ShareIn a move aimed at enhancing financial inclusivity and accessibility, MTN South Africa has partnered with Investec and Electrum to introduce PayShap, a real-time, low-cost interbank digital payments service, on its Mobile Money (MoMo) platform. PayShap, launched earlier this year by the South African Reserve Bank, facilitates instant digital payments between banks within 60 seconds. By integrating PayShap into MoMo, MTN users gain access to a faster and potentially more cost-effective way to conduct transactions. PayShap, a collaborative effort between BankservAfrica, the Payments Association of South Africa, and the Banking Association of South Africa, has gained rapid traction, surpassing one million transactions within six months of its market launch. Electrum, as the cloud-based payments solutions provider, will ensure the smooth integration of PayShap with the MoMo platform.

Source: The North Africa Journal May 11, 2024 17:53 UTC