MTN Uganda has today launched the highly anticipated Mobile Money savings and loans product, dubbed MoKash.
Until late last evening, the company’s representatives were still handing out invitations to a launch event, happening this morning and expected to be graced by Uganda’s head of state, H. E. Yoweri Museveni, according to the invitation cards.
MTN has spent the last few months speaking publicly about the introduction of Mobile Money savings and loans on its already robust mobile financial services platform. In March 2016, the company’s General Manager of Mobile Financial Services Phrase Lubega noted that “within a few weeks’ time”, the company would be launching this latest addition to Mobile Money.
It was not immediately clear why the launch took so long after that announcement.
In neighboring Kenya and Tanzania, telecom operators who have partnered with CBA (bank) have reported overwhelming success, with Safaricom CEO saying just last week that the operator processes a loan every second of the day, while speaking at an event in Kampala.
MTN Uganda will be hoping to replicate such success in a market that is so highly competitive.