SA’s second-largest mobile operator, MTN, has officially relaunched its mobile money service in the country in an effort to replicate the success it has found in other markets.
On Thursday, the operator said it has partnered with financial services firm Ubank on the project. The agreement allows Ubank to facilitate participation in MoMo, enabling customers and consumers to transact and make payments using the service.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.
Mobile money concept is similar to postbox. You act as a conduit to pass money to recipients, but you never handle people’s deposits... in which case, of course, you’ll have to obtain a license.
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