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MTN leading way to cashless economy

Peter 26th Nov, 2024 Financial Services Prisca Baike
MTN leading way to cashless economy

A truck driver is guided on how to pay for his fuel using mobile money. MTN Mobile Money is helping to scale up cashless payments. FILE PHOTO


In many developed countries, mobile payments, e-wallets and debit/credit cards, are now the most commonly used payment methods.

According to Fintech Magazine, Sweden, which ironically was the first country to issue banknotes, is ranked as the most cashless country in the world, and the European country is now set to completely eradicate cash payments by 2025.

Ugandans also continue to embrace digital payments, thanks to e-wallets, credit cards and mobile money. In particular, MTN’s ‘Pay with MoMo’ is positioning itself as a key player in the country’s economic transformation. From reducing costs to supporting financial inclusion and boosting economic growth, MoMo’s cashless payment solutions are paving the way for a financially empowered citizenry.

  • Through its innovative approach, MTN MoMo is not only making transactions easier but is also shaping a future where cashless payments are the norm, creating a more connected and prosperous nation.

Viola Namuyaba, the Senior Manager of Payments at MTN MoMo Uganda Ltd, shared her perspective on the impact of cashless payments, says that with Pay with MoMo, they are transforming lives by making financial services more accessible, secure, and convenient for all Ugandans.

“Our goal is to create an inclusive economy where every Ugandan, no matter where they live, can thrive in a digitally connected world,” she adds.

  • As Uganda progresses towards a digitally driven economy, MTN Uganda’s “Pay with MoMo” is at the forefront, championing the adoption of cashless transactions across the country.

Leveraging MTN MoMo’s reliable and expansive network of over 12 million active MoMo subscribers, ‘Pay with MoMo’ offers an efficient, secure, and inclusive platform that’s transforming how Ugandans manage their finances and conduct transactions. By reducing dependency on cash, MoMo is unlocking opportunities for individuals, businesses, and the economy at large, creating a ripple effect of convenience, security, and economic growth.

Adopting a cashless payment solution such as ‘Pay with MoMo’ brings numerous benefits, from streamlined transactions to enhanced financial inclusion.

For businesses, going cashless means faster, seamless payments, reducing the time and cost associated with handling cash. Vendors and small businesses benefit from secure transactions, lower operational risks, and the flexibility to serve customers regardless of location or time, expanding their reach and increasing potential earnings.

Consumers also reap significant benefits from MoMo’s cashless solutions. With mobile payments, there’s no need to carry large sums of cash, thus making daily transactions safer and more convenient.

  • “Pay with MoMo” allows users to pay for everything from groceries to hospital bills, and even entertainment expenses - all from the ease of their mobile devices. This convenience is essential in today’s fast-paced world, enabling users to manage their finances and complete transactions efficiently, anytime, and anywhere.
  • The growth of cashless solutions like ‘Pay with MoMo’ contributes significantly to Uganda’s economy by encouraging formalization and greater participation in the financial system. By facilitating seamless transactions, MoMo brings the unbanked population into the financial ecosystem, enabling access to services previously out of reach.

Small businesses, particularly in rural areas, can access financial products like microloans and merchant services, supporting growth and resilience. As more people gain access to these tools, Uganda’s economy becomes more inclusive and robust, reducing disparities between rural and urban communities.

Cashless payments also foster transparency and accountability, as digital transactions leave a traceable record. This transparency builds trust within the financial system, thereby driving growth. MTN MoMo is currently running a promotion where customers who pay for their goods and services using MoMo stand a chance to win cash. The prize money is sent directly to their MoMo wallets.

“We currently have over 300,000 registered businesses with merchant codes, and we encourage all our customers to use this opportunity and pay with MoMo to win cash. There is over a billion shillings in cash and prizes up for grabs,” Namuyaba says. Through initiatives like Pay with MoMo, MTN Uganda is committed to empowering individuals and businesses, fostering economic growth, and setting a strong foundation for a cashless Uganda.

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