MTN Mobile Money (MoMo) contends modifications to its product will enhance Uganda's digital transformation journey and boost financial inclusion.
This is according to a senior official at the third annual Microfinance and Savings Group Conference, which took place in Kampala.
The event was held on Monday and with the theme "Sustainable Financial Inclusion for Environmental, Economic, and Social Impact."
Hellen Kirungi, MTN senior manager for BankTech, stated that they had opened up the MoMo ecosystem via the MoMo Open Application Programming Interface (API), enabling fintechs and developers to integrate into the platform.
“This has enabled dynamic digital journeys and stronger connections between customers and financial institutions,” she said.
“At MTN MoMo, we’ve played a leading role in driving digital transformation in Uganda, and we continue to innovate to make financial services more inclusive and accessible.”
The most recent innovation is cross-border payments.
This enables MoMo customers to make payments in neighbouring Tanzania directly to a merchant via M-Pesa using only their MoMo number.
MTN MoMo has also enabled duty-free payments in Dubai. If a client does not have a bank card, they can still complete your transaction securely through their MoMo wallet.
Kirungi said that their investing product, Yinvesta, is another innovation that is changing the way people interact with money.
Ugandans can now invest as low as Sh500 (US$0.14) according to a scheme launched earlier this year.
Traditionally, unit trust investments required a minimum of Sh100,000 ($28.50).
“With MoMo, we have broken that barrier, making investing accessible to everyone. That’s the kind of financial inclusion we’re passionate about driving,” Kirungu said.
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