Guiding consumers since 2009

MTN drops mobile money service

By Jessica Anne Wood

MTN South Africa announced the decommissioning of its mobile money service, Mobile Money, due to a lack of commercial viability. However, the cellular network revealed that a new financial product will be launched soon.

Originally launched in 2012, Mobile Money has been regularly improved and updated, attracting more than two million registered customers. However, Larry Annetts, chief consumer officer of MTN South Africa, noted: “The operating costs of providing a mobile money platform has become prohibitive. The decision by MTN SA to shelve its mobile money service does not signify a complete exit from financial services. MTN is still committed to remaining a significant player in the financial services space and we are exploring opportunities in financial services space and other adjacent sectors.”

The company reassured users that it is working with mobile money partners to ensure that customers are not adversely affected by this decision.

“MTN remains committed to providing its customers with affordable mobile financial services. To that end, MTN will be introducing innovative and customised financial services products in the near future as it strives to lead the delivery of a bold, new digital world to its customers,” added the mobile network.

Recent Articles

Featured Get personal with your finances – and tie the knot

As time passes, your financial products may not live up to your needs. Therefore, it’s important to take stock of what you’re paying for and adjust where necessary. We got in touch with financial advisers to find out how you can get your finances in order, and what you should do to ensure you’re financially stable.

Personal loan or business loan? The best way to finance your business

When starting your own business, you may have to rely on external funding. Perhaps you qualify for a personal loan, but would it be better to take out a business loan instead? We got in touch with a specialist to find out whether it’s best to take out a business loan or a personal loan to assist you with your ongoing business or start-up.

What to do when you’ve been denied a home loan

After months of scanning property sites and attending showhouse after showhouse, you’ve finally found what you’ve been looking for. But your dream of owning a home comes crumbling down when you receive the news that you’ve been denied a home loan. So, what now?

Best travel cards offered by top South African banks

Planning a trip abroad involves a lot of administration. You need to consider travelling arrangements, reasonable accommodation, and a daily itinerary. But have you considered how you’re going to pay your bills once you arrive? Besides considering bank costs, you also need to consider exchange rates.

Deals

Takealot January Big Sale

Price: Available on request
When: Until 31 January 2020
Where: Online

Annique Restore Package Special

Price: From R600
When: Until 31 January 2020
Where: Centurion

Ster-Kinekor Senior Citizens Discount

Price: Available on request
When: Daily
Where: Nationwide