MTN South Africa's PayShap on MoMo Platform Pioneers Financial Inclusivity in South Africa

MTN South Africa's PayShap on MoMo Platform Pioneers Financial Inclusivity in South Africa

By Staff Writer, 29 April 2024

MTN South Africa, a leading mobile telecommunications provider, is gearing up to introduce PayShap on its Mobile Money (MoMo) platform in partnership with Investec and Electrum.

This strategic move positions MTN MoMo as the pioneer among non-banking entities to integrate PayShap, a real-time, cost-effective interbank digital payment solution.

By joining forces with Investec and Electrum, MTN is poised to extend financial services to South Africa's unbanked population, marking a significant milestone in the nation's financial inclusivity journey.

Developed through a collaboration between BankservAfrica, the Payments Association of South Africa, and the South African Reserve Bank, PayShap aims to revolutionize the country's payments ecosystem by minimizing reliance on cash and facilitating quicker, more secure, and affordable transactions.

Since its debut in 2023, PayShap has witnessed remarkable uptake, surpassing the one million transaction mark within a mere six months.

Bradwin Roper, CEO of Fintech Services at MTN South Africa, expressed enthusiasm about the collaboration's potential to empower users, particularly the unbanked segment, with enhanced accessibility and convenience.

He emphasized the transformative impact of PayShap on South Africa's digital finance landscape, foreseeing broader financial inclusivity and greater connectivity to the world of mobile payments.

In summary, MTN's alliance with Investec and Electrum to integrate PayShap into its MoMo platform signals a significant step forward in advancing financial services accessibility in South Africa, promising a future marked by safer, more efficient mobile transactions for all.

Source: Africa CEO Voices

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