MTN’s mobile money platform MoMo recently launched a suite of new innovative financial services. These financial management services include a business wallet, streamlined payments, international remittances, buying airtime or vouchers and paying bills.

MTN MoMo

The app is in partnership by African Bank and will launch a new partnership with Mastercard towards the end of 2024. This will provide all MoMo users with access to a virtual card linked to their wallet and enhance financial inclusion for unbanked and under-banked customers.

The MoMo app allows for registration on all South African mobile numbers on any network. Users must use a valid SA ID and be over the age of 18.

The app allows you to do things like buy prepaid electricity, card-to-wallet payments, instant EFT deposits, buy airtime/data/SMS/voice bundles, and withdrawing or loading money into the digital wallet.

MTN MoMo App – Top 5 features 

1. Zero Transactions Fees
Unlike the major banks that charge transaction fees for every value added service, MTN MoMo is free to use with no fees charged for essential services like buying airtime, vouchers, electricity, Lotto, Airtime and Data bundles.

Registration for the MoMo app is available for free to any South African with a 10-digit mobile number. This means it is not limited just to MTN customers only but for any local cell number. There are no monthly fees to use MoMo and no there are debit orders allowed on MoMo so your money is safe.

Registration takes just a few minutes and its done digitally. As a financial app, you need to register with your ID, address, etc and provide details such as source of funds per FICA requirements. But no paperwork needs to be submitted.

2. Send money and receive real-time payments
If you are a business owner, you can receive payments directly from customers in real-time without incurring any transaction fees, which could potentially boost profits for small business owners via a business sub-wallet.

Similarly, you can send money directly to other MoMo wallets or as cash vouchers to any SA mobile number. Transacting digitally is safer as you don’t have to carry cash around or stand in long queues at the bank.

3. Apply for a Qwikloan up to R2000
MoMo has partnered with JUMO to offer a new short-term loan service called Qwikloan – customer can get real-time loans for between R250 and R2 000, directly from the app, with industry leading low rate of 10%. It requires no paperwork, no bank account and money will be in your wallet within 24 hours if approved.

There is a unique AI driven scoring system that is used for approvals which means MoMo Qwikloan is extending financial support to individuals without a credit record, who would typically face challenges in securing loans from traditional banking providers.

Once these new customers receive their loan, their info. is shared with the Credit Bureau and it establishes a credit record for the first time, opening doors to a broader range of lending solutions.

4. Cross-border money transfers
MoMo supports international remittances, which removes all barriers and allows for instant cross-border money transfers for individuals supporting their loves ones or for commerce. Money is transferred to over 23 countries in Africa, without requiring a bank account.

Customers can choose to pay into another mobile and there’s a $USD cash option for Zimbabwe. All customers who register for this service will receive 100MB of data.

It is available for both South Africans and foreign nationals in South Africa to send money across African countries including key markets of Zimbabwe, Zambia, Ghana, Cameroon, Rwanda, Uganda, Ivory Coast, Malawi, Eswatini, DRC, Mozambique, and Kenya.

5. Virtual card payments (coming soon)
Later this year the MoMo app will enable users to create a prepaid virtual card to pay for goods and services, which takes away the complexities of a full registration process, powered by Mastercard. Virtual cards can be used at any retail outlets and also online to give customers a safer shopping option.

The highly-rated MTN MoMo app is available as a free download on both Android (13MB) and iOS (30.2MB) platforms.

For more information, visit www.mtnmomo.co.za

*This article was sponsored by MTN MoMo.