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MTN decommissions its Mobile Money service, new financial products to launch soon

Following much deliberation, MTN SA has taken a decision to decommission its Mobile Money offering due to 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 by attracting over two million registered customers.

"The operating costs of providing a Mobile Money platform has become prohibitive. 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 the financial services space and other adjacent sectors," says Larry Annetts, Chief Consumer Officer: MTN South Africa.

MTN is working with its Mobile Money partners to ensure its customers are not adversely affected.

MTN remains committed to providing its customers with affordable mobile financial services. To that end, MTN will be introducing innovative and customised financial services products in the near future as it strives to lead the delivery of a bold, new digital world to its customers.

MTN

MTN Group

Launched in 1994, the MTN Group is a multinational telecommunications group, operating in 21 countries in Africa, Asia and the Middle East. The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code: "MTN".

As at the end of 30 June 2010, MTN recorded 129.2 million subscribers across its operations in Afghanistan, Benin, Botswana, Cameroon, Cote d'Ivoire, Cyprus, Ghana, Guinea Bissau, Guinea Republic, Iran, Liberia, Nigeria, Republic of Congo (Congo Brazzaville), Rwanda, South Africa, Sudan, Swaziland, Syria, Uganda, Yemen and Zambia. The MTN Group is a global sponsor of the 2010 FIFA World Cup South Africa and has exclusive mobile content rights for Africa and the Middle East. Visit http://www.mtn.com and http://www.mtnfootball.com.