March 13

MTN targets mobile money comeback in South Africa

By Kavit Majithia

MTN is looking to relaunch its financial services play in home market South Africa almost two years after pulling the plug on the business.

In comments cited by South African newspaper Business Day, MTN CEO Rob Shuter revealed the company is building new products around financial services including loan offers, investment products and insurance, as it looks to boost its offering in the segment and attract customers in South Africa.

The company dropped its mobile money business in the country in September 2016 due to a “lack of commercial viability”, as well as high banking penetration rates in the country. MTN followed rival Vodacom, which shuttered its own mobile money business in the country a few months prior.

Photo courtesy of Erik (HASH) Hersman.

Source: Mobile World Live (link opens in a new window)

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digital payments, financial services, fintech, mobile money, MTN, South Africa