Money services in Uganda are one of many value-added services that have gained a significant foothold in the communications sector. Since its introduction about five years ago by MTN, mobile money services in Uganda have skyrocketed to the point where much as mobile telephony subscription grew faster than mobile money subscription (14% compared to 10%), when one makes adjustment for the multi-SIM culture and environment in Uganda, MM subscription actually grew faster than mobile telephony subscription. Until 2014/2015, the number of mobile money subscribers grew by 10%, resulting into 1,846,773 new mobile money subscribers. On the other hand, the number of mobile SIMs subscribers grew by 14% bringing on board 2,666,928 new mobile subscribers.
The drop in the growth rate of the mobile money subscribers is partly attributed to inability of the agent network expanding fast enough to cope with extra demand for cash-in and cash-out services needed by subscribers.
For the last three financial years, the number and the value of transactions have been on the increase. For the review period the number of transactions grew by 24% (46,255,000) and the value of
transactions grew by 43.4% or UGX 3,599.1 billion.
MTN’s Mobile Money Numbers
MTN Uganda has the highest number of Mobile money subscribers and transactions as they aim to reach out to the un-banked through financial inclusion with the goal of becoming the biggest financial services provider in the country. The telecom giant announced its mobile money numbers including the following ;
- 70% of all remote payments go through MTN mobile money.
- MTN collects an excess of 5.8 billion shillings monthly on behalf of UMEME. A 71. 45% market share with competition at play.
- Big yellow as well collects 2.1 billion shillings monthly for water payments on behalf of National Water & Sewage Corporation.
- Connecting off grid rural communities throughout Uganda using solar with partners like Fenix, Ready pay and Mkopa.
- An increment of 21% in total volume transactions to 363 millions.
- A total value transaction increment of 24% to 16.8 trillion.
- An average mobile money transaction of 1.8 trillion.
- Over 185000 gross additions to the MTN mobile money subscriber base with an agent network of over 53000 as of this writing.
We have seen more innovations and advancements grow on-top of the Money services in Uganda this year, you can now do mobile money transaction with other countries like Rwanda, Pay for fuel at all Shell Petrol Stations, local start ups like Yoza laundry service and the upcoming mobile money transactions via NFC with tap and pay solutions. When we last did a comparison of the cost of all mobile money services in Uganda, we discovered what matters most is how reliable the service is, and the ease in which one can get a mobile money agent. MTN and Airtel Uganda are a safe bet when it comes to Mobile money transactions in Uganda even if Africell Money and UTL’s M-sente remain the most affordable in some categories.
Image Credit: paycorp