MTN MOBILE MONEY DEPOSITS NET OVER E2BN
Tel Care’s Fiona Kyomygisa receiving a kiosk from MTN Acting CEO Sibusiso Nhleko and Chief Consumer Officer Sam Shongwe

MTN MOBILE MONEY DEPOSITS NET OVER E2BN

MTN Eswatini Mobile Money deposits currently sit at just over E2 billion. The value of total customer withdrawals
edges at over E1.6 billion, according to the recent Financial Stability Report (FSR) 2018 issued by the Central Bank of Eswatini (CBE). Though the period under review for the second issue of the FSR report was from December 2016 to December 2017, events that occurred in 2018 were also included where appropriate. During the period under review, MTN Mobile Money had over 3 500 agents, and recorded over half a million active customers. The total
number of transactions stood over six million, and withdrawals stood at over four million. According to the report, in 2017, MTN Mobile Money agents and users recorded 74.1 per cent and 20 per cent growth rates respectively. “The increase and more diversified use of the national payments system is a sign of a high level of user confidence, and is supportive of domestic financial stability,” said the Central Bank. The report noted that during the year to December 2017, some Mobile Money operators collaborated with retailers and service providers to enable the purchase of goods and services. The report said currently, MTN Mobile Money, FNB’s e-wallet, and Standard Bank’s Instant Money are the key e-money financial inclusion products in Eswatini. In as far as financial inclusion is concerned, the CBE said key progress had been achieved to overcome the challenges of eligibility and barriers for the unbanked and underserved populace. The aspiration of the Kingdom of Eswatini is to reduce the percentage of financially excluded citizens from 27 per cent to 15 per cent, and to grow the percentage of adults with access to two or more formal products from 43 per cent to 65 per cent by 2022. Globally, certain groups are particularly likely to face financial exclusion, including the young, those living in remote areas, migrants and the self-employed. Within this context, the CBE has recognised the importance of increasing efforts to develop well-designed financial education strategies and adequate financial consumer protection measures alongside supply-side initiatives to stimulate and
promote financial inclusion. “These will be targeted to the relevant groups, and ideally provided alongside access to appropriate products,” said the Central Bank. Meanwhile, last year alone, MTN Eswatini registered 50 per cent
increase of Mobile Money vendors, according to Chief Consumer Officer Sam Shongwe. Speaking during a handover of top performing Mobile Money vendors held late last year, Shongwe said the company would continue to support vendors even next year, because they made it easier and convenient for customers to access MTN services nationwide.
The company believes that this will further deepen financial inclusion.

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