MTN and Investec Partner to Bring PayShap to Mobile Money, Driving Financial Inclusion in South Africa

MTN South Africa, in collaboration with Investec and Electrum, is set to launch PayShap on its Mobile Money (MoMo) platform. This move will make MTN MoMo the first non-banking service provider to offer PayShap, a real-time, low-fee interbank digital payment solution. The partnership represents a major breakthrough in expanding financial services to South Africa’s unbanked population.

PayShap, developed by BankservAfrica, the Payments Association of South Africa, and the South African Reserve Bank, aims to modernize South Africa’s payments landscape by reducing reliance on cash and promoting faster, safer, and more affordable transactions. The service has gained significant traction since its initial launch in 2023, surpassing one million transactions within six months.

“This strategic collaboration will empower our users, especially the unbanked community, with accessibility and convenience,” said Bradwin Roper, CEO of Fintech Services at MTN South Africa. “We’re excited about the future of the PayShap solution in South Africa. Not only does it represent a significant milestone in the evolution of digital finance in South Africa, but it will also increase financial inclusivity, connecting more people to the safer and more efficient world of mobile payments.”

Investec, as the banking partner for this initiative, underscores its commitment to fostering financial inclusion. “By bridging the gap between traditional banking and mobile solutions, we aim to foster a financial ecosystem that serves all segments of society,” affirmed Cumesh Moodliar, Investec Bank CEO.

Electrum’s technical expertise will ensure smooth integration of PayShap into the MoMo platform. The partnership leverages lessons from globally successful models such as Reliance Jio and UPI AutoPay in India, where a similar system drives 80% of transactions.

The availability of PayShap on MTN MoMo is pending regulatory approvals. African Bank remains the sponsor bank for the MoMo wallet. Details on transaction fees associated with funding the MoMo wallet using PayShap will become available as the service launches.