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MTN Unveils Sh1b Push for Cashless Payments

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MTN Uganda has launched a sh1b campaign to promote cashless transactions through its mobile money platform, MoMo. The “Pay & Win with MoMo” initiative rewards customers using MoMoPay for daily transactions, aligning with the company’s Ambition 2025 goal to drive financial inclusion.

A customer posts a payment using cashless means.

MTN Uganda’s mobile money platform, MoMo, has initiated a sh1b campaign to encourage cashless transactions. Customers that use MoMoPay for regular transactions are rewarded through the “Pay & Win with MoMo” promotion, which supports the company’s Ambition 2025 goal of promoting financial inclusion.

Viola Namuyaba, Senior Manager Payments at MTN MoMo, said the campaign’s focus on convenience and promotion of a cashless economy. The campaign’s total prize pool stands at sh1b.

“We’ve seen significant growth in MoMo payments. We have over 400,000 businesses today and over one million customers that use MoMo for payments,” she said during the launch of the campaign on October 10 in Kampala.

The value of mobile money transactions surged to sh253 trillion as at the end of June 2024, a significant increase from sh191 trillion in the corresponding period the previous year according to Bank of Uganda (BOU).

The BOU deputy governor Michael Atingi-Ego noted in a statement recently that growth of the platform “underscores the acceleration of digital payments, reflecting increasing reliance on mobile platforms for financial services.”

The number of registered customers listed on mobile money among the licensed telecom service providers is 43,409,491, translating into a growth in customer numbers of 60% over five five-year period to 2023.

How to participate

To participate in the campaign, customers must make sh10,000 or more transactions at a merchant with a registered MoMo code. Eligible transactions will be entered into daily draws, with cashbacks and grand prizes.

Transactions such as bill payments, school fees, and taxes that do not require merchant codes are excluded from the promotion.

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