MTN Uganda expanded it’s mobile money regional remittance service and joined forces with Vodacom Tanzania to ease mobile money transactions within East Africa
On Tuesday, MTN Uganda on Tuesday announced a new MOMO partnership with Vodacom Tanzania at their head offices in nyonyi gardens, Kampala.
Vodacom Tanzania has joined the list of telecom partners like Tigo, and Airtel Tanzania with whom customers can do mobile money transactions in the East African region.
MTN Uganda subscribers can send money to subscribes of Safaricom (Kenya), Eco Cash (Burundi). As well as MTN Rwanda.
The partnership will enable business people and families to safely, easily, affordably and conveniently carry out money transactions. This will generally ease sending and receiving of money in the E.Africa region.
Existing statistics show that in 2015 the value of trade between Tanzania and Uganda was over TSH178 billion (approx. UGX282.1 billion). Later increased to over TSH350 billion (approx. UGX554.8 billion) in 2018.
Vodacom Tanzania will take advantage of the extensive distribution network of mobile money in the region. Thereby, reducing the cost of sending and receiving money for our customers. “ said the MTN GM Mobile Financial Services, Mr. Ali Monzer
“The regional remittance service is an important part of their mobile financial services strategy to increase financial inclusion for all using mobile technologies, and to reduce the cost of transferring money between countries” he added.
“Although the amounts of money sent between Tanzania and Uganda through formal money transfer is large, it’s estimated that more than twice that amount has been sent through informal money transfers channels including bus drivers and bus attendants or using relatives and friends traveling,” said Mr. Epimack Mbeteni, Director Vodacom M-Pesa Tanzania.
The same amount of time it takes to carry out a local transaction will be the same amount of time it will take for an international transaction with this service. – Richard, Head of Remittances MTN
To send money across the region, an MTN Uganda customer begins by dialing *165*1*2#and selects their preferred destination. The customer enters the recipient’s phone number and the amount to send. The customer receives a summary including; the amount they are sending, the forex rates of the day, the amount the recipient will get and then a pin prompt to confirm the transaction. Once s/he confirms their pin, the money is then sent and with the forex it converts to the country’s currency.
“ We have seen the difficulty our customers face when transacting between neighbouring countries and we have brought a solution through this service which is convenient, reliable and faster.
There is no reason for our customers to send money through bus drivers or conductors and other unsecure channels when doing business transactions, paying tuition fees or send money to family and friends.
Our customers can now save time by sending and receiving money from Uganda through their M-Pesa wallets more conveniently and affordably.” Ruth Moshi, Business Dev Manager, Mcommerce, Vodacom Tanzania.
REACTIONS FROM MOMO USERS
Ritah Ayebare: You don’t need to First go to forex bureau to change your ka money,… You can send it in Uganda shillings and the details of the exchange rate to where you are sending money to will show plus how much the recipient will get in their currency
Reagan Mbabazi: You guy, there no more worry of carrying bags of money across the border.
Benjah Edwards: When I finally visit Tanzania, all my money can be on #MTNMoMo and I won’t stress about making transactions.