South Africans are increasingly seeking alternatives to traditional financial services due to prevalent fees. MTN’s Mobile Money (MoMo) platform has gained eight million subscribers in just four years as a response to this demand. Bradwin Roper, the chief financial services officer at MTN, points out that many South Africans, especially in rural areas, are looking for connectivity, simplicity and reliability while trying to reduce expenditure and service costs. The MoMo platform, powered by African Bank, offers fee-free services such as free Lotto participation, payments for DSTV accounts, electricity, transfers to “betting wallets,” and the purchase of airtime and data. The recent addition of personal loans further enhances the platform’s value proposition.
