MTN Mobile Money (MoMo) is simple and safe to use, with no monthly fees. and available to everyone, on any South African cellphone number. Reintroduced in August 2019 in Africa, MTN’s MoMo enables consumers and merchants to access payments, ecommerce, insurance, lending, and remittance services. 

Since its reintroduction in 2019, MoMo has witnessed remarkable growth, gaining the trust and loyalty of over 8 million users. This isn't just a platform; it's a financial ecosystem that empowers South Africans by providing them with accessible and convenient financial services.

As MTN's MoMo platform surges towards total financial services landscape transformation, it is empowering millions with accessible and affordable solutions.

South Africans, accustomed to paying fees every time they use a card or banking solution, are increasingly seeking alternatives to traditional financial services offerings. This is just one of the reasons why, just four years after launch, MTN’s Mobile Money (MoMo) platform already has over 11 million subscribers.

Our acting Chief Executive Officer at MTN Fintech SA has highlighted the increasing demand for alternatives, especially among those in rural areas lacking traditional infrastructure. Driven by a need to reduce expenditure and service costs, South Africans are seeking connectivity, simplicity, reliability, added value, and an increasing range of services from a single source.

As more South Africans look to join the mainstream financial services sector, they encounter discouraging fees, complexity, and bureaucratic hurdles. Compounding this is the present economic situation, which is seeing banking fees increase, and even double is some cases.

MTN views the search for alternative services as a crucial step toward creating a more equitable society, allowing previously unbanked individuals and those with lower incomes or wages to benefit from the formal financial sector.

Our commitment to this market is expressed in our MoMo platform, which has attracted 11 million subscribers in a few years. The key to this success has not been due only to free services but access to everyday services and the promise of future advancements. Recently, MoMo users have been offered the opportunity to obtain personal loans direct from the platform, further enhancing its appeal.

Currently, MoMo subscribers enjoy a range of services, including unique features like free Lotto participation, fee-free payments for DSTV accounts, electricity, and effortless transfers to "betting wallets." Users can also purchase airtime and data without additional charges. The recent addition of personal loans further bolsters MoMo's value proposition.

“The fee-free benefits of many of our MoMo services are significant, particularly as many individuals struggle to make ends meet amidst mounting financial pressures.

The advantage that MTN and other significant players in this sector have, is that we do not have the legacy investments in technology and systems common to many mainstream financial institutions. Our ability to offer cost-effective and convenient smartphone-based services and quickly adapt to changing customer needs to launch add-on services means we have a significant business advantage.

Consumer trends indicate that the search for alternative services will only accelerate into the future. Our ability to pivot, meet demands, and control costs together with our commitment to offering customers innovation at every step, will drive benefit for a growing customer base well into the future.

• International Remittances

One of the most significant enhancements we've made to MTN MoMo is the introduction of International Remittances. We understand the importance of staying connected with loved ones, no matter where they are. With this new feature, South Africans can now send money to family and friends in other countries, especially across Africa, where MTN MoMo is available.

• The strategic significance here is clear. We're facilitating cross-border transactions, empowering South Africans to support their families abroad. And this isn't just about financial transactions; it's about strengthening family ties and making a meaningful impact on both sides of the border. As for security, we've implemented robust measures to ensure the safety and reliability of these transactions.

• MoMo Eazi

We all know that convenience is key in today's fast-paced world. MoMo Eazi simplifies the registration process for our users, making it quicker and easier than ever before to access MoMo services. Think of it as our way of saying, "We're here to make your life easier."

By making MoMo more user-friendly, we're addressing the specific needs of South Africans who want financial services that are accessible and hassle-free. We believe this will encourage more people to embrace the benefits of MoMo.

• Pre-Paid Funeral Cover

This is a unique offering that we're incredibly proud of. It's all about addressing the financial concerns and needs of South Africans, especially in uncertain times.

With Pre-Paid Funeral Cover, our users can obtain coverage with a simple one-time payment, without the need for ongoing debit orders. It's an affordable solution that provides peace of mind to our customers and their families.

• Value-Added Services (VAS)

Our value-added services are a cornerstone of MoMo's value proposition. They include bill payments, airtime purchases, and more, all at no additional cost to our users.

What sets us apart here is that these services are on par with those offered by traditional banking apps. But the difference? They're completely free. This isn't just about convenience; it's about accessibility and affordability. We want all South Africans to have access to these essential financial tools.

• MoMo POS Devices

These devices are set to revolutionise payment solutions for businesses.
The MoMo POS device empowers businesses to seamlessly process payments through both card transactions and MoMo payments. Looking ahead, these businesses will gain the exciting opportunity to offer Value Added Services directly from their MoMo POS devices. This not only expands their customer reach but also allows them to augment and diversify their revenue streams by earning commissions on these value-added sales.

With uninterrupted, always-on connectivity and a robust battery designed to withstand power outages, our aim is to keep our MoMo Business customers consistently connected and fully equipped to succeed in their ventures.

• MoMo Business Sub-Wallet

Informal Traders and entrepreneurs can boost their business with a MTN MoMo Business wallet.

This allows them to accept QR payments and get paid for free. They can get payments from MoMo customers directly and in real time into their MoMo Business Wallet without any transaction fee and increase profits by saving on. Can also expose their businesses to over 9 million South Africans who have opened MoMo Wallets.

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