MTN cuts ties with Tyme and is looking for a new banking partner
For Tyme, the loss of the MTN alliance leaves it with Pick n Pay as its sole partner with direct access to South African consumers for mobile banking services
MTN will look for new ways to bring banking services to its customers’ mobile phones in SA, after severing ties with Australian-owned partner Tyme. Africa’s biggest cellphone operator scrapped the Mobile Money payment service it ran with Commonwealth Bank of Australia’s Tyme due to a "lack of commercial viability", said Maxwell Nonge, chief digital officer of MTN SA. MTN retains a banking license together with a second partner, South African Bank of Athens, and can use that as a platform for new deals, he said. "MTN is committed to remain a significant player in financial services and continues to explore opportunities in this space," Nonge said in e-mailed comments on Tuesday. MTN’s focus on its financial services and digital banking operations has sharpened following a wave of hires with experience in the industry. Rob Shuter, who starts as CEO on March 17, has worked for both Standard Bank and Nedbank. Stephen van Coller, MTN’s head of strategy, mergers and acquisitions, was CEO ...
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