Yet another financial innovation using mobile telecommunications has been introduced in Africa. This time, it’s an investment product from Uganda’s MTN Mobile Money (MTN MoMo), a mobile financial service provider.
Digicel Pacific announced on Wednesday that it has launched a ‘Pacific Transfers’ service for its MyCash mobile wallet that it says enables direct, fast and relatively cheap money transfers via mobile between users in Fiji, Samoa, Tonga and Vanuatu.
Late last week, the Finance and Budgetary Control Committee of the National Assembly of Senegal adopted a bill taxing digital financial services, including mobile money transactions and merchant payments.
MTN South Africa partnered with banking and financial services companies to integrate digital payments solution Payshap into its mobile money platform MoMo, a move MTN claimed will bridge the gap for the unbanked.
