MTN Banking was launched as a true mobile banking solution last year, which allows millions of cellphone users in the country to open a bank account without having to go into a bank. Now it is offering those same cellphone users a very unique card.
MTN Banking has developed a card that reduces the boundaries between rich and poor while being totally mobile and fully functional. This card, powered by MasterCard International, provides all the benefits of a MasterCard.
“Not only is the card free to get, it is also free to keep, with no annual fees and no lost-card-protection fee like other cards,” says MTN Banking CEO Jenny Hoffman.
“This is the result of the unparalleled security features surrounding the card, which ensures that it cannot be used without the card holder knowing about it — whether it is through the internet or other purchases,” explains Hoffmann.
“In terms of internet purchases, this card is only active on the internet for 15-minute intervals when activated by the card holder for a particular purchase.”
In essence, the card holder is the only person in control of the use of the card. The card is deactivated by being turned off, also via cellphone or by a transaction. The customer confirms the transaction details sent to his phone by sending back his personal identification number via his cellphone; he can then switch off the card, activating it only again for his next purchase.
This means that, unlike any other card on the market, the customer has total control, 24/7. “Only one transaction is authorised at the till with your signature and you can limit that transaction size. The card is one of the most secure available to consumers and this security is enhanced as the subscriber has regained control of the transaction activity,” explains Hoffmann.
In this way, consumers can spend exactly what they want, wherever they want, as long as there is money available in their MobileMoney account. While the card can be used wherever the MasterCard logo is displayed, it can also be used at any automated teller machine in the country.
The card is available to all MTN Banking customers, irrespective of credit history. So, those who have not been able to access credit in the past can now begin to build a transaction history that can be used as a basis to apply for credit from anywhere.
“You can now provide your suppliers or local spaza shop with statements faxed from your phone proving that you have a transaction history, which also goes a long way to showing that you are worthy of credit,” says Hoffmann.
“This is critical if people are truly going to be able to access affordable financial services, which forms part of commitments made in terms of the Financial Services Black Economic Empowerment Charter.
So what else can this card do? Aside from doing withdrawals and purchases on the internet, it can also deposit cash at any Standard Bank AutoBank or branch as well as at all EasyPay pay points using the barcode or EasyPay number printed on the back of the card.
The latest offering by MTN Banking comes within two months of the business launch into the financial services market. MTN Banking is a joint venture between Standard Bank and MTN. Any MTN customer can get the card at any Standard Bank or certified MTN service centre or dealer.