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Mobile money struggling in South Africa

Categories : Cash is universal
September 20, 2016
Tags : Africa, Alternative modes/methods of payment, Innovation, Mobile Payments, Mobile phone
Telecom giants struggling to make mobile payments take-off in South Africa.
Communication Team / Equipo de Comunicación

Because of South Africa’s well-established banking sector, companies are finding it difficult to break through with mobile money services. In fact, one of Africa’s telecom giants, MTN, has announced its intention to cease its mobile money services on September 15.

MTN’s services grew by 23.3% on the African continent in 2015 proving that there is a market for mobile money services outside South Africa. Attesting to the difficulty of penetrating the South African market is Vodacom’s failure – the country’s largest cellphone company – to launch M-Pesa, Kenya’s famous mobile money service.

To read Quartz’s original article, please click here.