Quick reads for this week
MTN South Africa, Investec and Electrum collaborate to introduce PayShap on MoMo
MTN South Africa, in collaboration with Investec and Electrum, has announced that it is set to revolutionise mobile payments with the introduction of the PayShap solution on its MoMo platform.
According to the group, the collaboration aims to provide users with an instant, cost-effective payment system.
This joint effort not only sets MoMo apart as the first non-banking player to offer PayShap but also addresses a critical gap in serving the unbanked population.
“We are thrilled to pioneer the integration of PayShap on MoMo, redefining the landscape of mobile payments and helping to drive financial inclusion. This strategic collaboration will empower our users, especially the unbanked community, with unprecedented accessibility and convenience,” says Bradwin Roper, CEO: FinTech at MTN SA.
Investec Bank Limited Cumesh Moodliar said: “Investec is proud to be the banking partner for this initiative. By bridging the gap between traditional banking and mobile solutions, we aim to foster a financial ecosystem that serves all segments of society.”
FSCA warns about company operating under the name “Coin Max” and purporting to be associated with Bybit FTZE
The Financial Sector Conduct Authority (FSCA) has warned members of the public about individuals operating under the name “Coin Max” purporting to be associated with Bybit FTZE.
In a statement, the authority said it has come to its attention that there are individuals who are offering members of the public unrealistic returns through investment in crypto assets.
“The individuals are purporting to be associated with Bybit FTZE and instruct unsuspecting members of the public to make payments into bank accounts held by multiple third parties. The FSCA suspects that the individuals are using mule accounts as part of their operation.
“Coin Max is not authorised under any financial sector law to provide financial products or financial services in South Africa.
“Bybit FTZE is a representative of an authorised FSP, and it has applied for authorisation as a crypto asset services provider (CASP). Bybit FTZE has confirmed that it does not have any association with Coin Max and any of the individuals that are purporting to be associated with it,” it said.
PERSONAL FINANCE