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10 August 2005
SANDTON - MOBILE telephony is ringing in a new era for South African financial services. That was the bottom-line today as MTN and Standard Bank formally introduced their new joint venture, MTN Banking, a division of Standard Bank, to the market.
The agreement puts 20 million cellphone subscribers just a phone-call away from bank account activation.
The account in question is the MobileMoney transactional account, the initial, core product offering from the 50-50 joint venture.
'Handy' access to anytime, anywhere transactional banking deepens the consumer relationship with the MTN brand while reinforcing the cellphone innovator's marketplace positioning for customer-centric innovation. Banking affiliation can be a lifetime association, creating new brand loyalty 'glue' across the MTN client-base.
MTN Banking also represents a huge leap forward across South Africa's policy landscape - in the realms of both communication and banking.
The concept demonstrates MTN's commitment to improving the overall package of cost-efficient benefits for cellphone users. The cellphone becomes a banking hall in the palm of your hand, offering time and cost savings while responding to lifestyle needs.
The joint venture simultaneously highlights Standard Bank's commitment to the Financial Sector Charter and its innovative response to government's requirement that banking services be made accessible to the historically disadvantaged. MTN Banking Supports governments' initiatives to combat money laundering and complies with FICA as well as all other regulatory requirements.
Irene Charnley, Commercial Director: MTN Group, notes: "MTN Banking's MobileMoney product leverages cellular telephony technology and financial services expertise for the benefit of MTN clients from all walks of life and in all communities.
"It is a unique offering that creates 24/7 banking for the mobile generation. South Africa is saying 'Y'ello' to a totally new financial service future and placing the call by MTN."
Peter Wharton-Hood, Managing Director: Retail Banking, Standard Bank was equally upbeat. He pointed out: "MTN Banking and the MobileMoney product offer one of the most cost-efficient banking solutions yet available in Africa or worldwide.
"Thanks to the demographics of the MTN client-base, we can reach out to millions of younger South Africans who expect low-cost, no-hassle service from their bank and now find the optimum solution in the palm of their hands.
"As a bonus, the solution is backed by two of South Africa's most highly valued brands in Standard Bank and MTN."
Opening a bank account has never been easier.
.. Clients open accounts using software downloaded over the air or already embedded on their 32K SIM cards. They have access to a Call Centre 24/7 where their queries can be answered and assistance given if needed.
Customers receive free MobileMoney CashCards in packs, available from Standard Bank branches or identified MTN Service Provider outlets. The CashCard enables withdrawals at Standard Bank AutoBanks and branches.
From September all new SIM cards will already have MTN Banking pre-loaded on them during production, and from early next year, the MobileMoney CashCards will be included in all MTN Pay as you Go and contract starter packs and distributed through the same network.
Charnley said further: "This convenient, retail environment revolutionises financial sector marketing and distribution channels while massively simplifying service access. Banking will never be the same following its convergence with mobile telephony."
The MobileMoney CashCards can be upgraded to a MobileMoney MasterCard card. This card may only be used in South Africa. The MasterCard cards are available from identified MTN Service Providers and Standard Bank branches.
A MobileMoney MasterCard card enables purchasing from merchants who accept MasterCards and allows clients to make withdrawals from Saswitch ATMs and the Standard Bank network.
Low costs kick in from the moment of account activation.
The MobileMoney Account is designed for Pay as you Go convenience. There are no monthly service fees and no minimum balances. The money you see in your account is yours to access; all of it.
There are no hidden costs. All banking transaction SMSs are free while free SMS notifications are sent to update clients on changes to the balance. All customer-initiated transactions (e.g. card and/or ATM transactions) are notified in real-time, irrespective of the day and time. Debit order notifications are distributed between 7am and 9pm.
MobileMoney enables person-to-person payments and transfers to other bank accounts and credit cards and bill payments. Clients can even pay traffic fines by phone or load their electricity accounts with prepaid credits.
Customers can go to a Standard Bank AutoBank or branch for cash, cheque deposits and cash withdrawals. Special cheque clearance can be done in the branches.
Jenny Hoffmann, CEO MTN Banking points out: "The MobileMoney transactional account is our initial product offering. There will be others once our client-base is established. "
Ends
Notes to editors:
MTN Group Limited
Launched in 1994, the MTN Group celebrates more than 10 years as a leading provider of cellular and communications services in Africa and is listed on the JSE Securities Exchange South Africa under the share code: "MTN". As at 30 June 2005, the MTN Group recorded more than 17 million subscribers across its operations, excluding Ivory Coast. MTN operates in seven African countries including South Africa, Swaziland, Rwanda, Uganda, Cameroon, Nigeria and Cote d'Ivoire. For more information please visit www.mtn.co.za.
For more information contact:
Angelo Coppola, Channel Communications, angelo@channelcom.co.za
Ravin Maharaj, Media Relations Manager, MTN SA, mahara_r@mtn.co.za
Erik Larsen, Standard Bank Group Communications, erik.larsen@standardbank.co.za
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