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Ugandans have put $195M through the mobile financial service platform since its launch in March 2009
June 2, 2010
1 Min Read
KAMPALA, Uganda -- MTN Uganda, working with Fundamo, has achieved one of the most remarkable growth rates ever in the mobile financial services industry. MTN Uganda is anticipating accelerated year-upon-year growth with more than 2,000,000 users by the end of 2010, increasing to 3,500,000 by 2012.
In just over a year MTN Uganda has registered 890,000 MobileMoney service users - 16% of its subscriber base. The service has garnered remarkable transaction and distribution statistics:
$195 million USD through the platform since launch in March 2009
11.8 million transactions since launch in March 2009
$21 USD average transaction – the average Ugandan person lives on under $1 USD a day (World Bank, 2007, *1)
1005 active agents and more than 2,500 direct sales reps
More than 1,600 MTN MobileMoney service outlets
Approximately 60% of transfers are to recipients in rural areas - serving the unbanked
“We are proud of our achievement and recognise that the key to success is understanding the nature of a rapidly growing marketplace and customer requirements,” said Themba Khumalo, CEO MTN Uganda. “At MTN Uganda, we have taken a direct sales approach to educate and provide access to subscribers who are unfamiliar with electronic financial services. Across Uganda we have 2,500 agents and more than 1,000 MobileMoney service outlets to ensure customers understand and can take full advantage of the services offered to them.”
MTN Group Ltd.
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