MTN South Africa is closing its Mobile Money offering due to a lack of commercial viability.
It launched its mobile money platform in 2012, which attracted over 2 million customers, said MTN.
“The operating costs of providing a mobile money platform have become prohibitive. The decision by MTN SA to shelve its mobile money service does not signify an exit from financial services,” said MTN.
“MTN is committed to remaining a significant player in the financial services space.” The network said it will introduce new financial services products in the near future.
MTN said it is working with its mobile money partners to ensure its customers are not adversely affected.