MTN touts Mobile Money landmark
Mobile Money, MTN‘s mobile phone-based bank account service, has opened more than one million accounts and processed more than R1 billion in transactions since launching nine months ago.
Mobile Money is operated by TYME, a distribution partner of the South African Bank of Athens.
While users can access their accounts through USSD and deposit and withdraw cash at Pick n Pay and Boxer stores, they can also instantly transfer money to another money number using the “send money” feature.
The service is network agnostic, enabling customers on any mobile network to open an account.
Mobile Money fees are only related to customer transactions: cash deposits and withdrawals cost R4 regardless of the amount, while sending money transactions costs R1.
MTN said that some fees are waived for its own customers, including cash deposit and sending money fees.
However, a maximum balance of R25,000 and a daily transaction limit of R1,000 are specified for the account.
“Of the current Mobile Money base, 44% 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%,” said TYME’s Coenraad Jonker.
“As we continue to develop new product features, we expect the activity rate to improve even further.”
More news on MTN
New mobile-only bank to launch in SA?
Loading ...
