South African telecommunications giant MTN has expanded its Mobile Money (MoMo) platform to incorporate a wider variety of features and services to transform consumer financial experiences in South Africa.

It is the next step in the evolution of MTN’s MoMo, which already has nine-million subscribers in South Africa, to become one of the country’s premier financial services platforms.

The new suite of innovative services includes a business wallet, a streamlined payments feature and international remittances, adding to the current wide range of services, including payments, e-commerce, personal insurance and lending, besides others, that have been incorporated since the inception of MoMo in 2019.

Discussing what MTN dubs a game changer, the company says the MoMo Business Wallet will streamline operations and maximise efficiency, with businesses able to receive payments directly from customers in real time and without incurring any transaction fees.

In addition to this boost to profitability, the Business Wallet is expected to open doors to the significant potential base of customers who are already embracing MoMo wallets.

“The versatility of the MoMo Business Wallet is ushering in a new era of financial management for businesses of all sizes. With this innovative tool, businesses can accept payments directly from customers for transactions on everything from prepaid services to shopping vouchers, completely fee-free,” explains MTN South Africa chief financial services officer Bradwin Roper.

Further, flexible cash-out options ensure easy access to funds, which will unlock convenience and security in financial management.

“It is the ultimate in simplified financial transactions,” he continues.

Meanwhile, MTN aims to make it easier for consumers to manage their finances through MoMo Eazi, which entails a registration profile on the MoMo App that allows for card payments without the complexities of a full registration process.

This, Roper says, offers a streamlined approach to payments for users seeking simplicity and convenience, while making financial transactions faster and more accessible.

“Within MTN stores, new point-of-sale devices will also allow users to make card payments at a lower service fee, giving customers the choice to pay for purchases with MoMo and receive cashback rewards. The store owner benefits by not having a transaction fee deducted on these MoMo services.”

Further, the addition of International Remittances breaks down barriers to cross- border money transfers, empowering foreign nationals in South Africa and local residents to send money seamlessly to MoMo users across 12 African countries, all without data charges for MTN customers, who receive 100 MB of data upon registration.

“This facilitates financial inclusion, making it easier for individuals to support loved ones and engage in cross-border commerce,” says Roper.

In partnership with South African Reserve Bank-approved dealer Clicksendnow, MTN MoMo international remittances destinations are now available in Zambia, Ghana, Cameroon, Rwanda, Uganda, Côte d’Ivoire, Liberia, Congo Brazzaville, Benin, Guinea Conakry and Guinea-Bissau, with cash collection points available at 41 locations in Zimbabwe.

“At MTN, we are committed to offering an alternative to expensive banking services. We are achieving this by introducing value-added platforms to our services that offer device users cheaper, more accessible options.

“The new, broader reach of MoMo is in line with MTN’s mission to provide a low-cost alternative service that enables individuals, including those without bank accounts, to share in the benefits of formal financial services,” he concludes.