Network service provider MTN and Pick ‘n Pay are reportedly working on a mobile banking system, that could be launched today, that allows users to send money through their mobile phones to other South Africans after setting up an account with a South African ID number.

Cash deposits and withdrawals can also be made through any one of Pick ‘n Pay’s retail stores.

Named Tyme Capital, the new system has the potential to be South Africa’s answer to Kenya’s M-Pesa, a mobile-phone based money transfer and microfinancing service.

According iAfrica.com the banking licence is provided by the Bank of Athens, which is also the required banking partner for Wizzit, another cellphone banking initiative in South Africa.

The news of the new mobile banking system leaked online last week when the Tyme Capital website went live for a short period of time.