MTN is one of the network providers with the most innovations in South Africa. Among its most brilliant discoveries is the MTN MoMo which stands for MTN Mobile Money. The service makes it possible for subscribers to operate a money wallet with which they can make payments, transfer, receive funds and carry out other transactions.

MTN Mobile Money works in a very easy and convenient way as the giant mobile telecommunication partners with 10 major banks in the country. What makes it even more convenient is the fact that you do not need data to carry out various transactions because there are USSD codes to be used.

What Exactly Is MTN MoMo?

As stated, MTN MoMo is a financial service introduced by the telecommunication network to aid transactions among clients. It provides a mobile wallet for subscribers to settle bills and receive funds through their mobile phones. You do not need any bank account to receive your funds or carry out various transactions.

The mobile money service was first announced by MTN in December 2019, but it was in January 2020 that it was launched. According to the network, it was taking the step in its bid to join the alliance that is being witnessed between financial services and mobile technology.

The main benefit of the service is that it provides an alternative to the millions of South Africans who remain without accounts with any bank in the country. The network also revealed that many are thinly served by banks and they believe MoMo will be beneficial to them. Before it was introduced to South Africa, MTN had already started the service in different African countries.

How MTN MoMo Works

As revealed by MTN, the main functions of the service are:

•    Send money to any working cellphone number in SA;
•    Buy prepaid services like electricity, data, and SMS bundles.
•    Pay for purchases at selected points.
•    Perform Cash In and Cash Out transactions at any MTN store or Mobile Money Agents.

The service works in a very simple and convenient manner. One can open a MoMo account without having an actual bank account. Once you are 18 years and above, you can have a MoMo account by presenting a valid South African identity card. Another thing of note is that you will need to be an active subscriber of the network if you want to make use of the USSD that is provided. However, when you are using the app, you do not have to be an MTN subscriber.

If you save your funds using the service, there will be no monthly charges or any other form of deductions, which is mostly the case with traditional banks.