MTN Uganda and Mastercard to diversify Uganda’s mobile money services

ugandaMTN Uganda, in partnership with Mastercard and United Bank for Africa (UBA), has announced a new service for quicker, safer and more convenient global online payments

The launch of the virtual card known as MTN MoMocard aims to ensure MTN’s ability to provide customers with access to products and services previously a preserve of physical credit card holders while diversifying its mobile money portfolio.

This partnership is set to lead to a wide range of digital payment solutions being introduced in Uganda.

“MTN MoMo is helping to connect more Ugandans to new forms of commerce,” said Wim Vanhelleputte, CEO of MTN Uganda. “Our affordable mobile financial services are positively impacting communities and lifestyles in Uganda. This is evidenced by the phenomenal growth in both the number of customers and volume of transactions over the years,” he added.

Like a debit card that is linked to a bank account, the MTN MoMocard is linked to a customer’s MTN MoMo account but is accessible on any type of mobile phone.

The MTN MoMocard, powered by UBA, can be used on a merchant platform that accepts Mastercard – locally and globally. Consumers that travel frequently for business or leisure, or those that shop online will enjoy the convenience of the easy-to-use solution.

Ngozi Megwa, vice-president market development, sub-Saharan Africa, Mastercard, noted, “Besides the ability to connect more consumers to a solution that enables them to pay without cash, the virtual card also supports the growth of e-commerce in Africa and supports businesses who want to appeal to a wider audience. Digital payment is shaping commerce, the backbone of any economy.”

UBA is looking forward to be the bank partner with Mastercard and MTN on this milestone project that not only enhances convenience for mobile money customers but also the utility of the service, said Johnson Agoreyo, the UBA managing director/chief executive officer.

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