MTN and local retailer Pick n Pay have extended a longstanding partnership, introducing free mobile money transfers in a move the operator says is a first for SA.
By signing up for a new Pick n Pay SIM card, powered by MTN, and registering for Mobile Money, customers will be able to access their cash accounts from their feature or smart cellphones.
The new SIM card will also reward customers with an additional 10% airtime from MTN when they top up at Pick n Pay and Boxer stores, says MTN.
Consumers can sign up for the free mobile money transfer service by opening a Mobile Money account on a new co-branded SIM for free, while the account attracts no monthly or annual account fees. MTN says the move is in a bid to taper the gap between the banked and the underbanked and unbanked in SA.
A Mobile Money account also allows consumers to deposit cash, pay for goods and withdraw cash at till points using "WiCode" and have their salary paid in.
"Financial inclusion is key for ICT," says MTN.
Death of cash
Operated by TYME (Take Your Money Everywhere) - a distribution channel of the Bank of Athens - Mobile Money went live on 22 November. The solution is SA's first mobile-only bank and allows customers to make payments, transfer funds to other users, buy prepaid services (such as airtime and electricity), pay for groceries and withdraw cash (at Pick n Pay and Boxer branches), via USSD.
At the time of launch, the yellow operator said: "MTN is certain that in the near future, a mobile device will be integral in building a society that carries no cash, but can transact through a mobile device."
Last week, MTN unveiled another addition to its Mobile Money service - a Visa card that customers can purchase for a once-off fee of R29 and use to pay for goods and services and draw money at ATMs.
MTN SA CEO Zunaid Bulbulia says the Visa is "the next phase" of the company's financial inclusion drive.
MTN rival Vodacom's cellphone banking service MPesa has failed to gain traction in SA, although it has taken off in other African countries. Vodacom CEO Shameel Joosub said last year the operator was "soon" to relaunch the service on a new platform, but the company has been tight-lipped around details and timelines.
Share