MOMO DEPOSITORS TO DECLARE SOURCE OF FUNDS
MBABANE – In a move that will help eradicate money laundering, one now has to declare the source of funds when making MoMo deposits.
The new requirement was announced by Eswatini MTN’s Corporate Communications Manager Mandla Luphondvo through a press statement on Friday. According to Luphondvo, with effect from June 2019, MTN mobile money customers who deposit money into their mobile money wallets will be required to declare the source of funds. He highlighted that the source of funds meant mentioning where they got the money from. He also mentioned that the declaration of funds was actually a regulatory requirement. Luphondvo said all financial institutions were expected to capture that information in compliance with the law.
Law
“Mobile money is a financial product regulated by the Central Bank of Eswatini, therefore like any other financial institution mobile money will have to comply with the law,” he pointed out. He mentioned that mobile money had come up with 10 sources of income from which customers will have to choose. In the event the source of income is not covered in any of the options given, there will be another option namely - ‘other’, which they will choose. Luphondvo stated that in the next two months, MTN would engage its customers through all available media platforms so they could be aware and ready for this new development.
He highlighted that MTN would finalise a systematic upgrade not later than May 2019, which would ensure that this new development was accommodated accordingly in the entire MTN mobile money ecosystem. He also stated that once this development had been included, MTN mobile money would be almost ready to provide additional products and services through the platforms which their customers would find useful. “This will include, but not limited to, short-term loans, cross-border transfers,” he pointed out.
Shocked
Meanwhile, a mobile money user, Bongekile Mdluli said she was not shocked by the new initiative that MTN was intending to introduce.
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