MTN MoMo (Mobile Money) now has 13 million registered users in South Africa, a significant milestone in helping more people get access to financial services.
With 13 million registered customers in South Africa, MTN MoMo (Mobile Money) is commemorating a significant milestone as it works to increase financial accessibility.
MoMo is focused on making it easier for South Africans to manage their money, especially for those who have never used banks. Kagiso Mothibi, the CEO of Fintech at MTN South Africa, says MoMo is helping people move from using only cash to the online banking system.
“Since its relaunch in South Africa, MoMo has played a key role in promoting economic growth and reducing the digital financial divide,” says Kagiso Mothibi, CEO of Fintech at MTN South Africa. “It provides a pathway for people who have operated on a cash basis for most of their lives to enter the formal banking system. This transition can transform lives.”
Benefits of MTN MoMo
With MoMo, users can get credit, affordable insurance, and safe financial services. This helps people reduce financial risks and gives them a chance to save, start small businesses, or pay for education.
It also supports job creation and economic growth.
“From the outset, our mission has been clear: to provide an accessible, cost-effective alternative to traditional banking for the unbanked and underbanked,” says Mothibi.
“One of the key advantages is that MoMo does not charge fees on deposits, bill payments, or transfers. That’s undoubtedly why millions of South Africans trust MoMo for their everyday financial needs. If you deposit R100, you keep your full R100 until you choose to spend it – there are no hidden costs or debit orders.”
Promotion to celebrate reaching 13 million customers significant milestone
MTN is giving its clients the opportunity to Play & Win and receive incentives just by completing regular mobile transactions, bringing a fun twist to the service as MoMo celebrates enhancing the lives of 13 million users.
Every qualified transaction will get two plays and be eligible for immediate prizes until August 31. These consist of six Toyota Starlet automobiles and millions in cash vouchers, and there will be monthly draws till the promotion is over.
“Play & Win is just another way we’re making digital finance more rewarding for our customers,” Mothibi concludes.
“But the story doesn’t end here. At MTN, we are committed to ensuring MoMo remains an innovative service that deepens financial inclusion. With a strong foundation, a growing customer base, and a commitment to zero fees, MoMo will continue redefining financial accessibility in South Africa.”