Fast forward to the future of banking

Sizwe Sibiya & Arthur Greene

South Africa is way behind many African countries when it comes to mobile payment platforms.

In Kenya for example, wallets and bank accounts are distant memories for many, with mobile money used to pay for everything – from petrol, to school fees.

It is not surprising that it is changing fast in South Africa.

There is a good banking system, but it costs.

Bank charges are some of the highest in the world.

And it can be a real pain to get an account, even if you have the right paperwork.

It is so much easier to fast forward to the future, skip bank charges, and use your phone.

A pioneer of mobile banking in SA is MoyaPayD, the payment service from Moya, launched last year.

It’s expanded to serve businesses too, so they can also use this user-friendly payment service, which like everything else on Moya is data free.

Signing up for MoyaPayD is straightforward; users just need a valid South African ID, or a foreign passport. Once that’s verified, you’re good to go.

Moya started out as a messaging app much like WhatsApp, and grew into a “super app” with sports pages, news services (including Scrolla.Africa) and a marketplace.

Moya’s founder Gour Lentell calls MoyaPayD “a full-featured mobile wallet” that doesn’t need a bank account to use.

The app uses QR codes to transfer funds. Or you can send and receive from bank accounts. All without using data.

This means that even a car guard or any service provider can pop onto MoyaPayD and get a QR code for a tip. You can also get a prepaid MoyaPayD Mastercard Debit card.

Small companies can use it for payroll. “If you’re a small business in SA, or a street vendor or whatever kind of business, you can get MoyaPayD and you’re immediately in business,” said Lentell.

Lentell himself doesn’t have a bank account in SA, and uses MoyaPayD and his prepaid card.

“Personally, I live on the card. MoyaPayD and this card are my life in South Africa. I don’t have a bank account here as it’s too hard to get one, so I live on MoyaPayD,” he said.

“I’m living proof of the functionality of MoyaPayD!”

As Lentell points out, not only is it data free but it’s also free of all the fees which come with having a South African bank account.

“There are no resident costs, no monthly account charges, and no transaction fees to take your money, which is very different from banking here which is extraordinarily expensive.”

Disclaimer: Scrolla.Africa is a client of Moya, and uses MoyaPayD to pay competition winners.

Image source: Stuff Magazine