KAMPALA, Uganda — MTN Mobile Money Uganda launched a virtual card Thursday, enabling subscribers to make secure online transactions without a physical card or bank account.
The Virtual Card by MoMo, developed in partnership with Mastercard, Diamond Trust Bank and Network International, aligns with MTN’s mission to drive financial inclusion and digital accessibility across Uganda.
Uganda has seen significant growth in digital financial services, with mobile money transactions reaching 191 trillion shillings in the 12 months to June 2023, a 23% increase from the same period in 2022, according to the Bank of Uganda.
The virtual card allows users to make card-based online payments on e-commerce platforms, websites and social media channels that accept card payments.
“We are committed to driving financial inclusion and economic empowerment across Africa,” said Jemima Kariuki Njuguna, Chief Product Officer at MTN MoMo. “The Virtual Card by MoMo is a major milestone in this journey, offering a secure and convenient way for our customers to access online services and engage in the digital economy.”
Muhammad Nana, Senior Vice President, Digital Partnerships, Eastern Europe, Middle East, and Africa at Mastercard, commented: “At Mastercard, we are committed to driving financial inclusion by leveraging our technology to deliver innovative solutions that meet the unique needs of consumers across Africa. The launch of the Virtual Card by MoMo in Uganda marks a critical milestone in enabling broader access to the digital economy. With this collaboration, we are enabling millions of Ugandans to transact securely and conveniently, ultimately contributing to the nation’s economic development.”
The virtual card is designed to meet the needs of various users, including students, small business owners and online shoppers. It offers a simple application process and provides access to exclusive offers and rewards.
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