Mobile Money (MoMo by MTN) is reaffirming its role as a key driver of financial inclusion in Uganda, leveraging cutting-edge digital innovations to connect the unbanked and empower entrepreneurs. The company’s commitment was highlighted at the 3rd Annual National Microfinance and Savings Groups Conference, held at Hotel Africana in Kampala on Monday, under the theme: “Sustainable Financial Inclusion for Environmental, Economic and Social Impact.”
During a high-level panel discussion, Hellen Kirungi, Senior Manager for BankTech at MTN MoMo, outlined the key digital transformations and collaborative platforms that are propelling the company’s mission to make finance universally accessible.
Kirungi reiterated that MTN MoMo’s strategy focuses on transforming the mobile phone into a comprehensive financial tool, breaking down traditional barriers related to geography, transaction complexity, and initial capital requirements. She noted that the company aims to achieve this through;
One of the major innovations showcased at the Conference by MTN was the expansion of cross-border payments, which allows MoMo users to conduct transactions seamlessly outside of Uganda. This feature, Kirungi pointed out, directly supports trade and travel, two critical engines of economic growth through:
- Regional Integration: MoMo users can now pay merchants in Tanzania directly via M-PESA Africa.
- Global Reach: The service extends to international destinations, enabling users to make payments at locations like Dubai Duty Free using only their phones.
She observed that this capability is essential for small traders and individuals who participate in the regional and global economy, allowing MoMo to transcend its identity as a purely domestic solution.
To address the barrier of high capital requirements for investment, MoMo introduced Yinvesta. This platform, according to Kirungi, is designed to make saving and investing accessible to everyone by creating a low barrier to entry. This is because customers can invest with as little as Shs500, effectively democratising the investment market.
Kirungi argued that by allowing users with minimal capital to participate in formal investment schemes, Yinvesta is actively fostering a culture of long-term savings and wealth creation among the population, particularly the youth and informal sector workers.
Recognising that no single entity can solve all financial inclusion challenges, Kirungi revealed that MTN MoMo opened its platform for external collaboration through the MoMo Open API (Application Programming Interface).
- Ecosystem Innovation: The API allows fintechs to integrate and innovate within MoMo’s ecosystem, leveraging its vast user base and infrastructure.
- Customer-Centered Solutions: This collaborative approach aims to create smarter, more customer-centered financial solutions that address specific needs and further accelerate digital transformation.
MTN MoMo’s innovations directly align with the conference theme of achieving Environmental, Economic, and Social Impact. By promoting digital transactions, MoMo reduces reliance on physical cash (economic efficiency, security) and extends services to underserved communities (social impact).
As Kirungi asserted, MTN MoMo remains committed to driving financial inclusion and empowering Ugandans through innovation and collaboration, ensuring that the growth of mobile money translates into sustained prosperity for the nation.