Ayodeji Ayenuwa
MTN South Africa has launched MoMo 2.0, introducing a range of mobile money (MoMo) services on its new platform. This includes the MoMo Business Wallet for real-time, fee-free payments for businesses and MoMo Eazi, designed for consumer payments.
Notably, the International Remittances service enables money transfers across 12 African countries without data charges. A point-of-sale device for card payments and a life insurance package have also been added.
Returning to the South African market in 2020 after a three-year hiatus, MoMo now aims to become one of South Africa’s premier financial services platforms. With 9 million subscribers, they emphasize convenience and accessibility for their customers.
Strategy & Mission
Bradwin Roper, Chief Financial Services Officer at MTN South Africa, discussed their strategy, saying, “We wanted clients to have access to their wallets, payments, insurtech services, all in one place.” He explained that this approach simplifies the user experience and promotes financial literacy.
MoMo’s affiliation with MTN, the second-largest mobile network operator in South Africa, is expected to enhance product adoption. Roper mentioned, “It is a known brand which comes with a level of trust and sophistication.”
To attract and retain customers, MoMo aims to deliver value through services like the Business Wallet with zero transaction fees. Roper stated, “We will continue to look for opportunities where we can add value for customers.”
Their goal isn’t just about market share or profit numbers; it’s about creating shared value and bringing unbanked South Africans into the world of banking services.
As MoMo expands, they remain open to partnerships with startups and external entities. Roper emphasized, “Our secret sauce is how we can deliver unprecedented value for our customers and drive a digital revolution in South Africa.”
MoMo’s re-entry into the South African market with MoMo 2.0 is founded on the opportunity to serve the unbanked population and tap into the spaza industry. Their mission is to provide innovative solutions for previously unmet needs.
Techrectory with Agency Report.
