Uganda is embracing the digital age, and the fintech sector is rising quickly, remodeling how individuals entry monetary companies. At the forefront of this alteration is MTN Mobile Money (U) Ltd (MTN MoMo), a pacesetter in cellular monetary companies that’s making it simpler for Ugandans to have interaction with their funds.
MTN MoMo affords a variety of companies, together with a strong credit score ecosystem that enhances monetary entry and helps financial development throughout the nation. Through partnerships with revered monetary establishments like NCBA, KCB, PostBank Uganda, and Jumo, MTN MoMo has delivered to the shoppers a number of progressive merchandise—akin to MoKash, MoPesa, XtraCash, MoMo Advance, Mosente, and XtraStock. These choices meet the varied monetary wants of our prospects, from private loans for people to credit score choices for small companies, serving to tens of millions of unbanked and underserved residents just by dialing 165*5# and following prompts.
Imagine a small store proprietor simply ordering new inventory or a boda-boda rider acquiring a microloan to buy one other motorbike. With companies like MoKash, MoSente and Xtracash, prospects can entry financial savings, credit score, and overdraft choices. MTN MoMo has additionally expanded its community of suppliers by incorporating KCB, PostBank, and Jumo by means of the launch of MoPesa, XtraCash, and Mosente respectively. However, to encourage accountable borrowing, prospects can solely take credit score from one supplier at a time and should repay any earlier money owed earlier than accessing new credit score.
The impression of MTN MoMo goes far past particular person customers. It’s Zimba Business service is particularly designed to help small enterprises by offering fast loans and enabling seamless merchant-to-merchant funds. For small enterprise homeowners, accessing monetary sources has by no means been simpler. By dialing *155# and choosing “Get Loans,” entrepreneurs can safe the funds they should handle their money circulate successfully, pay suppliers on time, and develop their operations and not using a heavy reliance on money transactions. This service not solely empowers entrepreneurs but in addition enhances the general effectivity of enterprise operations in Uganda.
MTN MoMo’s improvements too play an important function within the broader economic system. By providing quick access to credit score, the platform boosts financial exercise, creates jobs, and helps cut back poverty. It fosters a tradition of entrepreneurship, enabling small companies to thrive and contribute to the nation’s financial growth. As these companies develop, they create employment alternatives, stimulate native economies, and improve the general way of life in communities throughout Uganda.
The success of MTN MoMo is obvious within the burgeoning fintech sector in Uganda. For occasion, within the lately launched interim outcomes for 9 months of 2024 alone, the variety of MTN MoMo customers surged by 13.2%, reaching a formidable 13.2 million. Transaction volumes additionally rose considerably, growing by 25.1% to three billion transactions valued at UGX 114.5 trillion. These statistics underscore how MTN MoMo is enhancing monetary entry for tens of millions of Ugandans, enabling them to take part extra totally within the economic system and enhance their high quality of life.
MTN believes that everybody ought to take pleasure in the advantages of a linked life, with entry to monetary companies being an important a part of that imaginative and prescient. The evolution of MTN MoMo’s credit score ecosystem displays this dedication, empowering people and companies to beat monetary challenges and seize new alternatives. By frequently increasing its service choices and refining its credit score options, MTN MoMo is guaranteeing that monetary inclusion stays on the forefront of its mission.
In addition to particular person empowerment, MTN MoMo can be contributing to the event of a extra sturdy monetary infrastructure in Uganda. By integrating varied monetary companies and selling accountable borrowing practices, MTN MoMo isn’t just facilitating transactions; it’s nurturing a sustainable monetary ecosystem. This surroundings helps innovation and encourages the event of latest monetary merchandise tailor-made to satisfy the wants of numerous shopper segments.
MTN MoMo is subsequently greater than only a cellular monetary service; it’s an important participant in Uganda’s financial development and digital transformation. By facilitating entry to essential monetary sources—together with financial savings, credit score, overdrafts, utility funds and faculty charges funds —MTN MoMo stands as a central hub within the monetary lives of Ugandans.
It’s dedication to selling inclusivity and financial prosperity is obvious in its varied initiatives, empowering people and small companies alike. As Uganda continues to embrace digital innovation, MTN MoMo is poised to stay a cornerstone of the nation’s journey in direction of monetary inclusivity and financial growth.
Jemima Kariuki-Njuguna is the Chief Product Officer at MTN Mobile Money (U) Limited.
