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ZAMBIA:MTN mobile money in K430m deals
MTN Zambia’s Mobile Money (MoMo) platform has recorded an increase in monthly volumes averaging 3.2 million transactions, resulting in the processing of K430 million per month.
The MoMo service that was launched in 2011, and is riding on the backbone of six commercial banks, has also seen the issuance of over 40,000 loans per month.
In an interview, on the sidelines of the 20th Highway Africa conference here, MTN Zambia communications and corporate social investment manager Mwamba Siame said people are now embracing mobile money platforms as the safest and convenient ways of transacting money.
“Our monthly transaction volumes now stand at 3.2 million which amounts to about K430 million as at last month. Over 60 percent of our loan recipients [40,000 loans per month] had never obtained a loan from a formal financial institution,” she said.
Ms Siame said the MoMo platform has empowered over 3,000 small-scale traders resulting in the creation of about 5,000 jobs through agent outlets.
“Mobile Money platforms are means of transacting in a smart way and availability of agent outlets means that the services are easily accessible. Normally, banks are intimidating but these platforms provide a safe and convenient service,” she said.
Asked about strategies that MTN Zambia is using to grow to the extent of M-PESA in Kenya, Ms Siame said the company is focused on growing its distribution network.
“We have rolled out over 1,000 kiosks over the past year allowing customers to have access to over 5,000 MoMo agent points. We are also investing in customer acquisition and education to ensure customer awareness.
“We have partnered with two additional banks [to become six] and also launched international money transfers to cater for the various needs of a cross section of customers,” she said.
Ms Siame said MTN Zambia will continue to roll out innovative money services that are set to change the traditional financial sector.
“So far, customers are able to access loans and insurance in addition to the already existing services. MTN Mobile Money has reached an advanced stage in international remittance.
This means people can send and receive money beyond our borders, and currently, people are able to send and receive money to and from Zimbabwe and Rwanda,” she said.
SOURCE:ZAMBIAMAIL
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