MTN and Pick ‘n Pay are due to be launching a mobile-only banking system called Tyme Capital some time today reports Business Day.

The way that Tyme Capital will work is that users will be able to open an account via their cellphone and they will be able to transfer cash to other phones in South Africa, with transactions based on the recipient’s South African ID number.

Cash deposits and withdrawals to and from accounts can be done at Pick ‘n Pay’s 775 retail stores as well as the company’s Boxer outlets and there will reportedly be a small fee associated with the physical transactions.

The existence of the mobile banking solution was leaked last week after its website briefly went live.

Tyme Capital is being compared to Kenya’s similar M-Pesa system, which now accounts for 80% of global transactions of this nature.

Source: Business Day