TechInAfrica – In partnership with Ozow, MTN South Africa aims to make loading funds unproblematic for Mobile Money (MoMo) users.
Thomas Pays, CEO and co-founder at Ozow said that the collaboration is seen as the effort of those two companies at changing cash and allowing greater digital and financial inclusion for all South Africans. The fast development of mobile money services in 2020 leads to the increasing South African needs for safe and efficient ways to keep, send, and spend money through their smartphone.
Has officially established in the early of 2020, MTN Mobile Money reached one million users by June 2020. This mobile service brings simple ways for users to send money as well as more access to a wide range of value-added services such as prepaid electricity purchase, renewing car license discs, and purchasing products online via a network of affiliated eCommerce partners.
Africa has been the center of the global money industry. It is proven by the data from GSMA that indicates that there are 469 people that have been registered as mobile money users in sub-Saharan Africa, transacting 23.8 billion times at a value of $456.3-billion in 2019 – nearly two-thirds of the global total. Nevertheless, only 2% of accounts registered in mobile money service that reported by Southern Africa, pointing towards large growth possibilities.
A mobile-first strategy is needed to support digital and financial inclusion in South Africa. Ozow and MTN partnered to allow a USSD service that can charge funds to customers’ wallets quickly and safely.