- MTN says it has increased the cashback rewards on the MoMo platform tenfold.
- Customers usually earn one percent cashback on airtime and data purchases through MoMo.
- Data bundles, social bundles, airtime and others will see ten-times larger cashback rewards until 31st January 2025.
Registered customers of MTN South Africa’s MoMo platform are set to enjoy increased cashback offers from the company starting from 1st August and lasting until the end of January 2025. These cashbacks will see 10 times the usual amount on the purchase of select bundles from the telecom.
MTN is amplifying the usual cashback from one percent to 10 percent, it says, in order to help its customers amid “increasing financial pressure.”
“Recognising the need for savings during these challenging times, MTN is amplifying the MoMo cashback reward from the standard 1% to an impressive 10% for all purchases of MTN airtime denominations,” the company said in a press release sent to us this morning.
“This initiative aims to provide substantial relief to our customers and enhance their MoMo savings,” Kagiso Mothibi, acting CEO of MTN Fintech SA, explains.
The qualifying bundles for enhanced cashback include:
- “MTN airtime: all denominations,
- MTN data bundles,
- MTN Made4U bundles (including MyTown Offers and MoMo exclusive deals),
- MTN Social bundles,
- And MTN Voice bundles.”
The cashback rewards are instant when purchasing these select products from the MoMo Self-service channel, including the USSD code *151*1# and the MoMo app. However, off-net airtime and bundles from other networks purchased through MoMo will not see the cashback offer.
“There is no limit to the number of cashback rewards you can earn. Each time a qualifying purchase is made, the 10% cashback will automatically be credited to your MoMo cashback wallet. The cashback reward can then be used to perform any transaction on MoMo, making it easier for customers to manage their finances,” the company says.
“This 10% cashback opportunity is our way of saying thank you to registered supporters of MoMo. By offering unlimited opportunities to earn rewards during a time of year when money traditionally gets a little tighter and continuing this offer until January 31, 2025, MTN is committed to making life a little easier,” adds Mothibi.
MTN MoMo is the company’s largest foray into mobile money, in the same guise as Safaricom’s M-PESA that has become a standard for East African digital money transfers, seeing ubiquitous use in Kenya.
Earlier this year MoMo was launched in 10 more countries across the continent.
The platform has been slow to pick up since launching in 2020, now seeing around 66 million monthly active users according to a financial update from the first quarter of 2024, with a significant portion of yearly growth seen outside of South Africa in markets like Nigeria, Rwanda, and Uganda.
This latest move to increase the cashback amount is, despite what MTN says, another way to get people to jump on the platform and use it for transactions. Any growth right now is especially crucial for MTN, as it announced that its half-year results would be disappointing for investors.
The company expects as much as a 140 percent to 150 percent decrease in headline earnings per share for Q2 2024, driven mostly by socio-economic changes across its African markets.
