MTN Mobile Money (MoMo) presented its progress in advancing digital financial services at the MEA Digital Summit in Uganda, where industry leaders gathered to discuss the country's digital transformation agenda.

The summit highlighted MTN MoMo's role in expanding financial inclusion across Uganda, where the mobile money service has become a significant player in the country's push toward digital payments. Uganda, with a population of approximately 45 million, has seen rapid growth in mobile money adoption over the past decade.

Digital Payment Targets

Richard Yego, Managing Director of MTN MoMo Uganda, outlined the company's alignment with the national goal of achieving 95% digital payments in Uganda. MTN MoMo, which launched in Uganda in 2009, has established itself as one of the country's leading mobile money providers.

"Our focus remains on expanding digital financial services to reach more Ugandans and support the government's digital transformation objectives," Yego said at the summit.

Financial Inclusion Impact

The summit discussions emphasized mobile money's contribution to financial inclusion in Uganda, where traditional banking infrastructure remains limited, particularly in rural areas. MTN MoMo has developed a network of agents across the country to facilitate cash deposits and withdrawals.

The Bank of Uganda, the country's central bank and primary financial regulator, has supported the growth of mobile money services through enabling regulations while maintaining oversight of the sector.

Regional Context

Uganda's digital payments push mirrors similar initiatives across East Africa, where mobile money services have become integral to economic activity. The country's approach to digital financial services has been influenced by successful models in neighboring markets, particularly Kenya's M-Pesa.

MTN MoMo operates as part of MTN Group, one of Africa's largest telecommunications companies, which provides mobile money services across multiple markets on the continent.