Business models for successful mobile money services are still vague and no one is yet sure what services will ultimately be successful in the mass market.

Business models for successful mobile money services are still vague and no one is yet sure what services will ultimately be successful in the mass market.

This is according to Yolande van Wyk, CEO of First National Bank's (FNB's) eWallet solutions in SA. She notes that the much-hyped phenomenon of mobile money is more complex and nebulous than many assume, with few success stories arising from the 140-odd mobile money deployments in the realm.

FNB, says Van Wyk, is addressing the unproven frontiers of mobile money by creating new markets steeped in cash and micro-payments, largely within the sphere of what she terms the “unbanked” and “unbankable”.