MTN Uganda: MobileMoney proves popular

MTN Uganda has revealed that close to 900,000 people are using its text message money transfer since the service was introduced in March last year

By Jennifer Denby | Mon May 24, 2010

TAGS: eWallet, First National Bank, Kenya, MobileMoney, money transfer, MTN, text message, Uganda

MTN

MTN MobileMoney is an electronic wallet service that provides a fast, secure, affordable and convenient way for customers to send and receive money anywhere in Uganda, no matter the network, using their phone.

According to MTN Uganda, since the service’s launch 15 months ago, its 890,000 users have made 11.8 million transactions worth $195 million; statistics that it expects to grow to 2 million users by the end of the year and 3.5 million by 2012.

The company has also revealed that the popularity of the service in Kenya has increased from 52,000 users in April 2007 to 9.7 million as of last month.
Richard Mwami, who heads MobileMoney, said that the service is “one of the fastest growing money transfer services in the world”.

“A lot of people have access to the technology of cell phones, but do not have access to a formal bank account," Franco Gresse, Product Manager of the eWallet at South Africa-based First National Bank.

In Uganda, approximately 60 percent of the recipients live in rural areas without access to a bank.

Edited by Chris Farnell

Source: www.mtn.co.ug