MTN launches low-cost banking solution

 ·22 Nov 2012
Tyme

MTN and the South African Bank of Athens have announced a low-cost banking solution called Mobile Money, in partnership with Pick n Pay, and Boxer Stores.

BusinessTech reported on this new initiative last week (15 November).

According to MTN, Mobile Money enables customers to make payments from their mobile phones and transfer funds to other users easily with their money account.

Customers would also be able to buy prepaid electricity vouchers and prepaid airtime directly from their mobile phones as well as pay for groceries and withdraw cash at any Pick n Pay and Boxer stores.

Mobile Money is operated by TYME, a distribution channel of The South African Bank of Athens.

“MTN is focused on ensuring that telecommunications services continue to improve and simplify the lives of mobile customers,” said Serame Taukobong, chief marketing officer at MTN SA.

“Mobile Money is yet another innovation that is aimed at using a full range of ICT solutions to ensure that customers enjoy convenient and affordable financial services.”

“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,” said Brian Gouldie, chief consumer sales officer at MTN South Africa.

Customers can access Mobile Money services by dialling *120*668# and completing the registration process. Upon registering, a customer can deposit up to R5,000 per single transaction to a maximum account balance of up to R25,000.

Users can access their funds immediately; buy airtime or prepaid electricity, deposit or withdraw cash, send money and pay for their shopping at Pick n Pay and Boxer stores from an easy drop down menu on their mobile phones.

MTN notes that its new product  is available to customers from any cellular network. The service is free to MTN customers with minimal transaction fees applicable to certain services for non-MTN customers.

“We already have a loyal base of Money Transfer customers who will now be able to effect their transfers even more conveniently in-store using the Mobile Money product, plus will get additional transacting capability for free.” said Matt Bresler, head of smart services at Pick n Pay.

“MTN has evolved the insights gained from a pilot project that was undertaken with the assistance of Oltio, a mobile-centric payments and financial services company. MTN is certain that in the near future, a mobile device will be integral in building a society that carries no cash, but can transact through a mobile device,” said Taukobong.

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