African mobile operator MTN has partnered with “Take Your Money Everywhere” (TYME) – a division of the South African Bank of Athens, to launch an entirely mobile bank. They have also partnered with Boxer and Pick n Pay to provide deposits and withdrawals of cash at their stores, spread all over the country.
The new mobile banking system allow anyone with a South African cellphone number to send money and, like a local bank transfer, recipients will have access to the money straightaway. Users can also buy calling credit and electricity with their phone as well as get mini-statements and receive all their transactions by SMS.
The solution has virtually no cost for its users with no monthly fees and no minimum deposit – but some transactions do require a small fee. It is also very easy to join – all you need is a cellphone and a national ID. It will not take more than three minutes to register by phone and there is no need to visit a store or a branch. The only thing keeping Tyme from being a traditional bank is its limit on transactions and balance – the accountholder’s balance cannot exceed R25 000 (around $2700) and the volume of transactions is limited to R1000 (around $100) daily.
This mobile bank will join a myriad of mobile money services across Africa – one of the most developed continents when it comes to this channel.
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