NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, June 27, 2014

Johannesburg — MTN and Pick n Pay have partnered for a free money transfer service that is poised to empower millions of South Africans excluded from the banking system.

Richard van Rensberg, Deputy Chief Executive Officer of Pick n Pay, said the partnership would give customers a safe and secure way to transfer money at no cost and to enjoy free banking services in-store.

“We believe the Mobile Money account will be a game-changer in bringing the benefits of secure, convenient and affordable banking to millions of people who are currently excluded from the formal financial system and who face prohibitively high transaction costs,” he said.

MTN CEO, Zunaid Bubulia, said improved financial inclusion was widely recognised as a key component in driving inclusive national growth, an imperative for the South African economy.

“The Mobile Money innovations, including the first free money transfer service, is part of our continued commitment to revolutionise banking and drive economic inclusion, and we look forward to its take up by South Africans,” said Bubulia.