Payshap is coming to MTN MoMo – with Investec’s help

 ·24 Apr 2024

MTN SA is partnering with Investec to introduce PayShap to its MoMo platform.

PayShap is a real-time payment service created by BankservAfrica, the Payments Association of South Africa and the South African Reserve Bank.

Its aim is to reduce South Africa’s dependence on cash and make payments faster, safer and more cost-effective.

Initially launched with Absa, FNB, Nedbank, and Standard Bank in March 2023, before launching with Discovery Bank, Tymebank and Capitec in August 2023.

MoMo is the first non-banking business to offer PayShap, with the partnership aimed at serving the unbanked population through an accessible and low-fee mobile banking product,

Investec is the banking sponsor, while Electrum acts as a technical partner to ensure the seamless implementation of PayShap.

The partnership draws inspiration from successful global models, such as Reliance JIO and UPI Autopay in India, where 80% of transactions are made through a similar rapid payment product.

The availability of PayShap on the MoMo platform is still subject to all necessary approvals, and African Bank remains the sponsor bank for the MoMo wallet.

Read: This is the average take-home pay in South Africa right now – with some positive signs

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