Telecommunication operator MTN South Africa has entered a collaboration with Investec and Electrum to provide PayShap on its MTN Mobile Money (MoMo) platform. As per the information detailed in the press release, MTN South Africa cooperated with Investec as its banking partner and Electrum as its technical partner to introduce PayShap, a real-time interbank digital payment service, on its MoMo platform.

Through this, the companies intend to minimise the financial inclusion gap for the underbanked population in the region, as well as to deliver users an instant and cost-effective mobile payment system. At the time of the announcement, MoMo is one of the first non-banking participants to provide PayShap. MTN’s development strategy Introduced by the South African Reserve Bank, PayShap supports instant digital payments between banks and the integration of MoMo is set to offer MTN users an accelerated method to conduct payment transactions.

The collaboration between MTN, Electrum, and Investec intends to improve the overall digital payments landscape in South Africa for prepaid and contract subscribers. According to MTN’s officials, the strategic partnership focuses on facilitating accessibility and convenience for users, especially for the unbanked community in the region. PayShap allows transactions without requiring traditional bank account details, thus becoming a more accessible alternative for individuals. Moreover, considering its capabilities and traction after the launch, MTN considers PayShap a substantial advancement for digital finance in South Africa that also supports the evolution of financial inclusivity, as it connects more individuals with a safer payment option.

As the banking partner of the collaboration, Investec underlined its allegiance to bridging the gap between traditional banking and mobile solutions. The company intends to foster a financial ecosystem that serves all segments of society. In addition, Electrum, a cloud-based payment solutions provider, is set to ensure the efficient integration of PayShap with the MoMo platform.

Currently, PayShap is available in most banks across South Africa, including Absa, Nedbank, Standard Bank, FNB, Capitec, and Discovery Bank. .