Phone banking service launched in Africa, Mideast

South African mobile phone operator MTN on Monday said it was launching a banking service on mobile phones in 21 African and Middle East countries where access to traditional banks is poor. Yahoo Tech reports.

MTN is planning to offer a fully-fledged bank account on mobile phones called MTN MobileMoney which will allow users to pay for purchases or check balances. A credit card will be optional.

MTN calls the service "a convenient, secure and affordable way for MTN subscribers to send money, buy airtime and pay bills using their cellphone".

The service will be extended to the other 20 countries where MTN operates including Uganda, Nigeria, Cameroon and Ivory Coast which have a combined 90 million mobile phone users.

emily | 7:29 PM | SMS and Banking |
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