MTN takes on Vodacom for the title of Africa’s biggest digital bank

Johannesburg – MTN is seeking to challenge one of the biggest rival Vodacom as Africa’s biggest digital bank. This happened after MTN trippled its number of customers within 3 years.

MTN which is already Africa’s biggest mobile-phone company by subscribers. It is currently adding about 50 000 active banking customers a month.

On Wednesday the MTN CEO Rob Shuter said in a statement that currently about 20 million people are using MTN’s mobile banking.

The mobile-money account allows users to be able to deposit and withdraw money using their mobile phones. They can also use mobile-money to pay for everything even haircuts.

MTN and Vodacom as well as other competitors are using internet that is fast and affordable to be people who are in countries or areas where banks or ATMs are scarce or simply not there.

“We really are at that early adoption stage of mobile internet” in Africa, said Shuter.

MTN is operating in 17 countries across the continent, ranging its biggest market in Nigeria to the smallest markets in Guinea Bissau.

While Vodacom and Safaricom have networks in 6 African countries.

“In the right markets there is no reason why an MTN version of Spotify, where we collect the money from the pre-paid wallet or mobile-money account and we arrange the local content, can’t be successful,” said Shuter.

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