Mtn Uganda, what is it and what does its existence signify for unconditional cash transfers?
Mtn Uganda, what is it and what does its existence signify for unconditional cash transfers on the African continent and in specific for Eight’s operations in Uganda.
With the recent launch in the village of Ndhew-Adolo in the West Nile Region of Uganda, noticeable amongst the imagery was a bright yellow tent with individuals endowed in bright yellow shirts written MTN.
@mtnug is the largest telecom company in Uganda, with 11.2 million subscribers, accounting for 55 percent market share, as of 30 June 2017. By 31 December 2019, its customer base had increased to 12.6 million customers. In March 2021, the Uganda Communications Commission estimated the number of MTN customers in Uganda at 15 million, out of 28.3 million mobile network subscribers, thereby attaining a 53 percent market share.
This is important because it signifies a huge number of mobile network users across the general public on all mobile networks operating in the country of Uganda. For a population whose majority may not have access to financial institutions, mobile networks provide an alternative being mobile money. Mobile money is an electronic wallet service. This is available in many countries and allows users to store, send, and receive money using their mobile phone. The safe and easy electronic payments make Mobile money a popular alternative to bank accounts. It can be used on both smartphones and basic feature phones.
Mobile money stores funds in a secure electronic account linked to a mobile phone number. In some cases the wallet number will be the same as the phone number, but not always – they can be different. As mobile money is a similar concept to a bank account, funds held in a mobile money account are protected by local financial regulations. Mobile money providers and partners are required to check the identity of their users - making it much harder for fraudsters and criminals to use these services illegally. Mobile money services store a record of every transaction and account balance, so even if the phone or SIM card is lost or stolen, the user’s money is kept safe.
Additionally, every transaction requires identification in the form of a secret PIN thus being secure.
