MTN "MoMo" Mobile Money Service Going Live in 2020

Mobile network operator, MTN, announced in South Africa that its new mobile money service, "MoMo", will go live in 2020. MoMo will be available both via a USSD session as well as an app, available in the Google Play and Apple App stores by the end of January.

While requirements for MTN's MoMo do not include a bank account, users must be a resident of South Africa who is at least 18 years of age and possessing valid South African identification. Functionality of the service, which will operate on the Ericsson Converged Wallet, will roll out in stages, initially providing remittances to any South African phone number, purchase of prepaid services and Cash In Cash Out through mobile money agents and at MTN store locations.