By Phiwa Sikhondze
In the past financial year ending June 2023, OK Foods processed E9 million worth of sales through MTN’s mobile money platform, a remarkable increase from E3.3 million in the previous year.
This was revealed by Lincoln Motsa, the Founder and Managing Director of Linac Investments, the company that owns the OK Foods brand in Eswatini. He disclosed this during the MTN Business Connect Seminar last week.
He said that OK Foods, as one of the leading retail chains in Eswatini, has made significant strides in digital transformation by integrating MTN Eswatini’s mobile money platform into its stores. The move has facilitated cashless payments and promoted financial inclusion in the country.
In his speech, Motsa highlighted the benefits of this partnership, especially for their customers. He said that the widespread acceptance of mobile money in the country has enabled people to save and make cashless payments conveniently.
As part of the means to advance the digitization of payments, Jordy Shiba, Senior Manager: Fintech Commercial and Channel, said that they have developed a new system that allows businesses to integrate Mobile Money into their retail systems, using open API integration. This system is already operational with Pick n Pay and makes it easy for customers to pay with mobile money, in a similar way they would with their banks.
“We have developed a new way of integrating mobile money into the business’ retail system, through what we call open API integration. The system is already operational with Pick n Pay. In this case, the retailer can have a Mobile Money payment option in their speed point just like with banks. With this system, instead of swiping their card, customers can now pay for their purchases using mobile money, by simply inputting their phone number and PIN at the point of sale. This makes it easier for customers to pay with mobile money, and for businesses to receive payments,” Shiba said.
OK Foods has aligned itself with the digital transformation trend in the retail sector and the overall economy by offering MoMo Pay as a payment option. The partnership with MTN Group Fintech is expected to further enhance the customer experience by introducing a virtual card backed by Mastercard. This will reduce wait times, streamline authentication procedures, and improve payment security.
“We believe that this digital and secure payment platform will significantly benefit our customers in the lower LSM segment, strengthening our partnership with MTN Fintech’s Mobile Money,” Motsa said.
OK Foods’ embrace of digital transformation demonstrates its commitment to providing its customers with modern and convenient payment options. The integration of MTN’s mobile money platform has not only simplified transactions but also contributed to the financial inclusion efforts in Eswatini.