On the 30th January 2020, Ubank Limited proudly celebrated with its new Telecommunication’s partner MTN SA as they launched the South African Mobile Money Services (MoMo). This follows the Memorandum of Understanding signing in November 2019.

The basis of this agreement sanctions Ubank to facilitate participation in the MoMo environment, thus enabling its very customers and general consumers market to transact and/or make necessary payments using MoMo.

Ubank prides itself as a bank that strives to grow with its customers and as a bank that researches essential ventures for the benefit of its customers, families and communities. Its mandate to service and provide banking services to the broader blue-collar market, will furthermore be reinforced by this partnership.

In today’s highly digital world driven by evolving Fintech, we are proud to partner with MTN SA in providing mobile money services. It is a great privilege for us as a bank to partner with a renowned brand such as MTN in working on a product which will create value for consumers in the under-serviced and under-banked segments of the market, said Ubank CEO, Mr. Luthando Vutula.

It is thanks to our partners such as Ubank Limited for agreeing to partner with us to implement Mobile Money Services in South Africa. We believe that MoMo will truly help close the gaps between banked and unbanked consumers in South Africa and furthermore help the consumers have other channel to receive and send money safely and securely, said MTN South Africa’s Chief Officer Mobile Financial Services, Mr. Felix Kamenga.

The successful launch of a MoMo offering in the South African market will benefit many consumers and we are pleased that we as Ubank will be a part of this journey. Furthermore, this service will enable us to reduce cash handling for our consumers which is in line with our strategy, says Vutula.