Inside Biz | OVER E20 MILLION WORTH OF TRANSACTIONS HAVE TAKEN PLACE ON ePayNet APP

ePayNet is a Fintech app that allows users to send money from an MTN Mobile Money (MoMo) account straight to their bank account and vice versa.
Digimage; the company behind the App, notes that they are now working on introducing insurance products in the country to cater to those currently excluded from the market.

By Pheshey Mkhonta

The ePayNet App, a Fintech product that allows for the interoperability between MTN Mobile Money (MoMo), and commercial banks in the country, has been responsible for over E20 million worth of transactions. In simple terms, the App developed by Digimage allows users to send money from a MoMo account straight to their respective personal bank accounts.

Digimage’s, Chief Executive Officer, Sindiso Dlamini revealed this during the Fintech Indaba 2022, held at Happy Valley Hotel. Dlamini said the App was launched in 2020 during the COVID-19 pandemic and has performed reasonably well in this period.

Dlamini was quick to point out that the public must understand that they have not made E20 million, but have processed transactions to that effect. “Even though I cannot disclose the number of people who have downloaded and use our App regularly, I am happy to say that more than E20 million worth of transactions has taken place on the ePayNet App” he noted. He said this is more pleasing because they are a relatively small company, and most people are reluctant to use their App because they doubt its legitimacy.

“We are looking at introducing
other Fintech products in the country”

Going forward, the CEO said they would love to see their App being downloaded and utilized more, so as to drive more financial inclusion. Additionally, and most importantly, he noted that as a company they are looking at venturing into the broader Fintech space, such as the insurance space. “We are looking at introducing other Fintech products in the country. These will be products that will help foster financial inclusion, such as products in the insurance space, which is a space we feel and believe most emaSwati can benefit from. As a result, our focus is people in the rural areas, and all those currently excluded in the insurance space” he noted.

Dlamini added that as a company they would also love to partner with other institutions, in other sectors such as banking, financial service companies, mobile telecommunications companies, and any other relevant organizations.

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