Over E 150m circulates on Mobile Money monthly
Story BY NOMALUNGELO PHIRI
MAT S A P H A – In pursuit to make Mobile Money a key payment solution, Swazi MTN has grown the Mobile Money service to E 150 million in circulation monthly. This was disclosed by Swazi MTN Chief Executive Officer Ambrose Dlamini during the third edition of the MTN Mobile Money month launch held at OK Foods in
Kwaluseni on Monday. The month-long campaign is aimed at celebrating the role of Mobile Money in driving financial inclusion, championing a cashless economy, and deepening awareness and educate EmaSwati about the boundless benefits of MTN Mobile Money to both individuals, and different sizes of businesses. The campaign will also focus on the registration of new users and promotions to reward existing and new Mobile Money customers. ‘’We thank EmaSwati for using Mobile Money and for their support over the past 20 years,’’ said. The CEO said they were very excited about the enthusiasm shown by EmaSwati on the service. MTN Mobile Money has close to 600 000 subscribers and about 350 000 of these are active on a monthly basis. Mobile Money, also known as, MoMo, has enabled customers to pay for utility bills, nine government taxes, school fees, buy MTN data bundles and airtime amongst other uses.
He said since 1998, they have seen a lot of support from both their customers and partners. Swazi MTN has been joined by the Swaziland Royal Insurance Corporation (SRIC), Old Mutual, MultiChoice Swaziland (DStv), GetBucks,
World Vision, and Eswatini TV for the month-long campaign. These companies have all partnered with MTN to use Mobile Money as one of their payment models. ’’We are looking forward to introduce new services under MoMo,
which includes loans and cross border transactions. We are still waiting for the greenlight from the regulator, the Central Bank of Eswatini (CBE),” he said. Meanwhile, Swazi MTN Chief Consumer Officer Sam Shongwe said the CBE has finally gave them the greenlight to increase the MoMo wallet daily limit from E 4 000 to E 25 000. “But the condition to get the daily wallet increase is to register your number or SIM Card. This is what we call full KYC (Know Your Customer),” he said. To date, Swazi MTN has registered over 400 000 SIM Cards since the launch of the VELA SIM Registration in April 5. Swazi MTN has set a target to install a total of 250 MoMo kiosks before the end of this month nationwide to improve access to MoMo. Zambi Ncamiso Dube who owns six Mobile Money stations was
one of the brand-new kiosks. He received two kiosks. He thanked Swazi MTN for introducing Mobile Money as this has
made payments faster and easier. Dube further thanked the company for partnering with SwaziBank for the Mobile Money Agent Top Facility. This service enables MoMo vendors to buy their stock directly using their SwaziBank accounts anytime and to transfer Mobile Money back into their SwaziBank accounts. “The demand for MoMo has been
on a significant upward trajectory. The partnership between Swazi MTN and SwaziBank has enabled us to always have units and cash to encounter the increasing demand of the service,” he said.