MTN Mobile Money: Bridging the Gap Between Ugandans and Financial Services

MTN MoMo offers a robust credit ecosystem, supporting financial access and economic growth through partnerships with institutions like NCBA, KCB, PostBank Uganda, and Jumo.

By Jemima Kariuki-Njuguna

As Uganda embraces the digital age, the fintech sector is rapidly growing, transforming how people engage with financial services. At the forefront of this change is MTN Mobile Money (U) Ltd (MTN MoMo), a leader in mobile financial services, making financial engagement more accessible for millions of Ugandans.

MTN MoMo offers a robust credit ecosystem, supporting financial access and economic growth through partnerships with institutions like NCBA, KCB, PostBank Uganda, and Jumo. Together, they've introduced products like MoKash, MoPesa, XtraCash, MoMo Advance, Mosente, and XtraStock.

These products cater to diverse financial needs, from personal loans to small business credit options, helping millions of unbanked and underserved Ugandans access financial services by simply dialing *165*5#.

For instance, a small shop owner can now easily order new stock, and a boda-boda rider can access a microloan for another motorcycle. Through services like MoKash, MoSente, and XtraCash, MTN MoMo customers have access to savings, credit, and overdrafts.

With responsible lending practices, customers can take loans from only one provider at a time and must repay previous debts to qualify for new credit.

Beyond individual users, MTN MoMo’s Zimba Business service is designed specifically to support small enterprises. By dialing *155# and selecting "Get Loans," small business owners can secure the funds they need to manage cash flow, pay suppliers, and grow their operations, enhancing overall business efficiency.

This service empowers entrepreneurs and reduces dependency on cash transactions, vitalizing Uganda's business landscape.

MTN MoMo’s impact also contributes significantly to the broader economy. With easy access to credit, the platform stimulates economic activity, generates jobs, and supports poverty reduction by fostering entrepreneurship. As these businesses expand, they create employment opportunities, stimulate local economies, and raise the standard of living in communities nationwide.

The success of MTN MoMo is reflected in Uganda’s flourishing fintech sector. According to interim results for the first nine months of 2024, MTN MoMo’s user base grew by 13.2%, reaching 13.2 million users.

Transaction volumes rose 25.1%, totaling 3 billion transactions valued at Shs114.5 trillion, underscoring MTN MoMo’s role in enhancing financial inclusion and supporting quality of life.

MTN’s vision for a connected life includes accessible financial services. The evolution of MTN MoMo's credit ecosystem reflects this mission, empowering individuals and businesses to overcome financial challenges and seize new opportunities. By expanding services and refining credit solutions, MTN MoMo ensures that financial inclusion remains a priority.

In addition to individual empowerment, MTN MoMo contributes to building a sustainable financial ecosystem in Uganda. By integrating various financial services and encouraging responsible borrowing, MTN MoMo not only facilitates transactions but also fosters innovation and supports the creation of tailored financial products for diverse consumer needs.

MTN MoMo is therefore more than just a financial service; it is a vital player in Uganda’s economic growth and digital transformation. By providing access to savings, credit, overdrafts, utility payments, and more, MTN MoMo is central to the financial lives of Ugandans.

Its commitment to inclusivity and prosperity is evident across various initiatives that empower individuals and small businesses alike.

As Uganda advances in digital innovation, MTN MoMo is poised to remain a cornerstone of the nation’s journey toward financial inclusion and economic growth.

Jemima Kariuki-Njuguna is the Chief Product Officer at MTN Mobile Money (U) Limited.