MTN has positioned itself as a leader in providing financial services that drive economic inclusion by merging technology into everyday life and giving consumers greater access to banking.
Since the launch of Mobile Money in South Africa in November 2012, more than 2 million customers have registered on the platform, with over R2.5 billion monetary transactions processed. In March, the Mobile Money offering was enhanced even further by receiving regulatory approval to become a fully accessible bank account on a mobile device, with increased daily limits and functionality.
To support the proposition of higher daily limits, a mobi-site went live, which allows Mobile Money customers to now make EFT payments into other banks and pay for regular items like school fees.
“This next phase of Mobile Money is especially exciting as we are empowering customers to use their Mobile Money Visa card at ATMs and other till points across the country, with free unlimited card swipes and full banking functionality. The Mobile Money Visa card has no monthly or annual card fees,” says Zunaid Bulbulia, Chief Executive Officer at MTN South Africa.
In addition, Mobile Money can be used to make micro-payments, conduct fund transfers, purchase airtime and prepaid electricity, plus Internet bundles – all using an intuitive interface.
Customers can purchase their Mobile Money Visa card from any Pick n Pay or Boxer store for a one-time fee of R29, and then activate the card on their Mobile Money account within 72 hours following the instructions contained in the card pack.
“This is yet another product innovation from MTN as it embraces the digital way of doing things. By supplementing a powerful mobile solution with a Visa card, the operator is extending the net for those who want to experience full banking services without having to go into a bank, and it also assists to drive financial inclusion for the large number of people who may be presently unbanked or under-banked,” says Bulbulia.
Dougie Henderson, Head of Emerging Products & Innovation for Visa in Africa, says: “Visa continues to drive innovation in Africa with offerings that help meet our clients’ needs by making financial services more accessible to everyone.
“More people across Africa are switching from cash to card transactions, which provide greater safety, convenience and increasingly, more personal finance capabilities.
“We expect this trend to continue as new technologies are being rapidly adopted across the continent that make it easier for more people to be included in the financial systems.”
MTN Group
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