by SAVIOUS KWINIKA
JOHANNESBURG, (CAJ News) – TECHNOLOGY is aiding the unbanked and most financially excluded South Africans as well as migrants to address daily economic challenges and enhancing their lives.
Among these technological advancements is MTN’s Mobile Money (MoMo), which to date is used by 9 million registered subscribers in South Africa and has been exported to 17 other markets in the continent.
Bradwin Roper, MTN South Africa’s Chief Financial Services Officer, told CAJ News Africa MoMo is making impact in businesses and people’s lives through international remittances service, prepaid funeral plan, personal loan while tapping into the unbanked South African population in order to break down barriers to access basic financial needs and cross-border money transfers.
“This is in line with MTN’s mission to provide a low-cost alternative service that enables users to share in the benefits of formal financial services. These offering (s) facilitate financial inclusion by empowering both banked and unbanked South Africans and foreign nationals in SA to access the basic financial ecosystem without heavy service fees,” Roper said in an interview.
He said MTN was committed to offering an alternative to expensive banking services locally and across the continent.
“We are achieving this by introducing value-added platforms to our services that offer mobile users cheaper, more accessible options,” Roper said.
“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 we deliver these kinds of services to as many market sectors as possible.”
Roper said MoMo solution was helping citizens with possibilities of airtime and data bundle purchase while customers could do a lot more on the app for international remittances – sending money across Africa powered by Click-send-now.
The MoMo app also helps customers pay municipality utilities, get prepaid funeral cover through MyMTN Prepaid Khava, betting services, buy grocery vouchers, purchase bus tickets, accessing loans and renewing licence discs.
“MTN Mobile Money is a fast, simple, convenient, secure, and affordable way of transferring money, making payments and doing other transactions using a mobile phone,” said Roper.
With MoMo, customers do not need to travel far or wait to receive or send money. Customers need to do is to scan a barcode with their phone to pay.
There are no monthly fees, ensuring customers to go cashless and skip the bank queues.
MoMo is zero-rated, meaning the App does not use any airtime or data. It is readily available to all customers on any network.
He said all the MTN stores and over 20 000 spaza (informal) shops nationwide have signed up to sell MoMo services.
– CAJ News