MTN launches Mobile Money service in SA
One of SA's largest service provider's MTN announced that its Mobile Money (MoMo) services is now available in South Africa
The launch was made possible by a partnership with Ubank which was formed by a Memorandum of Understanding signed in November 2019 between the two parties.
The agreement enables customers and general consumers to transact and make payments using their cellphone rather than traditional banking services.
How the service works:
MTN Customers can dial the USSD *120*151# or *151# to gain access to Mobile Money service.
There are also MTN Mobile Money Android and iOS apps available on the Google Play Store and App Store.
Here are the types of services:
- Send money to local cellphone numbers.
- Buy prepaid services like electricity and data.
- Pay for purchases at selected till points.
- Perform “Cash In and Cash Out” transactions at MTN stores or mobile money agents.
Additional information provided regarding Mobile Money includes the following:
- Users do not need to have a bank account.
- Users must be South African residents and 18 years or older.
- Users need to be active MTN customers to qualify for selected promotional offers.
- There are no minimum balances required, no monthly charges, and no automated debits.
Written by: Gabriella Steyn.