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 interest payments during the year. Digital lending growth reflects MTN's goal to increase financial inclusion through easy-to-use services.
The platform handled 4.3 billion transactions worth Shs123.4 trillion, serving 13.8 million monthly active users. MTN expanded its network to include over 298,000 merchants and agents across Uganda. The company also launched MoMo Ticketing and strengthened fraud protection systems to keep customer transactions secure.
MTN MoMo reported Shs981.9 billion revenue, Shs250.2 billion profit after taxes, and Shs1.6 trillion in assets. They plan to continue using digital innovation to provide financial services for underserved communities throughout Uganda.
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 interest payments during the year. Digital lending growth reflects MTN's goal to increase financial inclusion through easy-to-use services.
The platform handled 4.3 billion transactions worth Shs123.4 trillion, serving 13.8 million monthly active users. MTN expanded its network to include over 298,000 merchants and agents across Uganda. The company also launched MoMo Ticketing and strengthened fraud protection systems to keep customer transactions secure.
MTN MoMo reported Shs981.9 billion revenue, Shs250.2 billion profit after taxes, and Shs1.6 trillion in assets. They plan to continue using digital innovation to provide financial services for underserved communities throughout Uganda.
