is launching services allowing users to send cash abroad and businesses to accept payments via an app as it pushes further into the country's rapidly growing fintech space.
With about 9 million registered mobile money subscribers in South Africa, MTN South Africa's Chief Financial Services Officer Bradwin Roper told reporters on Thursday the group is largely focusing on the roughly 15% of South Africans that are still unbanked. The operator also launched a virtual wallet for business owners that will allow them to accept payments via the app or QR code, a way to limit the use of cash by some of South Africa's "spaza" shops, the informal stores that dot township corners.
About 80% of South Africa's population visit spaza shops daily, and the spaza industry is valued at about 178 billion rand , Roper said.