Mobile Money reaches 1m South Africans

Mobile Money has reached 1m customers and processed over ZAR1bn ($100m) since it was launched by South African network provider MTN last November.

Mobile Money has reached 1m customers and processed over ZAR1bn ($100m) since it was launched by South African network provider MTN last November.

The mobile banking service is powered by MTN and operated by Tyme, a partner of the South African Bank of Athens.

Coenraad Jonker, CIO for Tyme, said: "Of the current Mobile Money base, 44% of customers have performed a transaction in the last 90 days, representing a significant advantage over the GSMA’s reported industry benchmark of only 22%.

"As we continue to develop new product features, we expect the activity rate to improve even further."

Mobile Money users can withdraw money from Pick n Pay and Boxer stores, which act as branches and use their phones to send money to anyone with a South African phone number.

Fees are ZAR4 for withdrawals and deposits and ZAR1 for transactions. Although the service was launched by MTN, customers on any network can use it. Some fees are waived for MTN customers.

 

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