MTN South Africa to Unveil Mobile Money Service

MTN South Africa has announced that its mobile money service, MoMo will go live in January 2020. According to the company, customers will be able to send, receive and save money as well as pay for goods and services using their mobile phones. The announcement comes as MTN completed its engagements with all the relevant regulatory bodies and authorities, including the South African Reserve Bank.

MoMo will be available to all consumers via USSD functionality on star 120 star 151 hash (*120*151#). MTN customers can dial star 151 hash (*150#) for free. It will also be accessible via an application on the Google Play store and the Apple App store by 30 January 2020.

To begin with, it says that MoMo will only be available to MTN customers and offers basic services, but there will be developments in early 2020 to bring more people into the digital economy. Users of MoMo do not need to have a bank account but must be a South African Resident aged 18 or older, with a valid South African ID. They must be an active MTN customer to qualify for selected promotional offers. No minimum balance will be required.

There are no monthly finance charges and no automated debits. MTN customers can get cash back every time they buy something at selected merchants and there will be a promotional offer of 100 percent bonus for users who buy MTN Airtime bundles using MoMo. They will get a free SMS notification every time they use the service. Customers may visit nearest MTN store and speak to a MoMo Ambassador for more information.