People can make cross-border payments, pay for utilities and essentials from wherever they are, making cashless transactions the way of the future. MTN Uganda partners with Absa Bank to introduce a new mobile money payment functionality known as MTN MoMo Pay on Absa Point of Sale (POS) machines/terminals.
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The service will be open to all MTN Uganda mobile money account holders, who can now make payments on any Absa POS machine, regardless of whether they hold an account with the bank.
Different innovations are emerging every day to create better solutions when it comes to how people make payments. With this new partnership, MTN customers can easily make payments for goods and services that they need directly from their MoMo account to the Absa device.
Absa’s Managing Director, Mr Mumba Kalifungwa noted during the announcement that 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. “Wherever there is an Absa POS machine in a supermarket, shops or pharmacy among others, you can easily pay for goods and services directly using MTN MoMoPay at no extra cost. This service will help drive cashless transactions and the benefits that come with it.”
He further explained that the payment system would provide convenience to customers as well as support financial inclusion by accelerating access to formal financial services.
The number of mobile money subscriptions in Uganda according to Statista reached just over 28 million in the fourth quarter of 2020, which is the highest number of registered mobile money subscriptions there has been in Uganda during the given period from the first quarter of 2017 to the fourth quarter of 2020.
This could be linked to different efforts by telecom companies such as MTN to look out for customers during the pandemic by charging zero rates on various transactions. This move helped to reduce expenses seeing as many were cut off from their sources of income during that time.
Read also: MTN Uganda’s revenue grew by 9.5% in 2020
Increasing rates of digital penetration show a promising future as many businesses are adopting the cashless mode of business as they meet the changing customer needs.
Wim Vanhelleputte the Chief Executive Officer, MTN Uganda said “We are pleased to partner with Absa to offer this service which makes it easier for our customers to make payments using MTN MoMoPay on their phones. 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 like MTN MoMo and MTN MoMoPay.”
Airtel partnership with KCB Bank Uganda
There are growing partnerships between telecom companies and banks as they merge providing customers with unique products that meet their digital and financial services. KCB Bank Uganda and Airtel Uganda partnered to launch a new mobile money product. The new product dubbed Super Saver is an initiative that will enable customers to earn certain cuts on regular savings.
The partnership’s primary goal is to provide easy access to Airtel Money float funding and to encourage everyone to save in a simple way with digital products like Instant Unsecured Mobile Loans, Regular Savings and Fixed Deposit Savings Accounts that enables customers to borrow mobile loans for as low as shs300 and earn interest on savings for as high as 9%.
Read more: KCB Bank Uganda and Airtel Uganda team up to launch new savings product
Read more: MTN Uganda awarded brand most admired for being helpful during the pandemic
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