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…
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Ahead of the fintech’s 3rd anniversary, CEO East Africa Magazine’s Executive Editor, Muhereza Kyamutetera, spoke to Richard Yego as well as Jemima Kariuki-Njuguna, the Chief Product Officer; Stephen Mutana, the Chief of Strategy and Stakeholder Management, Sarah Bateta Okwi the Chief Financial Officer and Alex Wekoye, the Chief Commercial Officer, about the unstoppable omnipresent platform of platforms that MTN MoMo is becoming. As mentioned above, 2023 marks the second full year of MTN MoMo’s existence as a standalone fintech as well as two years since you joined the company as its first substantive CEO. Can you share an overview of…
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On Tuesday 4th October 2022 in a press conference to introduce Sylvia Mulinge, as MTN Uganda’s new Chief Executive Officer, Charles Mbiire, the MTN Uganda Board Chairman and 3rd largest shareholder assured customers, staff, shareholders and other stakeholders that with Sylvia Mulinge, the telco was in “capable hands”. He told the media that the board was “very confident” in Ms. Mulinge’s “passion for transforming customers’ lives, leadership, and women empowerment using technology” and they were banking on this possession for the telco’s “accelerated growth and the positioning of MTN for greater relevance ahead”. “I would like to reassure all our…
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In just four months after its launch, PostBank Uganda’s digital wallet, Wendi has hit a record UGX200 billion in payments to over 200,000 Parish Development Model (PDM) beneficiaries countrywide. According to statistics released by the company, this record has been facilitated by Wendi’s robust network of PostBank payment platforms as well as those of its bank partners and mobile money companies. “Since its launch in November 2023, Wendi has onboarded more than 430,000 subscribers and over 2,000 agents countrywide. These agents are complemented by the numerous touchpoints of our partners; MTN Uganda and Airtel Uganda, who have over 250,000 agents…
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By Richard Yego Over the past 25 years, MTN has played an instrumental role in shaping Uganda’s telecommunications and digital economy, marking a journey characterized by innovation and transformation. Our presence in Uganda has been nothing short of transformative, with our pioneering approach significantly changing the way people communicate and access financial services. Mobile Money, introduced by MTN in 2009, has been a game-changer in Uganda. Prior to its advent, traditional banking systems were primarily confined to urban areas, leaving rural and underserved communities financially excluded. The absence of banking infrastructure and the requirement for a physical presence at banks…
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The year 2022 was a great year for the Ugandan Executive. More than 10 Ugandans rose to become Chief Executives of some of Uganda’s largest and most influential companies, as well as at the multinational level. Anthony Kituuka, who was in November 2022 appointed by Equity Bank Uganda Managing Director job, was in December 2022 approved by the Bank of Uganda to take on the job. A little before that, Mark Muyobo was also given the green light by the Central Bank to take on Managing Director/CEO job at NCBA Bank Uganda. In January 2022, Richard Yego was tapped…
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MTN Mobile Money Uganda Limited, the wholly owned mobile money subsidiary of MTN Uganda, has picked Richard Yego as its first substantive Managing Director, CEO East Africa Magazine can exclusively reveal. According to impeccable sources, Richard, a Ugandan Executive with 16+ years’ experience in banking and digital financial services— six in banking and over 10 years in digital financial services has already put pen to paper on his lucrative contract and is set to start work this or next month. MTN Mobile Money Uganda was spun off MTN Uganda, the largest telecom company in a regulatory sanctioned move, following the…
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National Social Security Fund (NSSF) members can now make their social security transactions at the nearest agent in their neighborhood without visiting the Fund offices. This comes after the Fund unveiled agency service which Richard Byarugaba, NSSF Managing Director, said is part of the Fund’s channels that will further ease access to their services for its members. “We have a branch network of 19 branches serving over 2 million customers. With this service, it means that NSSF Customers don’t need to travel long distances to access our offices, but can make transactions at the nearest bank agent at flexible working…
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First of all, tell us about the Agent Banking Company of Uganda Limited- who owns it and how is it run? Agent Banking Company of Uganda Limited (ABC) was incorporated in July 2017 with its offices on Plot 2702, Nyangweso Road, off Kironde Road on Tank-Hill, Muyenga. ABC is a Joint venture entity of the Uganda Bankers’ Association and Eclectics International. Uganda Bankers Association (UBA) is the umbrella body of Supervised Financial Institutions in Uganda. UBA owns 51% stake raised by its Tier 1 members. Eclectics International, on the other hand, is a Kenyan Fintech firm in the business of…
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