MTN SA to relaunch mobile money service MoMo in January 2020

Image credit: Flickr/warrenski

MTN South Africa has announced that it will relaunch its mobile money service called MoMo in January 2020.

MTN SA CEO Godfrey Motsa made the announcement on Wednesday and said MoMo will run on the Ericsson Converged Wallet.

The service will allow customers to send, receive and save money using their cellphones. They will also be able to pay for certain services such as prepaid electricity.

MoMo USSD codes and apps

To access the service, MTN customers will need to use a USSD code, which was revealed as *120*151#. Alternatively, they may also dial *151# for free.

Motsa added that MTN will launch MoMo apps on Android and iOS by the end of January 2020.

The mobile giant hopes to tap into the more than 11 million South Africans who reportedly do not have bank accounts.

“MoMo aims to bridge this gap with this innovative mobile money offering, providing a payments solution that encourages financial inclusion,” MTN SA’s Chief Officer of Mobile Financial Services Felix Kamenga said.

MoMo services and eligibility criteria

Although the service will initially be available to MTN customers only, there are plans to expand it further.

MoMo users will have to be South African residents aged 18 years and above. They do not need to own a bank account.

The service will not require a minimum balance. Users will also not pay any monthly charges or debits.

Money can only be sent to local cellphone numbers. Users will be able to use MoMo to pay for prepaid data and electricity.

Furthermore, they will be able to make payments for purchases at at till points in selected retail outlets.

Finally, MoMo users will be able to perform “Cash In and Cash Out” transactions at MTN stores or mobile money agents.

The relaunch comes just two years after MTN cancelled the service in South Africa “due to a lack of commercial viability.”

Be the first to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.