MTN MoMo Pay, the mobile money payment platform, has experienced a remarkable upswing, welcoming 400,000 new users over the past year.
According to Richard Yego, Managing Director of MTN Mobile Money (U), this surge in growth is attributed to targeted initiatives focused on bringing more businesses onto the platform.
Government initiatives promoting a cashless economy have spurred innovation in the financial sector, resulting in the increased adoption of e-products like MTN MoMo Pay.
With its inception in 2018, the platform has witnessed a substantial surge in user base, currently boasting over 800,000 users—an impressive leap from 400,000 just a year ago.
"Our focus on onboarding businesses onto MTN MoMo Pay has played a pivotal role in this growth," says Richard Yego.
Yego emphasizes that segmenting merchant wallets into formal and informal sectors has streamlined the business registration process, making it both convenient and free of charge.
This strategic move has not only facilitated ease of use but has also contributed to the platform's expanding user base.
"The segmentation of merchant wallets has simplified the onboarding process for businesses, fostering a more inclusive financial ecosystem," notes Yego.
Users of MTN MoMo Pay have expressed satisfaction with the adoption of merchant wallets, citing the elimination of risks associated with carrying cash.
This shift towards smarter transactions aligns with the changing dynamics of the market.
"MTN MoMo Pay's increased uptake is a clear indication that the market is daily shifting towards smarter, more secure transactions," affirms Richard Yego.
In a forward-looking approach, Yego reveals plans to introduce loans for active merchants, ensuring they can continue operations even when facing financial constraints.
This initiative aims to further support businesses and contribute to the economic resilience of merchants using the platform.
"Our commitment is not just in facilitating transactions but also in supporting the financial well-being of our users," states Yego.
Yego highlights an 85% drop in fraud cases within the cashless economy, attributing this success to partnerships such as the "Beera Steady" campaign.
This campaign has played a crucial role in heightening consumer awareness and ensuring the security of transactions within the MTN MoMo Pay ecosystem.
As MTN MoMo Pay continues to evolve, its focus on innovation, security, and inclusivity positions it as a key player in driving the shift towards a cashless and digitally empowered economy.