ONLINE SOUTH AFRICA MTN outlines big financial services expansion plan 2 months ago Szarlot Post Views: 188 MTN South Africa is venturing ever further into territory traditionally occupied by the country’s banks. The telecommunications operator on Thursday added a raft of new features and services to its MoMo (mobile money) platform, and said it has built a “sophisticated” suite of financial products aimed at the underbanked and at digitising transactions that still take place using cash. It announced the addition of international remittances and other new features at an event in Sandton. With international remittances, MoMo is breaking down barriers to international money transfers “With international remittances, MoMo is breaking down barriers to international money transfers,” – said MTN South African financial services head Bradwin Roper. This allows both foreign nationals in South Africa and local residents to send money to MoMo users across 12 African countries, with zero data charges for MTN customers in those markets, said Roper. The move expands the company’s mobile money focus to South Africa’s US$2-billion remittances market – $1.1-billion of outflows and $873-million of inflows in 2022, according to the World Bank’s Migration and Development Brief, released in June. In line with Roper’s goal of enabling digital participation and financial inclusion by attempting to make sure a user’s “R100 stays R100”, MoMo has cut remittance costs significantly compared to average market fees. MTN MoMo remittances “With a 4% service fee, we charge half of what you would typically pay an incumbent [for the same service]. MoMo to MoMo transfers from South Africa to the continent (Africa) are completed in real time using a live selfie test for security and South African IDs or international passports for identity verification,” – Roper said. He added that the remittances functionality will help MTN “capture the diaspora”. MoMo has partnered with Reserve Bank-approved dealer Clicksendnow to enable remittances to Zambia, Ghana, Cameroon, Rwanda, Uganda, Ivory Coast, Liberia, Congo-Brazzaville, Benin, Guinea Conakry and Guinea Bissau. MoMo’s suite of digital financial products – they include an Android-powered point-of-sale device for merchants, funeral cover aimed at gig workers and low-income earners, multi-channel cash-out facilities, and zero service fees on most transactions – are poised to challenge banks as they scramble for market share in lower market segments. “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 in those in rural areas where traditional infrastructure is lacking, seek connectivity, simplicity, reliability and an increasing range of services from a single source.” – Roper said. Another of the new features launched by MTN is the MoMo Business Wallet, which allows businesses to receive payments directly from customers in real time without incurring transaction fees. “It opens the doors to the vast potential base of customers who are already embracing MoMo wallets,” – it said. Source: techcentral.co.za About Post Author Szarlot I am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry. See author's posts SzarlotI am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry. Facebook Twitter LinkedIn Email Print Tags: mobile money, MoMO, MTN, South Africa Continue Reading Previous Slot Machines with Football Themes: How to Score Big WinsNext Emerging trends and future prospects: African and UK gaming laws More Stories CASINO SOUTH AFRICA Sun International new Earl of Black Pearl crowned 3 hours ago Samuel ONLINE WORLD NEWS The pillars of success for premier iGaming content developers 3 hours ago Iwo Bulski NIGERIA ONLINE Nigeria’s Economic Landscape and Forex Trading 1 day ago Szarlot NIGERIA ONLINE Nigeria’s Battle With Online Betting 2 days ago Samuel GHANA ONLINE The Biggest-Ever Win on Aviator for the Whole of Africa 3 days ago Szarlot BETTING ONLINE The Interplay of Fantasy Sports and Sports Betting 4 days ago Szarlot GAMES ONLINE Aviator Game Guide 4 days ago Iwo Bulski EXPERTS HOT NEWS SOUTH AFRICA Africa’s Digital Future and the Rise of Mobile Gaming 4 days ago Samuel GAMES ONLINE Big Bass Christmas Bash 1 week ago Szarlot ONLINE SOUTH AFRICA Online Casino Games Dominating the African Landscape 1 week ago Samuel EXPERTS SOUTH AFRICA Social and cultural aspects of gambling in South Africa 2 weeks ago Samuel EXPERTS SOUTH AFRICA The Hollywood Foundation in support of responsible gambling 2 weeks ago Szarlot Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.