“MTN MobileMoney” is a SIM-based, version of Fundamo’s Mobile Wallet Solution ver 3.1, specifically designed to meet the needs of MTN’s subscriber base. Using HSM technologies that offer ATM level security, and a PIN system that prevents sensitive information from residing on the handset, users are entirely safeguarding against theft and fraud.

The solution is also fully compliant with all banking and FICA regulations, enabling banks to login to the system and manage the banking elements of the service while MTN focuses on customer acquisition and retention.

“MTN MobileMoney” doesn’t require users to setup a bank account, instead offering a variety of services; from money transfer, mobile payments and balance checking to mobile purchases, and the ability to buy airtime in real-time. Users have the option to receive a branded “MTN MobileMoney” debit card that can be used to withdraw cash from ATMs.