MTN Uganda’s mobile money service has hit a one million mark since its launch 12 months back. The improvement has redefined banking sector as telecom firms take centre stage in the financial sector.
Mr Isaac Nsereko, the MTN chief marketing officer, said in a statement early this week: “The service has proved to be an innovative tool in reaching the unbanked and bridging the large financial gap.”
The service, which was launched in March 2009 as a person-to-person transfer product has in the last one year recorded transfer volumes of over Shs400 billion in its first year of operation.
More than 1,000 service outlets have been opened across Uganda, spreading services to remote areas. Sixty per cent of transfer recipients are rural dwellers.
MTN will this week launch a drive to update the user details of all customers registered for MTN Mobile Money, in line with Bank of Uganda’s Know Your Customer (KYC) regulations. SMS alerts have been sent to customers to update their details.
Bank of Uganda regulations restrict banking institutions from offering services to customers who do not provide up-to-date personal details.
Apart from MTN, Zain Uganda and Uganda Telcom operate mobile money transfer services under the flagship of ZAP and M-Sente respectively.