Because of South Africa’s well-established banking sector, companies are finding it difficult to break through with mobile From the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... 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.