MTN said in a statement that it had finalized its engagements with all the relevant regulatory bodies and authorities including the South African Reserve Bank.
"The introduction of this mobile money service is a pivotal step in MTN's strategy and represents MTN's participation in the next phase of increasing convergence we are seeing between financial services and mobile technology," said MTN SA CEO Godfrey Motsa.
He said MoMo will run on the Ericsson Converged Wallet.
MoMo will be available to all consumers via USSD functionality as well as via app download in the Google Play store and the Apple App store by January 30, 2020.
MTN SA CEO Godfrey Motsa
"We are delighted to make this payments service available to South Africans as many of our people remain unbanked. Our research shows that approximately 11 million South Africans remain unbanked, while 50% of the adult population remain thinly served. MoMo aims to bridge this gap with this innovative mobile money offering, providing a payments solution that encourages financial inclusion," added Felix Kamenga, MTN SA chief officer of mobile financial services.
MTN has almost 244 million customers in 21 countries in Africa and the Middle East. At the end of September 2019 MTN's active Mobile Money subscribers had grown to around 31.7 million across the group. (See MTN Group Grows, SA Struggles.)
"We have learnt what to do as well as what not to do and we believe that MTN has significant footprint in South Africa to reach underbanked and underserved communities still heavily reliant on cash to transact," Kamenga said.
During the initial phase, MoMo will only be available to MTN customers and offers basic services, but the telco promises further innovation in early 2020 that aim to bring even more South Africans into the digital economy.
"We see MoMo playing a significant role to both the man on the street, by empowering our customers to make positive financial decisions, as well as the South African economy by enabling enterprise development at the formal and informal level," concluded Kamenga.
With the trend to extreme cellular capacities, new generations of advanced antennas have evolved, adding new possibilities and claiming crucial roles in building efficient 5G networks.
This webinar looks at the key network infrastructure decisions that mobile operators will need to make as they place their 5G plans, with a particular focus on the latest antenna technology and the benefits of beamforming.
It looks at:
How spectrum, land topography and traffic affect your 5G RAN designs.
The rise of beamforming antennas: why, which, when and where?
Under the hood: building a Massive MIMO beamforming antenna.