MTN seeks to triple its clients within three years in challenge to rival

10 November 2017

Money Transfer

JOHANNESBURG - MTN Group is seeking to challenge rival Vodacom Group as Africa’s biggest digital bank by tripling its customer numbers within three years.

Already the continent’s biggest mobile phone company by subscribers, Johannesburg-based MTN is adding about 500,000 active banking customers a month, chief executive Rob Shuter, 50, said.

MTN, Vodacom and other competitors are using more affordable and faster internet to offer banking to people in countries where traditional financial services are scarce. Mobile-money accounts allow users to deposit and withdraw funds via their phones and pay for everything from groceries to haircuts.

Read the full article on Business Report here.