Africa's largest telecommunication company, MTN has on Wednesday announced that it will be re-launching it's Mobile Money 'MoMo' services in South Africa. January 2020 re-launch is coming three years after the MoMo service was shut down in South Africa.
The MTN mobile money service allows customers to send, receive, save and spend money using their mobile phones.
The service will be available on Google Play Store as well as Apple Store, also it will use the USSD functionality on *120*151#, while Mtn customers will use *151# at no charge.
According to the telecom company, the service on takeoff will run on the Ericsson Converged Wallet. Customers do not require a bank account to use the service, however, the service requires users to be 18 years and above with a valid South African ID card.
In October, Godfrey Motsa, CEO MTN South Africa said there are 17 million people who are unbanked in the country.
“We have over 30 million customers on mobile money already and made around R8 billion last year,” he said.
“While I often hear people say that ‘South Africa is not Africa’, there are still 17 million people that are unbanked and need to be serviced,” he said.