PROFILES⎮ Meet MTN MoMo’s fluent-in-fintech dozen leading the search for Mo shared growth According to the Finscope Uganda 2023 report released in April 2024, mobile money continues to be the single biggest driver of formal financial inclusion, with 64% of Ugandan adults using the service, up from 56% in 2018- compared to 14% using BoU supervised financial institutions (banks, micro-finance deposit-taking institutions and credit institutions). The number of transactions, according to the Bank of Uganda reached a record 612,826,000 at the end of March 2024, pushing some UGX21.6 trillion in value of transactions. The number of registered customers according to Bank of Uganda reached 44.7, out of whom 22.2 million were active in 90 days. Customer balances held on mobile money accounts reached UGX1.6 trillion.

July 11, 2024July 13, 2024

The MTN MoMo Exco team,(clockwise from the top): Richard Yego, Managing Director; Jemima Kariuki, Chief Products Officer; Stephen Mutana, Chief of Strategy and Stakeholder Management; Sarah Bateta Okwi, Chief Financial Officer; Albert Gitta, Chief of Information Technology; Alex Wekoye, Chief Commercial Officer; Israel Mayengo, Head of Risk and Compliance; Stephen Wakhula, Head Internal Audit; William Senfuma, Head of Business Intelligence; Peter Ochen, General Manager, Financial Operations; Joachim Masagazi, Head of Human Resources and Sheila Kawooya, Head of Corporate Services.

Of this, MTN Mobile Money (U) Limited (MTN MoMo) the fintech subsidiary of MTN Uganda, Uganda’s largest telco commanded a lofty market share of 12.36 million active customers (56% market share). MTN MoMo also commands a larger share of agents, value of transactions and agents as well. But even with market dominance, Richard Yego, the fintech’s Chief Executive Officer believes that they are yet to maximise their full purpose⏤ Everybody deserves the benefits of a modern connected but also financially inclusive life. “We are hungry for more,” he says. To fully deliver on the business goals of “creating a marketplace…

This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!