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MTN is giving up on mobile money in South Africa

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African telecoms giant MTN has canned its mobile money service in South Africa, the second mobile company to do so this year. MTN South Africa announced Sept. 15 that it was decommissioning the product “due to a lack of commercial viability.”

In South Africa, however, “the operating costs of providing a mobile money platform have become prohibitive,” Larry Annetts, MTN South Africa’s Chief Consumer Officer, said in a statement. “The decision by MTN SA to shelve its mobile money service does not signify a complete exit from financial services.”

For more on this story visit the following link: MTN is giving up on mobile money in South Africa

Source: Quartz Africa

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