MTN in partnership with UBank recently relaunched its mobile money solution, MoMo in South Africa.
MoMo is available to all South African citizens, regardless of the network they are using. The platform enables customers to use their mobile phones, and other devices, to send and receive money, purchase airtime and prepaid electricity, and pay for their municipal bills and DSTV subscriptions. MoMo is available to customers who use both smartphones, and basic feature phones.
With regards to being able to use MoMo at retail stores, MTN is taking a phased approach in terms of bringing the full offering to life. Adding South Africa’s well-known retail brands to the platform will be implemented from May 2020 onwards.
MTN MoMo offers two types of accounts, a Yello account and a Yello Plus account. An account limit on the Yello account is capped at R20.000, while each daily transaction is limited to R1.500. The total daily amount provided for is R10.000. Yello Plus customers have an account limit of R40.000, while each transaction is capped at R10.000, with a total daily limit of R25.000.
MoMo customers can cash-in funds at MTN-branded stores, at UBank branches, or through their own banks via electronic funds transfers (EFTs). Similarly, they can use these options to cash-out funds.
MoMo use the Ericsson Wallet Platform, providing MTN with a flexible, reliable and efficient m-commerce solution, systems integration, operational support and solution development.
Felix Kamenga, Chief Officer of MTN SA Mobile Financial Services
At the heart of our renewed venture into the improved mobile money space in South Africa is our passion to provide value-added services that meet our customers’ needs.
