January 31

MTN “Stubbornly Optimistic” Relaunched Mobile Money Will Work In South Africa

By Tony Shapshak

Africa’s largest mobile operator has relaunched its mobile money in its home country, aiming to provide financial services to 11-million South Africans who currently don’t have access to such offerings.

The revamped mobile money (MoMo) service, which is powered by UBank, has been hugely successful in other countries in Africa, but was shut down when it was previously offered.

Both MTN and its South African-rival Vodacom shut down their mobile money offerings in 2016. Vodacom is a subsidiary of UK-based Vodafone, which in 2017 transferred its Kenyan subsidiary to Vodacom. Safaricom launched M-Pesa, which is widely seen as the most successful form of mobile transaction.

Photo courtesy of John Hogg / World Bank.

Source: Forbes (link opens in a new window)

digital finance