BoB takes over multi-billion pula mobile money market

In the new arrangement, Mascom, Orange and BTC Mobile are now required to register separate companies for the service, provide P2 million as minimum capital and adhere to strict anti-money laundering provisions.

At about 752,000 subscribers as at March 2019, Orange Money is by far the biggest mobile money service, followed by Mascom’s MyZaka with about 398,000 subscribers. BTC Mobile’s SMEGA, which was relaunched last June, trails the market with 240 subscribers. Other mobile payment providers are also operational in the market.