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MTN decommissions mobile money service

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MTN SA has decommissioned its Mobile Money offering, citing lack of commercial viability.
MTN SA launched its mobile money platform in 2012, and the service has regularly been improved and updated since its launch. This included MTN partnering with Pick ‘n Pay and Boxer to offer its money remittance platform. The mobile money platform gained traction and by attracting over 2-million registered customers.
“The operating costs of providing a mobile money platform has become prohibitive,” says Larry Annetts, chief consumer officer of MTN South Africa. “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.”
MTN is working with its mobile money partners to ensure that its customers are not adversely affected. It has also committed to introducing new service products in the near future.