By Bahle Gama | 2019-11-10
THE success of MTN Mobile Money seems to be resounding across the globe as an Austrian newspaper, Wiener Zeitung, has taken interest on how the product is improving financial inclusion in the Kingdom of Eswatini.
MTN Corporate Affairs Manager Mandla Luphondvo disclosed this information.
He said Sophie Alena, a freelance journalist with an Austrian newspaper, is currently in the country to compile a story on MTN Mobile Money.
“Alena is capturing the trajectory of MTN MoMo since it started in May 2011, its rapid growth over the years which have seen over 660 000 subscribers joining this payment system and how MoMo contributes to the improvement of quality of life for the people of Eswatini.
“There are currently over 1 600 outlets that are registered to accept Mobile Money as a mode of payment,” he said.
He further stated that the success of MTN MoMo in Eswatini had been phenomenal in that MTN South Africa has been supported by Eswatini MTN to re-launch its MoMo in the Republic of South Africa early this year.
“The monetary value that is circulated within MTN MoMo continues to grow, so has the number of transactions taking place on the platform as it is currently over a billion Emalangeni.
“This is partly because MoMo users can pay for over 20 different products and services through MTN MoMo, which makes it a platform that does more than receive deposits and make cash withdrawals,” he said.
“Recently, MTN MoMo introduced a self-liquidation service in partnership with EswatiniBank.
“This service enables MoMo agents to move cash they have collected through Mobile Money into their bank accounts in real-time, easily.
The objectives of this new facility are to simplify, increase service quality, reduce human interaction and improve service delivery, especially for merchants that accept MTN MoMo as a mode of payment,” he said.
He added that before this service was introduced, MTN MoMo vendors used to follow a cumbersome process, which required that they fill in a liquidation form, provide proof of their bank account and an instruction letter to the MTN MoMo back office.
Further, they had to state how much they wanted to liquidate and how often.
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