South African mobile phone operator MTN launched services allowing users to send cash abroad and businesses to accept payments via an app as it pushes further into the country’s rapidly growing fintech space.
Mobile operators have been expanding in financial services across Africa, where a large part of the population does not have good access to traditional banking.
With about 9 million registered mobile money subscribers in South Africa, MTN South Africa’s Chief Financial Services Officer Bradwin Roper told reporters on Thursday the group is largely focusing on the roughly 15 per cent of South Africans that are still unbanked.
