Inside MTN South Africa’s plan to win at mobile money
CEO of MTN’s financial services unit in South Africa, has big plans for the company’s fintech offering, called Mobile Money .
“MoMo South Africa is in a rebirth. This is our third go at it. Previously, anyone who has tried to show up in the mobile money space has found it difficult because the banks here are sophisticated. But we are now embarking on a sophisticated play with MoMo.” Key to MoMo’s strategy is delivering value to customers who would otherwise be charged for services such as loading money or buying airtime and electricity, all of which are free on MoMo. Use of the service is also zero-rated, but only on the MTN network .“Is MoMo a charity? No, we are a modernised fintech, developed with open APIs and partnering with a range of partners without legacy incumbent systems. MoMo has been built on fresh architecture in an ‘agile’ development manner.
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