Mobile Money is powered by MTN and operated by TYME, a distribution partner of the South African Bank of Athens.
Account holders can access their accounts through USSD and deposit as well as withdraw cash at Pick n Pay and Boxer stores; they can also instantly transfer money to another cell phone number using the “send money” feature.
“MTN is proud to have partnered with retail outlets such as Pick n Pay and Boxer stores, who have a mass reach throughout the country to ensure that this service is accessible to customers, in line with our distribution strategy,” says Brian Gouldie, Chief Marketing Officer of MTN SA.
The Mobile Money service has been like a revolution in South Africa as it is setting new standards in lowest-cost banking in the country, with no monthly fees or minimum balance requirements.
The only Applicable fees are directly related to customer transactions, cash deposits and withdrawals cost R4 regardless of the amount, while sending money transactions costs R1.
Particular fees are waived for MTN customers, such as cash deposit and sending money fees. A maximum balance of R25 000 and a daily transaction limit of R1 000 are specified for the account.
The service allows customers on any mobile network to open an account; purchase airtime for any network, for which MTN customers receive a 5 percent “cash reward” into their accounts.
The only thing that is needed to open the account is to have a mobile phone, be a resident of South Africa with a green ID book and be of 16 years of age or older. You do not need to go to a bank or an MTN customer care centre.
“Of the current Mobile Money base, 44 percent of customers have performed a transaction in the last 90 days, representing a significant advantage over the GSMA’s reported industry benchmark of only 22%,” says TYME’s Coenraad Jonker. “As we continue to develop new product features, we expect the activity rate to improve even further.”
“Innovation is as important within Mobile Money as it is to the rest of MTN,” says Gouldie. We are delighted by the current success of Mobile Money, but we continue to press on for even stronger performance and growth.”