faster and more accessible than ever before.

“Within MTN stores, new point-of-sale devices will also allow users to make card payments at a lower service fee, giving customers the choice to pay for purchases with MoMo and receive cashback rewards. The storeowner benefits by not having a transaction fee deducted on these MoMo services,” says Roper. 

Adding even more value to the consumer, with International Remittances, MTN MoMo is breaking down barriers to cross-border money transfers. This innovation empowers both foreign nationals in South Africa and local residents to send money seamlessly to MoMo users across 12 African countries, all without data charges for MTN customers who receive 100MB of data upon registration. This facilitates financial inclusion, making it easier for individuals to support loved ones and engage in cross-border commerce.

In partnership with Clicksendnow, a dealer approved by the South African Reserve Bank, MTN MoMo international remittances destinations now available in, Zambia, Ghana, Cameroon, Rwanda, Uganda, Ivory Coast, Liberia, Congo Brazzaville, Benin, Guinea Conakry, and Guinea Bissau, with cash collection points available at 41 locations in Zimbabwe.

The new, broader reach of MoMo is in line with MTN’s mission to provide a low-cost alternative service that enables individuals, including those without bank accounts, to share in the benefits of formal financial services.

Since its inception in 2019, MoMo has continued to evolve, offering a wide range of services, including payments, e-commerce, personal insurance, lending, and more.

“At MTN, we are committed to offering an alternative to expensive banking services. We are achieving this by introducing value-added platforms to our services that offer device users cheaper, more accessible options. People, particularly those in rural areas where traditional infrastructure is lacking, seek connectivity, simplicity, reliability, and an increasing range of services from a single source. We will continue to work hard to ensure that we deliver these kinds of services to as many market sectors as possible,” Roper concludes.