In a bold move to expand digital financial inclusion, MTN MoMo Uganda has introduced the Virtual Card by MoMo.
This innovative payment solution, developed in partnership with Mastercard, Diamond Trust Bank (DTB), and Network International, allows users to make secure online transactions without needing a physical card or bank account.
What Is the Virtual Card by MoMo?
The Virtual Card by MoMo is a game-changer for Uganda’s digital economy.
It enables MTN MoMo subscribers to pay for goods and services on any e-commerce platform, website, or social media channel that accepts card transactions.
From paying school fees and booking travel to subscribing to streaming services and promoting businesses online, the possibilities are endless.
Why This Matters
Uganda’s digital financial landscape is booming. According to the Bank of Uganda, mobile money transactions hit Shs 191 trillion in the 12 months leading to June 2023—a 23% increase from the previous year.
The Virtual Card by MoMo is set to accelerate this growth by bridging the gap between mobile money and online payments.
Jemima Kariuki Njuguna, Chief Product Officer at MTN MoMo, emphasized the card’s significance: “This is a major milestone in our journey towards MTN’s Ambition 2025. It empowers our customers to engage more actively in the digital economy.”
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How It Works
The process is simple and secure:
1. No Bank Account Needed: Your MTN MoMo account is all you need.
2. Top-Tier Security: Transactions are protected with advanced encryption.
3. Full Financial Control: Load only the amount you need for each transaction.
This convenience is a game-changer for millions of Ugandans who previously struggled with online payments.
A Boost for Financial Inclusion
Godfrey Sebaana, CEO and Managing Director of DTB, hailed the initiative as a transformative step for Uganda.
“Many Ugandans have faced barriers to digital payments. This solution makes it easy and accessible for everyone,” he said.
With over 33 million MTN customers in Uganda, the Virtual Card by MoMo is poised to drive financial inclusion on an unprecedented scale.
Exclusive Perks for Users
Beyond its core functionality, the Virtual Card by MoMo offers users access to exclusive deals, including discounts on air tickets and other partnerships.
These perks make it an even more attractive option in Uganda’s fast-growing digital economy.
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The Bigger Picture
The launch of the Virtual Card by MoMo aligns with MTN’s Ambition 2025 strategy, which focuses on expanding digital accessibility and financial inclusion.
By removing barriers to online payments, MTN is not only empowering its customers but also strengthening Uganda’s digital financial ecosystem.
As Viola Namuyaba, Senior Manager Payments at MTN Mobile Money, puts it: “With MoMo, your phone number is your unique identifier. It’s all about making life simpler for our customers.”
