Business

MTN’s MoMo mobile money service now has 1 million users in SA

MTN SA says its mobile money service, MoMo, now has more than one million users in the country, just months after its relaunch in January.

In a statement on Monday, MTN SA’s chief officer for financial services, Felix Kamenga, said MoMo registrations and usage increased when the lockdown was implemented in late March.

Most South Africans are using the service to send money to family and friends. “Demand for value-added functionalities like purchasing prepaid electricity and renewal of driver’s licence discs has also picked up considerably,” Kamenga added.

MoMo new features

The mobile operator first launched the service in 2012, but canned it in 2016 citing “a lack of commercial viability.” At the relaunch in January, the company said it hoped “to tap into the more than 11 million South Africans who reportedly do not have bank accounts.”

Kamenga said MoMo’s new features include rewards for those referring a friend, MoMo Pay for e-commerce and cashback on airtime purchases.

As from 1 July, users will also be able to send food vouchers to recipients who will then collect them at retailers such as Pick n Pay and Checkers/Shoprite.

Kamenga added that MoMo has facilitated more than 600 car licence renewals since 1 June. The service is also listing more e-commerce websites.

“We have an agreement with major partners to enable over 4,000 e-commerce websites that will accept MoMo as a payment method. We expect the overall list of partners to grow to over 30,000 sites over the next several months,” he said.

MoMo USSD codes and apps

To access the service, MTN customers will need to use a USSD code, which is *120*151#. Alternatively, they may also dial *151# for free. MoMo apps are also available on Android and iOS.

MoMo users have to be South African residents aged 18 years and above. They do not need to own a bank account. The service does not require a minimum balance. Users will also not pay any monthly charges or debits.

Money can only be sent to local cellphone numbers. Furthermore, MoMo users are able to make payments for purchases at till points in selected retail outlets.

In addition, the service allows users to perform “Cash In and Cash Out” transactions at MTN stores or mobile money agents.

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