The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | THE INDEPENDENT | On July 07, Absa Bank Uganda and MTN Mobile Money Uganda Limited announced the introduction of mobile money payment functionality, also known as MTN MoMoPay on Absa Point of Sale (POS) machines/terminals. The service is open to all MTN Uganda mobile money account holders.
Absa’s Managing Director, Mumba Kalifungwa said the new functionality makes it even more convenient for customers to pay for goods and services directly from their MTN mobile money account to the Absa device. “The payment system would provide convenience to customers as well as support financial inclusion by accelerating access to formal financial services,” Kalifungwa said.
MTN CEO, Wim Vanhelleputte, said cashless transactions are the future given the trends and increased mobile phone coverage in the country. “Factors such as a youthful tech-savvy population coupled with MTN Mobile Money’s digitalization agenda will continue to propel the adoption of digital services,” he said.
Statistics from the Uganda Communications Commission indicate that there was growth in the number of mobile money accepting businesses to 32,000 in 2020 from 26,000 in September 2020.
Under the national financial inclusion strategy (2017-22), Bank of Uganda has set out to achieve a cashless economy by 2022 which involves building digital infrastructure, implementing the strategy for financial literacy (2019/24) and making payment services affordable.
