MTN RELAUNCHES ITS MOBILE MONEY SOLUTION

MTN SA RELAUNCHED its mobile money solution, MoMo, as it believes the current market is now commercially viable and it sees increasing convergence between financial services and mobile technology. In December MTN detailed its plan to try again in the South African market, nearly four years after it flopped and was pulled from the market. In a statement yesterday, MTN SA said that according to the Independent Communications Authority of South Africa’s new report on The State of the ICT Sector in SA 2019, South Africa’s smartphone penetration has nearly doubled in the past two years and is now sitting at more than 80 percent. Felix Kamenga, the chief officer of MTN SA mobile financial services, said: “The local market is characterised by significant population growth, a youthful demographic and relatively high levels of data and digital adoption. We believe that all these factors, coupled with the unrivalled quality and coverage of our network, bodes well for us to offer a viable mobile money service in South Africa.” MTN SA said MoMo was available to all South Africans, regardless of the network they were using. It said MTN MoMo offered two types of accounts, a Yello account and a Yello Plus account. On the Yello account, daily cash transactions were limited to R3 500. The total daily amount for a full range of transactions was R10 000, while the monthly account limit was capped at R20 000. On Yello Plus, daily cash transactions were limited to R10 000. The total daily amount for a full range of transactions was R20 000, while the monthly account limit was capped at R40 000.