Following the successful launch of MTN’s mobile money transfer system, “MobileMoney”, in Uganda, the company is piloting a similar initiative in other African countries.The MTN Group has announced that the successful launch of Mobile Money Transfer (MMT) in Uganda marks the beginning of a series of planned launches across its operations in Africa and Middle East.
The product, called MTN MobileMoney, is a convenient, secure and affordable way for MTN subscribers to send money, buy airtime and pay bills using their cellphone. Whether users have an existing bank account or not, they can register for MTN MobileMoney as long as they are MTN subscribers. Those who do not have MTN SIM cards or even a phone can still receive money from MTN MobileMoney users and send money through a network of agents in their country.
MTN has been piloting MMT services through MTN Uganda and at the Group’s West and Central Africa (WECA) region operations (Cameroon, Ghana, Cote d’Ivoire and Nigeria). Five additional pilots were recently launched in Benin, Congo Brazzaville, Guinea Bissau, Guinea Conakry and Liberia. The pilots are aimed at waterproofing the systems and operational processes in preparation for the commercial launch. In each market, MTN has partnered with local banks to ensure that its MMT services are fully compliant with financial services regulations. Discussions are currently on-going with relevant authorities in various countries to ensure that all regulatory requirements are met
The development of this Money Transfer service is a joint venture between Standard Bank and MTN Banking, offering a safe and secure way for customers to send money home. The service will allow money to be sent directly to the recipient, removing the hassle and cost of locating a traditional ‘cash-out’ location such as a bank’s branch,”
The service is sms-based, and will see customers being able to receive money from designated outlets by producing a sms code on their handset after a transfer has been completed.