MTN Launches Mobile Money Banking Service in S. Africa
MTN S. Africa has launched a mobile banking service in the country, in partnership with retailers Pick ‘n Pay and Boxer. The service, which goes under the name of Mobile Money, is operated by TYME (Take Your Money Everywhere), an authorised distribution channel of the S. African Bank of Athens. It is available at participating Pick n Pay and Boxer outlets throughout the country.
Mobile banking services such as Mobile Money rely on cash businesses, typically convenience stores and petrol stations, which act, in effect, as retail bank branches, offering users an outlet where they can go to withdraw or deposit cash.
The MTN Mobile Money service enables users to send and receive money through any active cellphone number within S. Africa; deposit and withdraw cash at participating outlets; pay for goods and services, with Cash Back, at participating pay points; buy prepaid airtime and electricity; and receive money into accounts via electronic funds transfer. The service comes with a daily debit spend of R1,000 (£70), a monthly cap of R25 000, and an account credit balance limit of R25,000 at any point in time.
The service is open to any S. African resident aged 16 or over with a valid S. African Identity Number and an active mobile number.