MTN launched mobile money in South Africa

MTN launched its Mobile Money (MoMo) services in South Africa in partnership with Ubank. The agreement, between MTN and Ubank, will enable customers and general consumers to transact and make payments using their cellphone rather than traditional banking services.

MTN South Africa chief officer for mobile financial services Felix Kamenga said MTN envisions these services helping to bridge the gap for those who do not currently use banking services.

“We believe that MoMo will truly help close the gaps between banked and unbanked consumers in South Africa and furthermore help the consumers have other channels to receive and send money safely and securely,” Kamenga said.

“In today’s highly digital world driven by evolving Fintech, we are proud to partner with MTN SA in providing mobile money services,” said Ubank CEO Luthando Vutula.