MTN clients borrowed Shs435b in mobile money loans in 2020
Monday April 19 2021
The appetite for mobile money micro credit has been growing since it was established in 2016. PHOTO | FILE
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MTN subscribers borrowed about Shs435b in mobile money loans during the period ended 2020, pointing to the increased appetite for short term credit.
In 2016, MTN launched Mokash, a micro lending platform, in which it operates in partnership with Commercial Bank of Africa (CBA) as the lead financier to extend credit to customers through mobile money.
The bank, which has since changed to NCBA, according to MTN, disbursed 4.7 million mobile loans in 2020, with each attracting a 9 per cent interest.
FEATURE: Digital Financial Services Extend Credit To Unbanked Ugandans
Digital financial services are playing a pivotal role in plugging this divide as various institutions are partnering to enhance access to financial services for the unbanked.
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Over 16.5 million Ugandans are still using traditional saving methods to save money. Pictured is saving box made out of cardboard. (COURTESY PHOTO/Cool Crafts)
Slightly over one in every three Ugandans have a bank account, with a reported 16.5 million Ugandans still using traditional saving methods such as physical cash, livestock and agriculture.
With only 16 million bank accounts in the country, over half of the population has no access to savings or credit through financial institutions, as drivers of capital investment and, ultimately a higher rate of economic growth.
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Somdev Sen, Chief Marketing Officer at MTN Uganda speaking during the launch of the MoMo Nyabo third edition.
For three years now, Telecom giant, MTN Uganda runs an annual Mobile Money Promotion known as MoMoNyabo. All MTN customers are eligible to participate and they are required to perform an MTN MoMo activity such as buying airtime, sending money or making payments in order to be stand a chance of winning.
The Covid-19 pandemic presented a different scenario with people’s lives being affected adversely affected both on a personal or business perspective. To that end MTN decided to stand with its customers as they were going through the rebuilding process. This year’s MoMo Nyabo promotion focused on giving out Mobile Money prizes with the aim of helping people to financially rebuild following the devastating effects of the Covid-19 pandemic that has left many people financially struggling.
1 minute read MTN Uganda Chief Executive Officer, Mr. Wim Vanhelleputte (2nd from left) handed over the UGX20 million cheque to the kingdom officials to support the coronation celebrations that are set to take place in Zombo on October 31st 2020.
MTN Uganda has announced a 2-year partnership with the Obwa Kyabazinga bwa Busoga Kingdom worth UGX 600 million. This partnership comes, as MTN celebrates the 6th coronation anniversary of the Kyabazinga of Busoga, William Wilberforce Gabula Nadiope IV.
The partnership will focus on the kingdom’s social, cultural, and economic programs in the areas of health, sports, and culture. Programs to be supported include the popular Masaza football tournaments and the newly introduced inter-counties bicycle competitions.