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MTN MoMo – Mobile Money App goes live in South Africa

MoMo
MoMo, image: MTN website screenshot/mtn.co.za

MTN last year announced that its Mobile Money service, MoMo, will go live on 30 January 2020 in South Africa. The service allows customers to send, receive and save money, furthermore, customers will be able the MoMo mobile app to pay for goods and services directly from their mobile phones.

MTN said in a statement, all have been finalized including all necessary procedures with relevant regulatory bodies and authorizes including the SARB (South African Reserve Bank). Today, all customers in South Africa can download the App by dialing *120*151#, if you are an MTN customer you can simply dial *151# free from your cellphone device. The App is available to download on Google Play and Apple store (Soon Available on Apple).

“The introduction of this mobile money service is a pivotal step in MTN’s strategy and represents MTN’s participation in the next phase of increasing convergence we are seeing between financial services and mobile technology,”

“We have been deliberate in selecting best of breed technology to enable MoMo. To this end, MoMo will run on the Ericsson Converged Wallet and we’re excited to be partnering with them across the Group,” Added the MTN CEO, Mr. Godfrey Motsa according to the press release.

The MTN SA Chief Officer of Mobile Finacial Services, Felix Kamenga pointed out that the group is extremely happy to make this service available to South Africans “as many of our people remain unbanked. Our research shows that approximately 11 million South Africans remain unbanked, while 50% of the adult population remains thinly served.”

MoMo intends to bridge the gap with the mobile money service according to the statement. Kamenga also reassures that the app has been tested rigorously and customers can use the app with confidence.

“MTN has a significant footprint in South Africa to reach underbanked and underserved communities still heavily reliant on cash to transact.” He adds.

What is needed to use the MoMo App

You don’t need to have a bank account to qualify to use a MoMo, however, the following are compulsory:

  • You must be a South African Citizen
  • You must 18 years or older
  • You must have a valid ID number
  • For promotions, you need to be an MTN customer

With MoMo you can send money to any south African cell phone number, you will be able to make prepaid purchases, be able to make till points payments, withdraw or perform cash-in transactions at any MTN stores or authorized Agents.

Kamenga concluded by saying:  “MTN has significant footprint in South Africa to reach underbanked and underserved communities still heavily reliant on cash to transact.”

There are no monthly fees and no minimum balance is required, you can perform cashback when you purchase a product at selected merchants and there are promotional offers when you purchase MTN prepaid product.

Here’s what you need to know

You won’t be charged any fees for Cash-in at MTN stores, Mobile Recharges, Bill, merchants and shop payments. You won’t be charged monthly fees for using the service. A free transaction applies when you perform a cash-in transaction via bank card of under R500, then you will be charged R025 plus 2% for the transaction value, cash-in via EFT gets you a free transaction for under R500, cash-outs cost a standard fee of R3 per transaction.

The MoMo App will be at your disposal 24 hours a day around the clock. You will be able to send money vouchers that can be cashed out at MTN Stores or any authorized MoMo agent.

To become a MoMo agent to accept MoMo payments and earn commission on sales call the customer care on 083 135 or email momo@mtn.co.za to sign up. You don’t have to be an MTN customer to use MoMo.

MTN teamed up with Ubank to make the money service possible. For a full list of transaction fees visit the MTN’s page.

  • With the App, you will be able to withdraw cash from ATM using the Cash-out option
  • You will be able to pay your DStv account
  • MoMo can be used without airtime or Data
  • The word “MoMo” is derived from (MO)BILE (MO)NEY
  • MoMo can be used on any phone, smart or basic.

Social Media on MoMo

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