Telecommunications giant MTN Group’s Mobile Money (MoMo) has reached the milestone of 13-million registered customers in South Africa as it continues to expand financial accessibility.

MTN relaunched its MoMo service in South Africa in January 2020, marking the company’s third attempt at deploying MoMo services in the country, with the number of registered users accelerating to 2.50-million by the end of that year.

“Since its relaunch in South Africa, MoMo has played a key role in promoting economic growth and reducing the digital financial divide,” says MTN South Africa Fintech CEO Kagiso Mothibi, pointing out that the latest achievement reinforces MoMo’s commitment to breaking down financial barriers and offering millions of South Africans a more inclusive financial experience.

“It provides a pathway for people who have operated on a cash basis for most of their lives to enter the formal banking system. This transition can transform lives.”

MoMo facilitates access to secure banking services, credit and affordable insurance. It reduces financial risk and opens opportunities to invest in education, small businesses and long-term financial security.

On a broader scale, this increase in financial inclusion drives job creation, entrepreneurship and overall economic development.

“From the outset, our mission has been clear: to provide an accessible, cost- effective alternative to traditional banking for the unbanked and underbanked,” says Mothibi.

MoMo does not charge fees on deposits, bill payments or transfers, with no hidden costs or debit orders.

As MoMo celebrates 13-million users, MTN is affording mobile customers the chance to Play & Win and earn rewards.

Until August 31, each qualifying transaction will receive two plays and qualify for instant prizes, including millions in cash vouchers and six Toyota Starlet cars, with monthly draws until the promotion ends.

“At MTN, we are committed to ensuring MoMo remains an innovative service that deepens financial inclusion. "With a strong foundation, a growing customer base, and a commitment to zero fees, MoMo will continue redefining financial accessibility in South Africa.”