In October 2023, MTN South Africa launched MoMo 2.0, a super app designed to revolutionize the fintech landscape. This platform offers a wide range of services, including the MoMo Business Wallet for fee-free real-time payments, MoMo Eazi for consumer payments, international remittances across 12 African countries, and even a point-of-sale device and life insurance packages. The goal is to make financial services more accessible, particularly to South Africa’s unbanked population, which still accounts for 15% of the country.
Bradwin Roper, MTN South Africa’s Chief Financial Services Officer, highlighted the company’s approach of offering convenience through a single app, emphasizing how the platform provides a holistic financial experience. He explained that MoMo 2.0 is not just about chasing “super app” status but about simplifying the user journey and addressing customers’ needs effectively.
Roper also underscored the importance of MTN’s established brand trust and digital expertise across the continent, which provides a solid foundation for customer adoption. MoMo aims to attract and retain users by offering value-driven products, such as zero-fee business transactions and affordable insurance options, which address customer pain points.
The platform’s growth will involve both in-house development and strategic partnerships, as seen with collaborations for remittance services and point-of-sale devices. Ultimately, MoMo 2.0 aims to increase financial inclusion in South Africa by providing innovative solutions for the country’s underserved markets.
