MTN South Africa partnered with banking and financial services companies to integrate digital payments solution Payshap into its mobile money platform MoMo, a move MTN claimed will bridge the gap for the unbanked.
MTN said in a statement MoMo is the first non-banking player to offer PayShap and opens up the opportunity to onboard people that are unbanked.
“This strategic collaboration will empower our users, especially the unbanked community, with unprecedented accessibility and convenience,” said MTN South Africa FinTech CEO, Bradwin Roper.
MTN noted such a model was deployed by Reliance Jio and UPI AutoPay in India where 80% of transactions were conducted through a similar rapid payment solution.
Banking and wealth management company Investec, and payments firm Electrum are working in collaboration with MTN to deliver PayShap on MoMo.
“We’re excited about the future of the PayShap solution in South Africa. Not only does it represent a significant milestone in the evolution of digital finance in South Africa, but it will also increase financial inclusivity, connecting more people to the safer and more efficient world of mobile payments,” added Roper.
