By Sizwe Dlamini
MTN Fintech intends to go beyond South Africa with its MoMo cross-border remittance payment system.
Speaking during the launch held at the Happy Valley Hotel, MTN Fintech CEO, Sam Shongwe, stated that for years, sending and receiving money across borders has been a challenge for many. Families have struggled to support one another due to lengthy processes, high costs, and geographical barriers.
“Today we focus on South Africa and Eswatini, this is just the beginning. Our vision is to expand this service to other countries, further breaking down barriers and connecting more communities. EmaSwati should be able to receive money from family members in neigbhouring countries such as Botswana, Namibia, among others in the region.”
A remittance is the transfer of money, often sent by a person working in one country to their family or friends in another country. Migrants typically send remittances to support their relatives back home, covering expenses like education, healthcare, or daily living costs.
Shongwe further expanded on the advantages of the cross border remittance service.
“With the launch, of the MoMo Cross-Border Service, we are saying goodbye to those constraints and introducing an innovation that promises to change lives and reshape the way money moves between South Africa and Eswatini. Today, we unveil a solution designed with one primary goal: to bring families, businesses, and communities closer by making financial transactions simple, affordable, and convenient. This isn’t just a financial product; it’s a bridge that connects loved ones, empowers small businesses, and ensures that no one is left behind in the digital financial revolution,” Shongwe said.
At the heart of this service is the commitment to affordability. “We understand the value of every cent our customers earn, and we’ve ensured that MoMo remains a cost-effective solution for cross-border transactions. The possibilities are endless once the money is in the recipient’s MoMo wallet,” Shongwe said.
With just a few taps, our customers can:
- Send or receive money locally.
- Pay for groceries and other purchases.
- Buy airtime, data bundles, and minutes.
- Pay bills for utilities and services.
- Transfer funds to and from their bank accounts.
The CEO concluded by cautioning and urging customers to keep their MoMo wallets safe this festive season.
“As we launch this service today, I encourage everyone to embrace MOMO and use it to support loved ones, grow their businesses, and build better lives. Lastly, let us not forget to keep our MoMo safe. We must refrain from sharing our MoMo PIN with anyone. Let us not fall victim of kufacata. Sisaya etikhatsini tabo khisimusi ngitsi caphela Ngwane unga facati noma bangakukhulumisa batsini. Gcina hambamali wakho aphephile,” he concluded