Afrigather MTN has launched funds and remittance options inside its MoMo app, doubling down on its fintech and cellular cash play in South Africa.
MTN South Africa has launched funds and remittance providers on its MoMo cellular app. The providers will allow MTN customers to ship money overseas and companies to simply accept funds at a 4% service price, which the corporate claims is half of what incumbents at the moment cost.
It has partnered with fintech platform Clicksendnow to offer the service in Zambia, Ghana, Cameroon, Rwanda, Uganda, Ivory Coast, Liberia, Congo-Brazzaville, Benin, Guinea Conakry and Guinea Bissau. Customers can ship cash to recipients throughout over 10 African nations the place MTN is current. Recipients will even must be signed up for the service. The corporate at the moment the main telco throughout the continent, with a subscriber base of 223 million, in line with their inner figures.
“At MTN, we’re dedicated to providing a substitute for costly banking providers. We’re reaching this by introducing value-added platforms to our providers that provide gadget customers cheaper, extra accessible choices,” mentioned Bradwin Roper, chief monetary providers officer at MTN South Africa.
Along with the funds and remittance, MTN additionally launched point-of-sale units that merge funds and different providers, together with airtime purchases into one gadget. By means of this transfer, MTN will compete with South African startup YOCO, whose flagship product is a tool that permits small companies and casual merchants to take funds. After elevating an $83 million Collection C in 2021, the startup was in negotiations to boost a further $150 million, according to Axios.
In accordance with Roper, the telco will even within the close to future expose an software programming interface (API) to permit third-party builders to construct on the platform.
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