MTN Mobile Money Uganda issued Shs1.15 trillion in digital loans last year, a 155.7% jump from 2023, the results released Wednesday show. The telecom company has become a major force in Uganda's credit market, accounting for about 1.8% of national lending.
According to Uganda Bureau of Statistics data, commercial banks had loaned Shs65.1 trillion to private businesses as of June 2024. MTN MoMo Managing Director Richard Yego said they improved their products to meet customer needs, refreshing payment systems alongside credit options for unbanked Ugandans.
Various lending products like MoKash, MoMoAdvance, MPESAA, including Shari'ah-compliant offerings, helped millions access short-term capital. The company collected Shs43.4 billion in...