Only in its first 9 months of operations and Mobile Money, a cell phone-based bank account powered by MTN South Africa, has opened more than 1 million accounts and processed more than R1 billion in transactions.
MobileMoney simply allows account holders can access their accounts through USSD and deposit and withdraw cash at Pick n Pay and Boxer stores; they can also instantly transfer money to another cell phone number using the “send money” feature. There is no need for the customer to visit a bank branch or submit additional documentation. However, all customers must be a resident of South Africa with a green ID book and 16 years of age or older, which specifically excludes foreign residents.
But what’s next for the mobile operator and MobileMoney?
“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,” says Brian Gouldie, Chief Marketing Officer of MTN SA.
“The basic Mobile Money account is sufficient to meet the needs of a large proportion of the population, particularly the un-banked. The low fee structure makes it financially accessible for people who may not have been able to afford financial services previously.” Explained Gouldie.
“Innovation is as important within Mobile Money as it is to the rest of MTN,” says Gouldie. We are delighted by the current success of Mobile Money, but we continue to press on for even stronger performance and growth.”